Miami-Dade is taking Jeffrey Loria and Derek Jeter to court over the former Marlins owner’s claim that the county is owed nothing from a profit-sharing deal tied to his $1.2 billion sale of the baseball franchise. Joe Martinez, a Miami-Dade commissioner, said a county lawyer told him of the plan to sue both Loria and the current Marlins ownership over the 2009 profit-sharing deal that gave the county and the city of Miami a share of any profits that might come from a sale of the team after both governments helped build the franchise a new stadium in Little Havana. Loria sold the team to Jeter and partners for $1.2 billion last fall, but recently claimed a paper loss on the transaction. The county deal allowed Loria to deduct a significant chunk of expenses from the profit calculation. That included capital gains tax on profit from the deal, and a $30 million from a financial firm working for him.
Miami-Dade County suing Marlins, Loria ownership over profit sharing
Miami Herald | Feb 16