The duo of Jeb Bush and Derek Jeter may have won an auction to make an offer on the Miami Marlins and buy the franchise from current owner Jeffery Loria, but there is one small problem with this scenario. Neither men have raised the $1.3 billion needed to make this happen.
The news comes as it would appear the idea of Jeter becoming part of the Marlins organization and Bush, who tried to buy the team in 2013, may be pulling back on the notion they will be the faces of the business side of the franchise. It has also been reported that Bush would be the leader of the group making this move.
Barry Jackson of the Miami Herald made an interesting observation regarding the “intended” purchase with regard to the salary of Marlins slugger Giancarlo Stanton and his astronomical deal with the ball club.
Though Jeb Bush intends to be the “control person” if he and Derek Jeter can complete their pending acquisition of the Marlins, they won’t be personally funding anything close to the $1.3 billion sales price.
A source said this week that Bush and Jeter will be writing a check for only a fraction of the price. And Fox Business’ Charles Gasparino reported Thursday that Bush and Jeter are “expected to invest no more than $200 million combined.”
That means that Bush and Jeter will be paying less for the team than the contract value of one of the team’s players, Giancarlo Stanton, whose 13-year, $325 million deal will pay him between $25 million and $32 million every year between 2018 and 2028.
Does this “snag” in the process also mean the two will pull out of a deal? The Marlins sale has been a hot topic since the first of the year. It started with a “handshake” deal between Loria and Jacob Kushner to purchase the team, however the deal was never consummated and the younger brother of Jared Kushner, the son-in-law of President Donald Trump, pull the offer off the table.
While Bush and Jeter won their opportunity, MLB commissioner Rob Manfred told reporters last week there is another group bidding on the team as well. Some have speculated it may be one involving the son of former Presidential candidate and Hall of Fame pitcher Tom Glavine.
According to the story in the Herald, as reported last Wednesday, Bush has been looking for investors to finance the sale.
“They don’t have the money yet,” said one high-ranking official involved in ownership of a National League team.
That official said it might be challenging to persuade people to invest if they don’t have control. But that person expressed optimism that Bush eventually will be able to come up with the money. And Bush has expressed confidence to associates that he will able to get this done, according to an associate and a potential investor contacted this week.