WASHINGTON — Jeffrey Loria has reportedly agreed to sell the Miami Marlins to a New York-area real-estate developer.
The price: an incredible $1.6 billion.
The report comes from Mike Ozanian of Forbes, who notes Loria bought the team for $158 million back in 2002. Ozanian says he has sources claiming team president David Samson has said there is a “handshake agreement” on the sale.
Miami has been a subpar team for years. The last time the Marlins went at least .500 was 2009, which was also the last time they finished better than third in the NL East.
The Marlins won the World Series in 2003, shortly after Loria bought the team, but they haven’t made the postseason since that title.
Considering the team has been very mediocre for more than a decade, it is nothing short of remarkable that Loria is evidently selling the team for more than 10 times what he paid for it just 15 years ago. Not a bad return on investment.