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.
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.