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The SEC is looking into the Miami Marlins stadium deal

The SEC is looking into the Miami Marlins stadium deal

The SEC is looking into the Miami Marlins stadium deal

The Miami Herald is reporting that the SEC is looking into the Miami Marlins stadium deal. They write "Federal authorities have opened a wide-ranging investigation into the Miami Marlins’ controversial ballpark deal with Miami-Dade County and the city of Miami, demanding financial information underpinning nearly $500 million in bond sales as well as records of campaign contributions from the Marlins to local and state elected leaders.

In a pair of lengthy letters delivered to government attorneys Thursday, the U.S. Securities & Exchange Commission gave the city and county 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.

In the almost-identical subpoenas, the SEC also requested documents concerning stadium parking garages built by Miami. The Miami Herald reported Nov. 22 that city leaders are now complaining they were hoodwinked into likely having to pay an annual $2 million tax bill on the garages.

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." - Miami Herald

Joe Capozzi of the Palm Beach Post reports that the investigation will not affect the business of the Marlins. Capozzi writes "The team’s payroll — it was $57 million in 2011 — will jump to at least $80 million in 2012, an increase made possible by the new ballpark and the revenues the team will get from it." and " The federal probe could take at least a year to sort out."

Also this morning, the Marlins released a statement:

“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.” - The Palm Beach Post

By Truth and rumors
Monday, 5 Dec 2011

 

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