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Civil Plaintiff

Miami Marlins Will Pay $4.2M to Miami-Dade for Violating the 2009 Profit-Sharing Agreement

Miami-Dade County will receive a multimillion-dollar settlement from the former and current owners of the Miami Marlins after the county asserted the team violated a 2009 profit-sharing agreement.

The County Board of Commissioners will consider a resolution to approve the settlement during its Feb. 2 meeting, according to the commission agenda.

The settlement will resolve an ongoing dispute between the county and the Marlins, stemming from the baseball franchise’s $1.2 billion sale to an investment group led by Bruce Sherman and Derek Jeter in 2017.

According to the terms of the settlement, former Miami Marlins owner Jeffrey Loria and the team’s current ownership group will pay $4.2 million. The county will receive $3.6 million and the city $562,800, based on their pro-rata contributions to the construction of Marlins Park in Miami’s Little Havana.

Read the source article at bizjournals.com

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