Via Bleacher Nation, Forbes reports the Miami Marlins have shook hands on a deal to sell the team for $1.6 billion.
My sources would not say who the $1.6 billion handshake agreement was with other than he is a real estate developer based in New York City. The problem, according to these sources, is the potential buyer is not liquid, meaning he does not have the cash to buy the Marlins because his net worth is tied up in real estate. Thus, for the real estate developer to purchase the Marlins would likely require more debt than MLB would be comfortable with.
Guggenheim Baseball Management also used a lot of debt to buy the Los Angeles Dodgers for $2 billion in 2012 from Frank McCourt. But Guggenheim had two huge advantages that a new owner of the Marlins likely would not have: hundreds of millions of dollars in hedge fund and insurance company money and a $6 billion bounty from a new cable television deal.
So we will see. If the Marlins are worth $1.6 billion, imagine what the other franchises are worth now. Obviously, the potential owner sees some way to make money in Miami, despite previous owners with championship teams failing to make the franchise work long term. Stay tuned.
from baseballmusings.com http://ift.tt/2kwMoOd
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