Miami-Dade Sues Jeffrey Loria For Breaking Deal With Marlins' Sale
Miami-Dade County is suing former Marlins Owner Jeffrey Loria and the new ownership group led by Derek Jeter, "seeking money" from the $1.2B sale of the team, according to Steven Wine of the AP. The suit contends an '09 agreement "calls for the county and city of Miami to receive a share of profits from any sale of the team." The deal was "related to an agreement to finance" Marlins Park -- "built mostly with taxpayer money." Loria "claimed a loss on the deal, which the county describes as 'fuzzy math.'" Loria: "I don't know anything about it, and I have no comment. They can do whatever they want." Jeter's group closed on its purchase of the team in October, and the Marlins in a statement said, "This claim has absolutely nothing to do with this ownership group." The 64-page suit "alleges the Marlins have refused" to make a 5% equity payment "upon selling the team as they had promised." The suit "seeks a jury trial but not a specific amount of money" (AP, 2/16). Miami-Dade Mayor Carlos Gimenez said, "We will see Mr. Loria in court." In Miami, Douglas Hanks noted at issue is $50M in sale proceeds that Loria "agreed to reserve to cover any claims from Jeter and partners as the buyers." Miami-Dade "wants a judge to bar either side in the deal from draining that fund until the county can decide on how much profit-sharing revenue it wants to pursue." County lawyers "accused Loria’s team of puffing up the expenses claimed in the sale, resulting in no profits left to share with the public." The litigation claims the Jeter group is “contractually responsible” to cover disputes tied to Loria’s profit calculations (MIAMI HERALD, 2/17).