The Official Miami Marlins "Sale of the Team" Thread

[rmc523]

http://nypost.com/2017/07/28/dells-s...n-ok-from-mlb/

Texas billionaire Michael Dell is backing Derek Jeter’s bid for the Miami Marlins with an equity infusion that will also allow him to extract cash dividends — and Major League Baseball doesn’t have a problem with it, a source told The Post.

Fox Business News first reported on Friday that the tech tycoon was contributing $175 million in so-called preferred shares to Jeter’s bidding group.

Although preferred shares are technically equity, they also typically carry fixed cash dividends that are similar to interest payments on debt, and MLB has strict rules around the debt levels of teams.

Nevertheless, “MLB is not concerned at all,” the source said. “They have already signed off.”

[Namaste]

It's sounding more and more like MLB will be going to great lengths to make sure Derek Jeter is the new face of the Marlins.

I'm not ok with that if that's the case.

Not that anyone gives a fuck if I'm ok with that but I would hope there are others that feel the way I do about it.

[tjfla]

It's sounding more and more like MLB will be going to great lengths to make sure Derek Jeter is the new face of the Marlins.

I'm not ok with that if that's the case.

Not that anyone gives a fuck if I'm ok with that but I would hope there are others that feel the way I do about it.

MLB wants Mas but Jeff has made it clear to all that he pretty much wants Derek Jeter.

MLB is actually going to great lengths to make sure Jeff Loria isn't the owner anymore. MLB and other owners have been sick of him for years and are pretty much doing anything they can to get him to sell

[rmc523]

It's sounding more and more like MLB will be going to great lengths to make sure Derek Jeter is the new face of the Marlins.

I'm not ok with that if that's the case.

Not that anyone gives a fuck if I'm ok with that but I would hope there are others that feel the way I do about it.

It's more that Loria wants Jeter and is bending over backward to give him time/ability to get things together, rather than selling to someone that's already set in Mas.

- - - - - - - - - -

MLB is actually going to great lengths to make sure Jeff Loria isn't the owner anymore. MLB and other owners have been sick of him for years and are pretty much doing anything they can to get him to sell

They are? They have a funny way of showing it.

[rmc523]

Update on the Dell thing:

https://www.forbes.com/sites/mikeoza.../#444f28016c89

Here's what's really going on, according to three sources I have spoken with who have knowledge of the negotiations. For starters, MLB has not approved the preferred equity funding. Such an arrangement would have to be approved by baseball's ownership committee and then by two-thirds of MLB's other 29 owners. It has not even cleared the first hurdle and it is highly doubtful it ever will. Keep in mind that MLB approves only an overall financial structure of the winning bidder--not individual parts. There is no winning bid and therefore MLB has not approved anything.

The preferred equity would be considered debt by MLB and I have learned that this particular preferred equity offer by MSD Partners was "mandated," meaning payments had to be made annually. Finally, I am being told the annual interest rate on the preferred was not 10% but 14%. The banks involved in the sale of the team would never in my mind approve such a deal given the Marlins have some $400 million of debt and are expected to lose about $70 million this season.

The Jeter group I believe is done at this point. Expect the matter to come to a head at the MLB owner's meeting in Chicago in two weeks. As for me, I am sticking with the exclusive story I broke a couple of weeks ago that Jorge Mas will get the team for $1.17 billion. The only question in my mind: will that $1.17 billion be a real purchase price (enterprise value), or will it include working capital adjustments that should be deducted to arrive at the real purchase price?

[fauowls44]

I don't know....neither the NY Post nor Forbes have gotten much right on this story. One says MLB is fine with the Dell thing...the other says they aren't. I guess well find out. The next owners meeting is coming up soon. Hopefully they will ramp up the pressure on finishing this sale.

[rmc523]

I don't know....neither the NY Post nor Forbes have gotten much right on this story. One says MLB is fine with the Dell thing...the other says they aren't. I guess well find out. The next owners meeting is coming up soon. Hopefully they will ramp up the pressure on finishing this sale.

Yeah, I hope so too.

They'd have a special meeting to vote on/approve new ownership right? We wouldn't have to wait until a scheduled meeting, would we? (I don't know how often they happen).

[fauowls44]

I'm sure they can call a meeting whenever they would need to. There's one coming up soon though. Not sure of the exact date but it's in the next 2 weeks.

[rmc523]

Yup I knew about the one in two weeks...just meant if Loria doesn't announce a deal by then.

[rmc523]

http://www.foxbusiness.com/features/...b-manfred.html

Baseball executives say Major League Baseball appears to be growing impatient with the impasse over the sale of the Miami Marlins, and its commissioner may tell the team owner exactly that at next week’s owner’s meeting, FOX Business has learned.


The Marlin’s owner, Jeffrey Loria, is still weighing three bids ranging from $1 billion to $1.3 billion for the financially struggling team, according to people with direct knowledge of the matter. These bidders include South Florida businessman Jorge Mas, financier Wayne Rothbaum and former Yankees all-star Derek Jeter.

“The commissioner’s office wants this to happen and you may see [league management] say that at next week’s meeting,” said one baseball executive who spoke on the condition of anonymity.

A spokesman for Major League Baseball said it’s “inaccurate” to describe the commissioner as being impatient with the Marlins sale, but would not elaborate.

...

Baseball Commissioner Rob Manfred may alert Loria to his concerns about the team, and the prolonged bidding process at the owner’s meeting in Chicago, scheduled to take place Aug. 16 and 17, these people add.

[tjfla]

Yup I knew about the one in two weeks...just meant if Loria doesn't announce a deal by then.

They wanted him to have an agreement by the meetings so the owners can talk and even have prelim votes to get the process under way which is why MLB is pissed off. MLB/Manfred wants Mas but will settle for anyone that has the cash at this point

However its pretty much open knowledge that Jeff only wants to sell if Jeter is in the group that is buying(which is why u started seeing the rumors that Mas asked Jeter to join him again) and is willing to wait until October when Jeter told him he will have the cash. By way alot of people think Jeter won't make that deadline which would mean the sale would take even longer and he would come back to Mas anyways at 1.17B because Jeter will never have the cash.

MLB is impatient because the same deal with Mas could have been done July 14 instead of mid Oct/Nov and now instead of starting votes/info in Aug they gotta wait till Nov however it wasnt because Jeff has a hard on for Jeter

- - - - - - - - - -

By way before anyone says this should last longer than Oct/Nov,it likely won't because its gonna take 9-12 months for full ownership change and Jeff has no interest in owning the team after Jan 2019.

If he agrees before Nov 2017 he is still gone by Jan 2019

[rmc523]

http://nypost.com/2017/08/09/derek-j...n-marlins-bid/

The Bush/Rothbaum group is out.

A group led by former Florida Gov. Jeb Bush and Quogue Capital investment fund founder Wayne Rothbaum has halted its bid to buy the Marlins, a person familiar with the negotiations said Wednesday.

The person confirmed the decision to The Associated Press on condition of anonymity because the groups that have been involved in negotiations aren’t commenting publicly.

https://www.fanragsports.com/news/he...rlins-bidding/

http://www.miamiherald.com/sports/sp...166328602.html

http://www.foxbusiness.com/features/...ers-at-1b.html

[fish16]

Am i the only one who doesnt even bother to read the reports on the sale of the team now?

[Namaste]

You're not the only one.

[rmc523]

Well, since I'm apparently the only one that's following the sale anymore...

https://www.fanragsports.com/news/he...y-buy-marlins/

Derek Jeter’s biggest investor, Bruce Sherman, has beefed up his stake in their Marlins endeavor, enhancing the Jeter group’s chances to ultimately get the team, sources tell FanRag Sports.

While some suggest Jeter is getting closer to winning the team, Miami businessman Jorge Mas is said to remain in the running in a two-group race that finally appears to be heading toward a conclusion.

Sherman, the former chairman of Private Capital Management, was originally in for $200 million-plus, making him by far the biggest investor in the Jeter group, but is said by sources to have increased his financial involvement – though some suggest both groups are still working to raise extra cash for the team that is expected to go for close to the $1.2 billion asking price.

...

More at the link above.