Jeb Bush, Derek Jeter team up to outbid Mitt Romney’s son for Miami Marlins

UPDATE — 4/25, 3:22 p.m. EDT: Bloomberg is reporting that a prospective ownership group featuring Jeb Bush and Derek Jeter submitted the winning bid to buy Major League Baseball’s Miami Marlins from New York art dealer Jeffrey Loria.

According to the Miami Herald, the Bush-Jeter group will pay Loria $1.3 billion for the team. The Marlins franchise is worth $940 million according to Forbes.

Bush will have “control” of the franchise’s business decisions, while Jeter is planning an “active role” with team operations. 

 

Multiple media outlets reported Wednesday that rival groups led by former Florida Governor Jeb Bush and Mitt Romney’s son, Tagg, have submitted competing bids to purchase Major League Baseball’s Miami Marlins.

According to sources, retired New York Yankees shortstop Derek Jeter joined Bush’s effort last week with financing from U.S.-based investment bank Citigroup. The new alliance is offering a reported $1.2–1.3 billion for the South Florida franchise.

Jeb Bush, a Miami-Dade resident who served as governor from 1999–2007, is the brother of former President and Texas Governor George W. Bush, who had an ownership stake in MLB’s Texas Rangers from 1989–1998.

A rival group led by Tagg Romney, managing partner of Boston-based investment firm Solamere Capital, also submitted a bid for the team. 2012 Republican presidential nominee Mitt Romney chairs the financial company his son manages.

A rumored third prospective buyer, New York biotech investment fund founder Wayne Rothbaum, may be the wealthiest bidder, however, according to the Miami Herald. Rothbaum, who reportedly has sponsorship in his effort from Goldman Sachs, is also the co-founder of a pharmaceutical company bought out by AstraZeneca in 2015 for as much as $7 billion.

According to press reports in February, a group led by President Trump’s in-laws, the Kushners, had an initial agreement to buy the Miami baseball team for $1.6 billion. However, with current Marlins’ owner Jeffrey Loria set to become to the next U.S. ambassador to France following Trump’s election to the White House, the offer was rescinded due to conflict-of-interest issues.

Loria, a New York art dealer, bought the then-named Florida Marlins in 2002 for $158 million. The most recent Forbes estimate values the team at approximately $1 billion.

 

[Fox Business] [Miami Herald] [AP] [Photo courtesy AP via AL.com]