Jeffrey Loria set to sell Miami Marlins for handsome profit: report
Jeffrey Loria, who man who once owned — and arguably, helped kill off, the Montreal Expos — reportedly has an agreement to sell the Miami Marlins for nearly ten times what he paid for the club in 2002.
The Associated Press reports that Joshua Kushner — a 31-year-old New York real estate investor whose older brother Jared is U.S. president Donald Trump's son-in-law — has a preliminary agreement to buy the team for about $1.6 billion.
AP quoted "a person with direct knowledge of the negotiations." Neither party has commented publicly on the talks.
The sale to Kushner appears to be far from a done deal — the AP story suggests Loria could reopen negotiations to other interested parties.
Loria, a New York art dealer, first got involved in Major League Baseball in 1999 when he bought a 24 per cent stake in the Montreal Expos. By the time he sold the team in 2002, that stake had risen to 92 per cent.
Loria then purchased the Marlins for $158.5 million from John Henry, as part of an orchestrated move which saw Henry purchase the Boston Red Sox, and Major League Baseball take control of the Expos.
Like the Expos, the Marlins have languished at or near the bottom of the National League East standings — and major league baseball attendance figures — in recent years, despite opening a new ballpark in downtown Miami in 2012.