Half-Dozen Firms Help Jeter's Group Reel in MLB's Marlins
Wachtell, Skadden, Proskauer Rose, Foley & Lardner and Akerman are among a handful of large law firms advising on the proposed $1.2 billion sale of Major League Baseball's Miami Marlins to an ownership group led by former New York Yankees star Derek Jeter and venture capitalist Bruce Sherman.
August 14, 2017 at 08:43 PM
8 minute read
Lawyers from a handful of Am Law 100 firms are advising on the proposed $1.2 billion sale of Major League Baseball's Miami Marlins to an ownership group led by former New York Yankees star Derek Jeter and venture capitalist Bruce Sherman. A final deal is expected to close in time for the World Series in October.
News of Jeter's interest in the Marlins first emerged in April, when he and former Florida Gov. Jeb Bush were reported as having reached a tentative agreement to buy the team for $1.3 billion. The American Lawyer reported at the time on Wachtell, Lipton, Rosen & Katz being retained by Jeter and Bush for their joint bid, while Marlins owner Jeffrey Loria turned to Proskauer Rose.
Both firms are still involved for either side, but Jeter's partnership with Bush soured in May and the two each tried to cobble together new groups of investors to purchase the Marlins from Loria, a New York art dealer who bought the team for $158.5 million in 2002 after selling the Montreal Expos for $120 million. By July, Jeter had once again emerged as the favorite to buy the Marlins, thanks to some help from his good friend Michael Jordan, the basketball legend who turned to Wachtell to advise on his $275 million purchase in 2010 of the National Basketball Association's Charlotte Bobcats, now called the Hornets.
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