Blog Entry

Report: SEC investigating Marlins' stadium deal

Posted on: December 3, 2011 9:29 am
Edited on: December 3, 2011 1:04 pm
 
By C. Trent Rosecrans

The Marlins have been the most aggressive team in wooing free agency and they've been able to do that not only because the team is readying to open a new ballpark, but also because the new stadium was built with a sweetheart of a deal from the city of Miami that has cost the team relatively little. That deal, though, is now being investigated by the SEC -- not the one with Georgia and LSU, but the big one, the U.S. Securities & Exchange Commission.

The Miami Herald reports the SEC has opened what it called a "wide-ranging investigation" into the Marlins' ballpark deal with the city of Miami and Miami-Dade County. The city and county have until Jan. 6 to "deliver everything from minutes of meetings between government leaders and Marlins owner Jeffrey Loria and Major League Baseball Commissioner Bud Selig, to records of Marlins finances dating back to 2007." The SEC also wants documents about stadium parking garages built by the city government.

The city and county are paying for nearly 80 percent of the $634 million stadium. The subpoenas focus, the report says, on the Marlins trying to determine the team's ability to pay for the financing of the stadium. Last year, the Marlins' financial records were leaked and they showed that the team had received the most money in Major League Baseball from its revenue-sharing system, while not investing it back into the team. The team said it was financial strapped and needed help from the city and county to build the stadium, which it ultimately received.

The subpoenas, the report says, say:

"We are trying to determine whether there have been any violations of federal securities laws. The investigation and the subpoena do not mean that we have concluded that Miami-Dade County or anyone else has broken the law."

The city is already under a two-year investigation by the SEC for bond dealings. The newspaper says that case has already cost the city $1.4 million.

The deal with the city for the stadium has been controversial from the start, leading to a court fight in 2009 to stop construction of the stadium and the recall of Miami mayor Carlos Alvarez, a proponent of the stadium.

The stadium is scheduled to be ready for opening day 2012, with the Marlins and Cardinals playing the first game of the season at the new stadium.

Marlins vice president PJ Loyello told the Palm Beach Post's Joe Capozzi that the probe would have "no affect whatsoever on our roster plans," when asked if the investigation could slow the team's pursuit of the top free agents on the market.

The Marlins released this statement on Saturday (via MLB.com):

Yes, we are aware of the investigation that the SEC is conducting on the issuance of the county's and city's stadium and parking bonds. Of course we will fully cooperate with the SEC's investigation as needed and assist in whatever way possible. Because this is an on-going matter, it is not appropriate to comment further.
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Comments

Since: Jun 18, 2011
Posted on: December 3, 2011 2:16 pm
 

Report: SEC investigating Marlins' stadium deal

Marlins offer lucrative contracts to every free agent under the sun and this story is just now breaking?  No wonder they're becoming the "Miami" Marlins.

Marlins want Pujols, Buerhle, Reyes, among others.

SEC Investigation = none of the above.  Chalk 2012 up to another wasted year for Florida fans, except that they can waste their time without getting rained on.




Since: Jan 4, 2007
Posted on: December 3, 2011 2:00 pm
 

Report: SEC investigating Marlins' stadium deal

LOL wasnt Cocaine Cowboys from the 80's?!?! There is no defending Miami as a native Fort lauderdale resident, but please people, look around the country and there is corruption EVERYWHERE at EVERY level including the Feds, police, CIA, Wall Street, and middle of nowhere Iowa where,, no less these govt idiots



Since: Sep 20, 2006
Posted on: December 3, 2011 1:55 pm
 

Report: SEC investigating Marlins' stadium deal

Inappropriate financial goings on Miami, where have I heard this before? lol



Since: Apr 15, 2008
Posted on: December 3, 2011 1:21 pm
 

Report: SEC investigating Marlins' stadium deal

Wow what a suprise that's something's wrong with something that Loria and his evil step-son Sampson have anything to do with. The city of Montreal still oozes in the slime these 2 left behind. 
Well said. The Nationals have been less than a hit at the ticket booth.. Montreal should still have a baseball team. No team would draw well at the "Big O". I'd throw Bud Selig and the player's union in there as well. Montreal was above and beyond the overwhelming fave to win the World Series that year, they go on strike and it was never the same, and people wonder why fans stopped supporting the team. People still go to Alouettes games at the Big O, I believe there was 38,000 fans at this years Ti Cats playoff game. So, my point is the fans are there they just said the hell with supporting baseball and I don't blame them.



Since: Apr 15, 2008
Posted on: December 3, 2011 1:17 pm
 

Report: SEC investigating Marlins' stadium deal

Go watch either of the "Cocaine Cowboys" documentaries. That will show you what Miami's economy is all about. 

Part 1 : 

Part 2 :  



Since: Mar 14, 2008
Posted on: December 3, 2011 12:25 pm
 

Report: SEC investigating Marlins' stadium deal

I don't understand why the citizens of a city that really has never been that interested in the sport of baseball would allow a private business like the Marlins to "hold them hostage" and basically steal hundreds of millions of dollars from the tax payers.  I mean, is the city of Miami in such great financial shape that they can provide outstanding basic services like a police & fire force, water, sewage, utilities, roads, etc. and still have hundreds of millions of dollars left over to give away to a private business?  If not, then why do the idiots voting down there insist on putting incompetent crooks like this in office?  Are the citizens of Miami really that clueless and prefer living their lives like a herd of sheep?



Since: Mar 20, 2007
Posted on: December 3, 2011 12:10 pm
 

Report: SEC investigating Marlins' stadium deal

What is it with the state of Florida and its refusal to follow laws or rules of any kind?  They can't vote correctly, the colleges are all cess-pools of corruption, seriously, what is the deal?



Since: Nov 3, 2010
Posted on: December 3, 2011 11:59 am
 

Report: SEC investigating Marlins' stadium deal

The most common word in todays sports environment is 'investigation'.  If no one bothered to cross t's and dot i's five years ago, why is it so important now?  Okay, let's take it a step further according to my way:  let's investigate down to the last kernel popped, soda poured, and hot dog cooked.  Let's go all out.  Let's waste countless hours and THOUSAND OF DOLLARS on another investigation.  Then, I demand for the people, a spreadsheet with a few graphs showing what we got out of this.  Play ball!



Since: Oct 30, 2006
Posted on: December 3, 2011 11:10 am
 

Report: SEC investigating Marlins' stadium deal

I lived in Miami for 30 years. You would be hard pressed to convince me there is a local government in the US more corrupt. Even as a Marlin fan, I hope the Feds come down on them hard, if true.



Since: Aug 21, 2006
Posted on: December 3, 2011 11:07 am
 

Report: SEC investigating Marlins' stadium deal

Why did the SEC wait until now, rather than when the deal was made years ago?


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