It appears Jeffrey Loria is making Derek Jeter and his ownership group look better by comparison:
Jeffrey Loria sold his baseball team for about $1 billion more than he paid for it, so how can he be telling the county and the city he owes nothing from a 2008 profit-sharing deal requiring him to turn over 5 percent of any sale proceeds to the public?
A court may ultimately answer that question, with Miami-Dade Mayor Carlos Gimenez saying he’s interested in suing to recover a public share of what he assumes is the “hundreds of millions of dollars” that Loria put “in his pocket” after a $1.2 billion sale to Derek Jeter and partners last fall.
Loria’s camp wasn’t commenting Friday, but Gimenez’s office released a summary prepared by the former owner’s accountants and lawyers for Miami and Miami-Dade that details how Loria claimed a $141 million loss on the sale.
This is priceless:
“You can’t really tinker with gross profit,” Rosen said. “But with net profit, it’s gross profit minus — and it could be almost anything under the sun.”
“Ultimately,” he said, “the devil is in the details of the contract.”
And it looks like Miami didn’t have the right devil writing their end of the deal.
from baseballmusings.com http://ift.tt/2DZPdys
No comments:
Post a Comment