Report: Final ownership bids for Marlins reach $1.3B
The battle for ownership of the Miami Marlins appears headed into the home stretch, and it looks like a major bidding war for the club has commenced.
Final bids to purchase the club from longtime owner Jeffrey Loria were submitted from prospective groups sometime last week, according to Bloomberg's Scott Soshnick, and the prices could be staggering. The bids range between $1.2 billion and $1.3 billion, sources close to the negotiations told Soshnick - not far from the $1.6 billion price tag Loria apparently asked for.
It was reported Wednesday that New York Yankees legend Derek Jeter and onetime Florida governor Jeb Bush had joined forces in an attempt to buy the team. They're said to be competing with two other groups; sources told Charles Gasparino and Brian Schwartz of FOX Business that one of those groups is led by Tagg Romney, the son of former Republican presidential candidate Mitt Romney and a manager at Solamere Capital.
In November, the Romney family - led by Tagg, but apparently not Mitt - made a failed offer to buy the Marlins, according to the Boston Globe's Matt Viser. It was reported in February that the Romneys were interested in purchasing a minority share of the Yankees.
The third bidder is New York-based financier Wayne Rothbaum, reports Douglas Hanks of the Miami Herald.
Loria bought the Marlins from then-owner John Henry for $158.5 million in February 2002 as part of a complicated transaction that saw Henry purchase the Boston Red Sox, while Loria transferred his ownership of the now defunct Montreal Expos to Major League Baseball.
The 76-year-old Loria reportedly had a "handshake agreement" to sell the Marlins to a different group for $1.6 billion in February, but the transaction apparently fell through. Any sale of the club must be approved by MLB commissioner Rob Manfred, as well as the other 29 owners.
Forbes recently ranked the Marlins' total value 25th among major-league franchises at $940 million.