So it looks like this is probably happening:
A group including [Derek] Jeter and Jeb Bush, the former Florida governor and presidential candidate, has reached a tentative agreement to buy the Miami Marlins, according to two people briefed on the situation who requested anonymity because the deal is not official…
Bloomberg first reported that the Jeter-Bush group was within reach of buying the team. The Miami Herald reported that the sale price would be $1.3 billion.
Aside from all the obvious jokes — Jeter and Bush will get along great, neither can go to his left — the interesting thing for stadium-subsidy watchers is: How much of this $1.3 billion windfall for Jeffrey Loria, who bought the Marlins for $158 million (most of which was funded by his simultaneous sale of the Montreal Expos to MLB) in 2002, is attributable to the nearly billion-dollar public subsidy Loria received for his new stadium, and how much is just that baseball franchises keep appreciating like Brooklyn real estate?
A quick look at the Forbes team value page for the Marlins shows that year-to-year operating income has actually gone down since Marlins Park opened in 2012, which makes sense, since the team has spent (somewhat) more on player payroll since then and Marlins attendance is still pretty lousy. Forbes estimates that the team’s overall value has soared regardless, from $256 million in 2008 to $940 million in 2017 (Forbes values tend to lag a bit behind actual sale prices), but then, the Tampa Bay Rays‘ estimated value leaped from $290 million to $825 million over the same time period without the benefit of a new stadium, so maybe the stadium dough wasn’t that big a help after all, though you can see where you might get a small sale price premium for playing in a new stadium nobody wants to go to instead of an old stadium nobody wants to go to.
If Loria does walk away with $1.3 billion — and Forbes’ Mike Ozanian, citing his own unspecified “sources,” claims that the Jeter-Bush group’s bid is far from formal or finalized, and the Wall Street Journal’s Matthew Futterman and Jared Diamond concur — it might be fair to gripe that he’s walking away with a taxpayer-backed windfall. But it’s an equally valid assessment to say that after spending ten years shaking down Florida taxpayers for an $800-million-or-so subsidy for a stadium that didn’t help him or his team at all, Loria is throwing up his hands and selling the Marlins to a new set of suckers — who will probably re-enact this whole scenario in another decade or two. The nice thing about being a rich dude is you don’t have to learn from your mistakes, you can just cash out and walk away.