MIAMI – 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.
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In 2009, local government agreed to help pay for the ballpark in exchange for Loria’s agreement 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.”
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.