MIAMI – The Miami Marlins have a "handshake agreement" to sell the Major League Baseball team for $1.6 billion, according to a report by Forbes.
Forbes reporter Mike Ozanian said two sources confirmed the deal, but the team told Local 10 News that it has no comment.
Sources told Forbes that the buyer doesn't have the cash, which is tied up in real estate. Thus, the buyer would likely have to accrue more debt, something that Major League Baseball might not be comfortable about.
Jeffrey Loria paid $158 million for the team in 2002.
Since then, the Marlins have moved into a new stadium fronted by taxpayers, but Marlins Park remains one of the lowest-attended ballparks in Major League Baseball.