The Miami Marlins’ new ownership group, led by iconic Yankees shortstop Derek Jeter and Florida businessman Bruce Sherman, within two months of closing on the $1.2 billion deal to buy the team, has launched a campaign to add significant dollars to its coffers. An email, with the title “Project Citrus,” and a November 2017 date, trumpets the opportunity to invest in “The Miami Marlins Major League Baseball Club.” (The document is marked as “confidential” but was obtained by FanRag Sports — see below). Two people who have seen related emails suggest the Marlins are expressing a hope to raise $250 million from the additional investors it seeks, though that figure isn’t contained in this document and is unconfirmed. The Marlins organization declined comment through a spokesman on the offering, and also on the targeted amount. The new group, with Jeter as the CEO and de factor managing partner, obviously had the money to close the deal and win the team, and MLB people have expressed that they are quite comfortable with the group’s major players and its financial situation. But, as it came so soon into the new ownership’s tenure, the offering did raise some eyebrows among those who received it, with some wondering about the group’s financial state – but, the belief for now is that the Marlins are merely looking to expand their current group and perhaps defray the outlay of some partners, who may feel a bit stretched to meet previous owner Jeffrey Loria’s asking price. Some who’ve seen the “teaser” (or preview) email – which makes a nice pitch for the potential of the team but also points out “mistakes” of the previous regime, including former manager Ozzie Guillen’s famous rhetorical faux pas – also wonder if the new ownership group is concerned about the need for a cushion to guard against future near-term losses, and are merely playing it safe. Jeter’s group, which won the team by being the one to meet Loria’s price (groups led by Wayne Rothbaum and Jorge Mas, two very wealthy businessmen, did not, and were especially leery of the price after seeing all the books), took several months before raising the money to meet the agreed-upon price.
Marlins owners seek $250M in additional investment
Fanrag Sports | Nov 22