Major League Baseball reports that the Miami Marlins have been sold to a group of investors for $1.2 billion. Reportedly basketball start Michael Jordan and baseball star Derek Jeter are among the group of new owners. New York businessman Bruce Sherman is also among the proposed new owners.
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Current owner Jeffrey Loria bought the team in 2002 for $158 million after selling the Montreal Expos to Major League Baseball for $120 million. The Expos later moved and became the Washington Nationals.
The sale papers have been signed by Loria and the new owners and submitted to the Major League Baseball Commissioner Rob Manfred’s office. Next Loria’s fellow owners must approve the sale before it can go through – the will meet August 16 in Chicago but voting will take place at a later date. If approved the new owners will not take over the team until after the end of the season in October.
It will be business as usual for the Marlins until the sale goes through.
Loria had announced back before the beginning of the 2017 Major League Baseball season that he was interested in selling the team.
Originally owned by Wayne Huizenga in 1991, the Florida Marlins played their first games in 1993 as the National League representative as an expansion team for Major League Baseball. John W. Henry bought the team in 1998 and sold it to current owner Jeffrey Loria in 2002.
The Florida Marlins changed their name to the Miami Marlins in 2012. The Marlins are a two time World Series winning team – once in 1997 and again in 2003; which is also the last time they were in the playoffs. The team has not had a winning season since 2009.
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