Jeffrey Loria’s financial team breached a 2009 agreement between local governments and the Miami Marlins in turning over a sparse, five-page justification of the former team owner’s claim of zero profits from his $1.2 billion sale of the franchise to Derek Jeter and partners, a judge ruled Thursday.
“There is no detailed calculation,” Miami-Dade Circuit Judge Beatrice Butchko said in siding with Miami and Miami-Dade’s request for more time to demand a share of Loria’s profits under the agreement tied to the construction of Marlins Park. “That’s a problem.”
Butchko’s ruling doesn’t address whether Loria was justified in his claim of no profits under the calculations allowed in the agreement, which was part of the team’s deal with Miami and Miami-Dade to receive upwards of $500 million in public financing for a nearly $600 million stadium complex.