Saturday, December 03, 2011
SEC To Pursue Marlins Over Stadium
The financing agreement to build the controversial new stadium in Little Havana left the county and city on the hook for almost 80 percent of the overall $634 million tab, which critics considered a giveaway to the Marlins. The deal was a contributing factor in the recall of Miami-Dade Mayor Carlos Alvarez, who championed it.Here's Deadspin on the Marlins.
Due diligence by the county and city into the Marlins’ finances was a key component of auto magnate Norman Braman’s failed court fight two years ago to stop stadium construction. City and county leaders said they never required the Marlins to open their books, though the team often cried poor and argued it needed public funding to stay in South Florida.
But the team’s claim was rebuked in August 2010, when the sports website Deadspin.com revealed that the Marlins were in fact financially healthy, having received more money from baseball’s revenue-sharing system over 2008 and 2009 than anyone in baseball — and pocketing $92 million in revenue-sharing those two years, making a $33 million profit.