Even though the Yankees are retiring his number Sunday, Derek Jeter could end up having a bad weekend.
Major League Baseball said Friday afternoon that it wants the groups bidding for the Miami Marlins to show their cash up front before a deal is made, which puts the group led by Tagg Romney, the son of former Republican presidential nominee Mitt Romney, ahead of Jeter’s group, which includes former Florida Gov. Jeb Bush.
Both parties have been told that, based on their submissions thus far, the Romney group has appeared to raise a higher percentage of the needed approvable equity, according to the Associated Press.
Miami is hopeful a deal with one of the groups will be reached in the coming weeks with the sale closing by the All-Star Game, which is taking place on July 11 at Marlins Park.
The groups are reportedly trying to buy the Marlins for a whopping $ 1.3 billion.
That high price tag includes the assumption of about $ 100 million in baseball-related debt. More than $ 200 million in other debt associated with the team would be paid by Jeffery Loria, who bought the franchise for $ 158.5 million in 2002 from current Red Sox owner John Henry.
Under MLB’s debt-service rule, a deal in the range being discussed would require about $ 800 million in equity. Additionally, groups have to show additional money has been raised to operate the team.
Jeter would run the team’s baseball operation if his group winds up winning the bid, according to Bush.
Romney has been less open about how he plans to run the franchise should he become an owner, but Hall of Fame pitcher Tom Glavine is part of his bidding group.
The Marlins won the World Series in 2003 but have not been to the postseason since, the longest current drought in the NL. They were last in the National League in attendance 11 of the past 12 years despite a 2012 move to Marlins Park.
A sale requires approval of at least 75 percent of the major league clubs.
With the Associated Press