Owners Unanimously Approve Marlins Sale To Sherman-Jeter Group; Deal To Close Monday
The sale of the Marlins to a group led by Bruce Sherman and Derek Jeter "received the stamp of approval" from MLB after owners yesterday "voted unanimously in favor" of the $1.2B deal to buy the franchise from Jeffrey Loria, according to a front-page piece by Spencer & Jackson of the MIAMI HERALD. The deal is "expected to close Monday." Sherman has a 46% ownership stake in the team and "will be the control person." Sherman's role will be "similar to a managing general partner." Jeter has a 4% stake and "will run business and baseball operations." The Sherman-Jeter group has "about 16 investors and they raised the money to purchase the team after months of seeking investors to meet Loria's asking price." Michael Jordan, a "friend of Jeter," is among the other investors (MIAMI HERALD, 9/28). The AP's Steven Wine noted the transition to new ownership has "already begun, with four well-known Marlins executives told last week they won't be retained." They were Jeff Conine, Baseball HOFers Andre Dawson and Tony Perez and former manager Jack McKeon -- all special assistants. President David Samson is "not expected to be retained." Manager Don Mattingly is a "former teammate of Jeter's and may return" (AP, 9/27). In West Palm Beach, Ryan DiPentima notes Loria "hasn't had a pleasant relationship with a large portion of the Marlins fan base and is considered one of the least fan-friendly owners in sports" (PALM BEACH POST, 9/28).
OVERHAUL COMING? In Ft. Lauderdale, Tim Healey writes Loria is "leaving the new owners with significant big-picture decisions to make." Off the field, the Marlins are "hemorrhaging money -- reportedly losing" as much as $70M this year -- and Sherman-Jeter have "signaled they will look to cut payroll." On the field, the Marlins "haven’t had a winning season" since '09. The Marlins had a team-record $115M Opening Day payroll this year, but will "miss the playoffs for the 14th year in a row." Meanwhile starting in '18, RF Giancarlo Stanton is due $295M over 10 years, and the Marlins "owe Stanton and seven others a combined" $95.3M next year. That payroll base and a "lack of on-field success, despite high-end talent at the top of the roster, has led many to believe a full-blown rebuild, including trading Stanton and more of the team's best/highest-paid players, is inevitable." Healey: "Turning the Marlins around -- as a baseball team and as a business -- will take time" (South Florida SUN-SENTINEL, 9/28).