The group led by Florida businessman Bruce Sherman and iconic shortstop Derek Jeter is thought to have its finances in better shape now, and is moving close to a vote for possible approval. The Sherman-Jeter group needs 23 of 30 owners in support, and with financing appearing to be “on track” now, the group is seen as likely to get those votes, people close to the situation suggest. A vote could come by conference call “very soon,” sources say, meaning weeks, if not days. League sources say the group seems to have firmed up its financing, and a previously worrisome “preferred equity” piece, which was thought to represent more than 10 percent of the $1.2-billion sale price of the franchise, actually is only for $90 million, or 7.5 percent the sale price. The group is said to have $800 million cash, and will have $400 million debt. With the team said to be losing close to $70 million this year and expected to lose money at least the next couple years, it has been important for prospective owners to show extra cash on hand. Sherman is going to be the “control person,” by MLB requirement since he is the major shareholder, and according to league sources will own 46 percent of the team, once approved. Jeter will be the CEO, and according to sources, will be a 4 percent shareholder in the team, though no one has suggested he’s putting in the $48 million that will be worth (estimates have suggested he’s contributing closer to $25 million, though that figure is also unconfirmed).
Jeter’s Marlins bid may be voted on soon
Fanrag Sports | Sep 27