Sale of Marlins to Derek Jeter’s group could stall for months
Derek Jeter may have to wait a little while longer before officially adding “CEO and part-owner of the Miami Marlins” to his resume.
Charlie Gasparino and Ben Schwartz of FOX Business reported on Monday that Major League Baseball will review the sale of the Marlins to the legendary shortstop’s group in a process that could ultimately drag out for months.
More from Gasparino and Schwartz:
The directive – which has yet to be reported – was made during the recent baseball owners meeting in Chicago on Aug. 16 and 17, according to people present at the meetings.
Key points that will be examined by MLB officials will be whether the various investors in the Jeter group, including [business partner Bruce] Sherman, will be able to meet their obligations as part of the bid, and whether the bid itself contains significantly more cash than debt, according to MLB officials. MLB officials and other baseball executives tell FOX Business that the examination would likely conclude by the end of the postseason in early November, the possible last game of the World Series.
These same league executives say there is no indication at this time that the bid isn’t a good one, and that any bid would receive a rigorous review.
Current Marlins owner Jeffrey Loria reached an agreement to sell the team to Jeter and his group of investors for $1.2 billion last month, but it was a saga that had more than its fair share of headaches from the buyer’s end. Now it appears that there is still at least one major hurdle for Jeter’s camp to clear.