MLB: MULTIPLE GROUPS HAVE SUBMITTED BIDS TO BUY MARLINS

MIAMI — Multiple groups have submitted bids to buy the Miami Marlins, and none has yet been accepted, baseball Commissioner Rob Manfred said Tuesday.

Manfred’s comments came after Bloomberg reported a group led by former New York Yankees captain Derek Jeter and former Florida Gov. Jeb Bush won an auction for the team with a $1.3 billion bid.

“There are multiple groups interested in acquiring the Marlins,” Manfred said in Pittsburgh while attending the Pirates-Cubs game. “One of those groups is the Bush-Jeter group. When we have a resolution as to which bid is going to be accepted, we will announce that.”

Completion of any sale by Marlins owner Jeffrey Loria could take months and would require approval by at least 75 percent of the major league teams. More than half of the winning bid could involve cash because of MLB’s debt service rule, meaning the Bush-Jeter group would need to raise a lot of money.

“You can rest assured that the acquiring group, whoever it turns out to be, will have a financial structure — meaning some debt and the rest equity — that is consistent with the rules that we have, most notably the debt service rule,” Manfred said. “And more important than complying with the rules, (that) puts the franchise in a position that it can operate effectively. That’s really the commissioner’s office’s job in terms of approving any potential bidding group, and we are really focused on that issue with respect to the Marlins.”

The debt service rule was expanded under the new collective bargaining agreement to include club-supported debt incurred by the club or any clubrelated party.