Jeffrey Loria’s financial team breached a 2009 agreement between local governments and the Miami Marlins in turning over a sparse, five-page justification of the former team owner’s claim of zero profits from his $1.2 billion sale of the franchise to Derek Jeter and partners, a judge ruled Thursday. “There is no detailed calculation,” Miami-Dade Circuit Judge Beatrice Butchko said in siding with Miami and Miami-Dade’s request for more time to demand a share of Loria’s profits under the agreement tied to the construction of Marlins Park. “That’s a problem.” Butchko’s ruling doesn’t address whether Loria was justified in his claim of no profits under the calculations allowed in the agreement, which was part of the team’s deal with Miami and Miami-Dade to receive upwards of $500 million in public financing for a nearly $600 million stadium complex. The 2009 deal awards the city and county a 5 percent share of certain proceeds from a team sale if Loria sold before the spring of 2018. The dispute could mean millions of dollars for the two governments. While Loria claimed no profits under the calculations allowed under the governments’ agreement, he paid nearly $30 million from the sale to a financial firm that also had negotiated a 5 percent share of the proceeds under different terms.
Jeff Loria loses round one in his legal battle with Miami over proceeds from the Marlins sale
Miami Herald | Feb 22