MIAMI (CBSMiami/AP) — Former Miami Marlins owner Jeffrey Loria has reached a lawsuit settlement to reimburse local government $4.2 million for the cost of building Marlins Park, which opened in 2012.
The payment stems from the $1.2 billion sale of the team in 2017 by Loria to Derek Jeter and his ownership group.READ MORE: Residents Bubbling Up With Anger After Sunrise Utilities Department Sends Out Bloated Water Bills
In 2009, local government agreed to help pay for the ballpark in exchange for Loria’s pledge to share profits if he later sold the team.
Following the sale, Loria claimed a loss on the deal due to taxes, which the county described as “fuzzy math.”
The settlement follows months of negotiations.
Miami-Dade County will receive $3.637 million, or 87% of the settlement, and the city of Miami will receive $563,000, according to terms outlined on the county website.READ MORE: Pair Of South Florida Children Who Died A Couple Weeks Apart Have Saved 11 Lives Through Organ Donation
The 2009 agreement called for Loria to pay 5% of net proceeds from the sale of the team. Public money covered more than three-fourths of the $634 million cost for Marlins Park.
The county commission will consider approving the settlement at a meeting Tuesday. It was signed by David Samson, who was team president when Loria owned the Marlins.
Samson declined to comment. The Marlins’ current owners also declined to comment, but have contended the suit had nothing to do with them.
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Loria, 80, bought the Marlins for $158.5 million in 2002 and became wildly unpopular because of his frugal ownership and perennially losing teams.
Last year, in Jeter’s third season as CEO, the Marlins reached the playoffs for the first time since 2003.MORE NEWS: Extremely Vulnerable To COVID? Complete A Medical Exemption Form & Visit New Federal Site At MDC’s North Campus
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