Eleven days after winning the World Series, Wayne
Huizenga is "unloading" the Marlins to a group headed by
team President Don Smiley, according to Larry Lebowitz of
the Fort Lauderdale SUN-SENTINEL. Huizenga and Smiley said
on Thursday that they are trying to close a deal in the next
30 days. They "refused to name a price, but Smiley is
thought to be raising" $160M -- $150M to buy the team and
another $10M for working capital. Once Smiley closes the
deal with Huizenga and receives MLB approval, "his next step
will be trying to win a new stadium financing package and
tax breaks from local and state legislators." Smiley: "If
not, we have to make the next decision. We should know
where we are by mid-1998 [when the state Legislature meets]"
(SUN-SENTINEL, 11/7). In Miami, Barry Jackson reports that
the Marlins will cut their $49M payroll, "likely" to the
$20-25M range. Smiley said he is about two-thirds of the
way toward meeting Huizenga's asking price, but his bid
"does not appear at risk." Huizenga said that Smiley will
be given 30 days to secure additional funding, and if it
helps close the deal, he said he will retain a minority
interest. Smiley will also have other options, including
borrowing from Huizenga or a bank, or promising deferred
payments in a year or two. Huizenga: "I'm going to do
anything to make this work" (MIAMI HERALD, 11/7).
STADIUM PLAN: If the Marlins don't have a commitment
for a new ballpark by mid-'98, Smiley said that they would
"start looking at other options" including selling or moving
the team (Lebowitz & Lynch, SUN-SENTINEL, 11/7).
