Report: Loria has 'handshake agreement' to sell Marlins for $1.6B

The Miami Marlins could be on the verge of new ownership for the first time since 2002.

Owner Jeffrey Loria reportedly has a "handshake agreement" to sell the team for $1.6 billion, two sources told Mike Ozanian of Forbes.

Ozanian's sources said the agreement is with a New York City real estate developer, but because the potential buyer's net worth is tied up in real estate, the deal likely requires "more debt than MLB would be comfortable with."

Loria purchased the Marlins for $158 million in 2002 and the team has gone on to compile a 1087-1179 record, along with winning the 2003 World Series. The franchise moved into the $639-million Marlins Park in 2012 - a stadium that was paid for by taxpayers.

Despite Loria's early success, the Marlins have been one of the worst major-league franchises over the better part of the last decade, finishing with a losing record in each of the past seven seasons. They've gone through 11 managers during Loria's tenure, and have struggled with attendance despite the new stadium, ranking in the bottom third of the league in ticket sales the last four years.

It was reported in December that Loria was receptive to the idea of selling the club and hoped to receive around $1.7 billion for it.