An unnamed New York real estate developer has a handshake agreement to buy the Miami Marlins for $1.6 billion, according to Forbes.
A team source told the Herald that there is “no doubt” that owner Jeffrey Loria will sell.
The buyer is said to be “not liquid,” and doesn’t have the cash to complete the deal since his net worth is tied up in real estate.
Loria paid $158 million for the team in 2002. He then forced a deal through Dade’s commission for a new stadium that will eventually cost local taxpayers about $3 billion including debt, equal to over $1,000 for every person currently living in the county.
Anger over the stadium deal has led to low attendance and TV ratings for the team.