Former Yankees Exec Taking On Jeter For Marlins Purchase
MIAMI (CBSNewYork) -- Derek Jeter has some new competition for the Marlins -- and it's one of his former bosses.
According to Jon Heyman of WFAN and FanRag Sports, Joe Molloy, who served as the Yankees' managing general partner in the early '90s when George Steinbrenner was suspended by Major League Baseball, is part of a group that is interested in buying the Marlins.
MLB Commissioner Rob Manfred said last month that two groups were in the running to acquire the franchise. A group led by Jeter and former Florida Gov. Jeb Bush reportedly submitted the highest bid -- $1.3 billion. Solamere Capital co-founder Tagg Romney, the son of former Republican presidential nominee Mitt Romney, and Hall of Fame pitcher Tom Glavine are also trying to purchase the team.
But Stonington Capital Partners, which includes Molloy, has now, too, expressed interest, although it may be too late to make a serious run, Heyman reported. The group is still trying to raise capital and may be more likely to bid on another team down the road.
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Molloy, who was once married to George Steinbrenner's daughter, Jessica, was the Yankees' managing partner in 1992 when the team drafted Jeter with the sixth overall pick, a move that helped the franchise win five world championships. Molloy has strong connections and is extremely well-liked by people throughout baseball, Heyman reported.
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, which could be a sticking point for the Jeter-Bush group.
If Jeter and Bush acquire the team, Bush, who sought the Republican nomination for president in 2016, is expected to have ultimate control over the franchise, while Jeter would run baseball operations.
Last month, Forbes valued the Marlins at $940 million, which ranks 25th of the 30 teams in Major League Baseball. Loria bought the team in 2002 for $158 million.