What 1.2 Billion Buys in Miami: For Baseball

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What 1.2 Billion Buys in Miami: For Baseball, a Major Distraction - The New York Times NYTimes no longer supports Internet Explorer 9 or earlier. Please upgrade your browser. LEARN MORE >> Baseball|What 1.2 Billion Buys in Miami: For Baseball, a Major Distraction Cover Photo A recent game between the Marlins and the Mets brought a relatively decent turnout to Marlins Park, thanks in large part to New York fans. Credit Angel Valentin for The New York Times What 1.2 Billion Buys in Miami: For Baseball, a Major Distraction As the city prepares to host the All-Star Game, bidding for the Marlins — and their publicly funded stadium — has instead thrust their owner into the spotlight. By KEN BELSONJULY 4, 2017MIAMI — Few things make Carlos A. Gimenez more irritated than Marlins Park. A decade ago, Mr. Gimenez, then a county commissioner, was one of the few local politicians to oppose spending hundreds of millions of public dollars to help the Miami Marlins pay for a new stadium they said they could not afford to build on their own.Mr. Gimenez, who is now the mayor of Miami-Dade County, was outvoted. In the midst of a recession, the city and the county agreed to pay for about three-fourths of the 650 million retractable-dome stadium, even though the team would keep nearly all the revenue from the building. The city and the county will end up paying about 2 billion over the life of the bonds on the stadium, making it one of the more lopsided deals in professional sports. Photo Mayor Carlos A. Gimenez of Miami-Dade County last month in his office. He was one of a few local politicians who opposed spending hundreds of millions of dollars in public funds on a new stadium for the Marlins Ryan Gropp Jersey. Credit Angel Valentin for The New York Times And now, the team's owner, Jeffrey Loria, wants to sell the Marlins for an estimated 1.2 billion, nearly eight times what he paid for the team. Fans may indeed want a new owner to revive a club that has not made the postseason since 2003. But Mr. Gimenez can only think about how Mr. Loria may end up making hundreds of millions of dollars, in part, he says, because the publicly funded stadium, which opened in 2012, has substantially enhanced the value of the team."I would think he'll walk away with 500 million in his pocket," Mr. Gimenez said. "It sticks in my craw." AdvertisementContinue reading the main storyThe bidding for the Marlins has turned into a major distraction for Major League Baseball, which will host the All-Star Game in Miami on July 11. The three-day event is usually a chance for the sport to forget about troublesome issues and celebrate the national pastime and, particularly, its best players. Continue reading the main story Javier Erazo tried to entice fans to park in front of his house near Marlins Park for 10. "I don't think there's a whole lot of support for baseball," he said. Credit Angel Valentin for The New York Times The expected sale of the Marlins has instead thrust Mr. Loria into the spotlight. Eager to push a deal to the finish line, Commissioner Rob Manfred has publicly endorsed two of the groups that have shown interest in the team — one led by the former Yankees shortstop Derek Jeter and another by Tagg Romney Bobby Farnham Jersey, the son of Mitt Romney. Continue reading the main storyBut the chances of a handshake deal for the team before the All-Star Game faded after Mr. Jeter had a falling-out with one of his partners, Jeb Bush, the former governor of Florida, who is now working with Mr. Romney. A third potential ownership group is led by Jorge Mas, who is from a prominent Miami-based Cuban-American family that runs a multibillion-dollar infrastructure firm. Though the negotiations are still fluid, Mr. Jeter's group may have nudged in front because he may have found enough deep-pocketed partners Anthony DeAngelo Jersey, according to The Miami Herald.The auction is being led by David Samson, the Marlins' team president and Mr. Loria's stepson. Unlike most teams going through a sale, the Marlins have not hired an investment bank to help broker a deal.