Former Marlins owner Jeffrey Loria, who seemingly did everything in his power to cripple the city of Miami when he managed to scam the city into spending billions of dollars to build him a new baseball stadium, has found yet another way to be a disgusting rich person.
When Miami agreed to pay the majority of the costs for Loria’s impossibly expensive stadium, there was a clause included that entitled the city to a portion of any profits Loria would make if he sold the team within 10 years of the agreement. Given that Loria bought the Marlins for $158 million in 2002 and then sold them for $1.2 billion in 2017, it looked like Miami might actually be in position to reap some profit-sharing rewards. But the Miami Herald is reporting that Loria’s lawyers have informed the city council that no profits from the sale will be coming their way. How can that be? From the Herald:
But Loria could deduct team debt, certain expenses and taxes tied to a sale, and county officials and team executives were privately predicting Loria wouldn’t agree to give up any of his revenue from the October sale to Derek Jeter and partners.
AP writer Tim Reynolds has said that he can confirm the Herald’s report, adding that county officials are furious with Loria:
Always remember that billionaires don’t care about you.