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Loria Reaches $5.5M Settlement with Miami Dade/Miami over Ballpark/Sale of team


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https://www.espn.com/mlb/story/_/id/30794929/ex-miami-marlins-owner-jeffrey-loria-reaches-42-million-settlement-marlins-park-sale-dispute

 

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MIAMI -- Former Marlins owner Jeffrey Loria reached a lawsuit settlement to reimburse the local government $4.2 million for the cost of building Marlins Park, which opened in 2012.

The payment stems from the $1.2 billion sale of the team in 2017 by Loria to Derek Jeter and his ownership group. In 2009, local government agreed to help pay for the ballpark in exchange for Loria's pledge to share profits if he later sold the team.

Following the sale, Loria claimed a loss on the deal due to taxes, which the county described as "fuzzy math."

The settlement follows months of negotiations. Miami-Dade County will receive $3.637 million, or 87% of the settlement, and the city of Miami will receive $563,000, according to terms outlined on the county website.

The 2009 agreement called for Loria to pay 5% of net proceeds from the sale of the team. Public money covered more than three-fourths of the $634 million cost for Marlins Park.

The county commission will consider approving the settlement at a meeting Tuesday. It was signed by David Samson, who was team president when Loria owned the Marlins.

 

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6 minutes ago, SilverBullet said:

@SonOfJack don't forget to wash it down with an iced tea.

Funny thing is I meant hot tea when I originally posted it and you all started showing me iced tea. From Arby's to Taiwan. I am still waiting for some hot tea.

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1 hour ago, SonOfJack said:

Funny thing is I meant hot tea when I originally posted it and you all started showing me iced tea. From Arby's to Taiwan. I am still waiting for some hot tea.

Put the iced tea in the microwave.

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1 hour ago, SonOfJack said:

Funny thing is I meant hot tea when I originally posted it and you all started showing me iced tea. From Arby's to Taiwan. I am still waiting for some hot tea.

Well sir,

I found the perfect thing for ya!

 

image.png.af83fdcedc01e59019c15c6f863ad159.png

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  • 3 weeks later...

https://www.espn.com/mlb/story/_/id/30923416/former-miami-marlins-owner-jeffrey-loria-reimburse-local-government-55-million-cost-marlins-park

 

 

Former Miami Marlins owner Jeffrey Loria reached a final lawsuit settlement to reimburse local government $5.5 million for the cost of building Marlins Park, which opened in 2012.

The Miami-Dade County commission approved the deal after Loria agreed to a last-minute increase in the amount. A tentative settlement of $4.2 million was reached last month.

 

The payment stems from the $1.2 billion sale of team by Loria in 2017 to Derek Jeter and his ownership group. Loria bought the Marlins for $158.5 million in 2002.

In 2009, local government agreed to help pay to build Marlins Park in exchange for Loria's pledge to share profits if he later sold the team. That agreement called for Loria to pay 5% of net proceeds from the sale of the team.

Public money covered more than three-fourths of the $634 million cost for Marlins Park.

The settlement follows months of negotiations. The county will receive $4.8 million, and the city of Miami will receive $700,000 under terms approved Wednesday.

 

 

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So if Loria had to pay 5% of net proceeds from the sale of the team, and he's only paying $5.5 million, that means he's claiming he only made $110M on the $1.2 billion sale.

 

 

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  • SonOfJack changed the title to Loria Reaches $5.5M Settlement with Miami Dade/Miami over Ballpark/Sale of team
4 hours ago, rmc523 said:

https://www.espn.com/mlb/story/_/id/30923416/former-miami-marlins-owner-jeffrey-loria-reimburse-local-government-55-million-cost-marlins-park

 

 

Former Miami Marlins owner Jeffrey Loria reached a final lawsuit settlement to reimburse local government $5.5 million for the cost of building Marlins Park, which opened in 2012.

The Miami-Dade County commission approved the deal after Loria agreed to a last-minute increase in the amount. A tentative settlement of $4.2 million was reached last month.

 

The payment stems from the $1.2 billion sale of team by Loria in 2017 to Derek Jeter and his ownership group. Loria bought the Marlins for $158.5 million in 2002.

In 2009, local government agreed to help pay to build Marlins Park in exchange for Loria's pledge to share profits if he later sold the team. That agreement called for Loria to pay 5% of net proceeds from the sale of the team.

Public money covered more than three-fourths of the $634 million cost for Marlins Park.

The settlement follows months of negotiations. The county will receive $4.8 million, and the city of Miami will receive $700,000 under terms approved Wednesday.

 

 

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So if Loria had to pay 5% of net proceeds from the sale of the team, and he's only paying $5.5 million, that means he's claiming he only made $110M on the $1.2 billion sale.

 

 

Disgusting.

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