Report: Marlins owners seek $250M in additional investment

Less than two months after purchasing the team from Jeffrey Loria for $1.2 billion, the Miami Marlins' new ownership group - fronted by Derek Jeter and business mogul Bruce Sherman - is on the hunt for more capital.

As part of their effort to give the franchise a "new start," the Marlins' beleaguered owners are soliciting additional investment to substantially improve cash flow, according to a confidential document obtained by Jon Heyman of FanRag Sports. Two people who have seen emails related to their new investment venture, dubbed "Project Citrus," suggested the club hopes to raise another $250 million.

Since taking over as partial owner and CEO of the Marlins in late-September, Jeter has been rather forthright about the Marlins' unenviable financial position. Additional investment would not only help defray costs for their new ownership group, but also mitigate near-term losses (in 2017, the Marlins reportedly lost about $70 million, and the team isn't expected to be profitable for several years).

"There are some financial things we have to get in order,'' Jeter told reporters, including ESPN's Jerry Crasnick, at the GM Meetings last week. "That's the bottom line. It's an organization that's been losing money for quite some time, so we have to turn that around. How we do that is not clear."

It doesn't appear, however, that obtaining additional investment would deter the Marlins from going through with that widely expected rebuild. In the teaser email distributed to prospective investors, the Marlins characterized their situation as a "rebuilding period," and stressed the management will be "committed to player payroll discipline," with a focus on "substantially strengthening the farm system."