Thursday 21st March 2019,

Jeffrey Loria has ‘Handshake Agreement’ to Sell Marlins for $1.6B

Jeffrey Loria has ‘Handshake Agreement’ to Sell Marlins for $1.6B

For the first time since 2002 the Miami Marlins could end up with new owners.

According to Mike Ozanian of Forbes, owner Jeffrey Loria reportedly has a “handshake agreement” to sell the team for $1.6 billion. The two sources stated that the “agreement” is with a NY City real estate developer.

The hangup in the reported agreement for the time being is that the potential buyer does not have enough liquid assets to make the purchase, as the majority of his net worth is tied up in real estate investments. Allowing this buyer to purchase the team would require more debt than Major League Baseball would be comfortable with, per Ozanian.

It was reported in December that Loria was receptive to the idea of selling the club and hoped to receive around $1.7 billion for it. Loria purchased the Marlins for $158 million in 2002 and the team is now reportedly worth $675 million.

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