In the past few days, a new frontrunner has emerged from the pack to become the new Miami Marlins owner. That frontrunner is Cuban-American billionaire, Jorge Mas.
Jorge Mas is the chairman and co-founder of the engineering firm MasTec, was first identified as the mystery third bidder for the Miami Marlins by the Miami Herald. His group is reported to be offering $1.1 billion for the team.
The sale of the Marlins was always going to be a complicated affair. With heavy payroll commitments, $400 million in debt, and low revenues, it’s a long climb to the $1.3 billion Loria wants.
This was before both groups admitted they didn’t have enough money, and Bush ditched Jeter for the Tagg Romney team. Frankly, it’s a bit of a soap opera.
In fact, one reason Mas has emerged as such an attractive option is the lack of drama surrounding his bid. Unlike Derek Jeter, Mas is believed to have pledged $200 million of his own money. Couple that with a comparatively small group of investors, and he has endeared himself to MLB.
Who is Jorge Mas?
Mas is the son of Cuban refugees, and a Miami native. He helped found MasTec with his father, Cuban dissident and prominent businessman Jorge Mas Canosa, in 1994. Today, the construction company operates in the U.S. and Latin America and is worth about $3 billion.
As a candidate to be the Marlins owner, there is a lot to like about Mas. He comes without the political baggage and public distrust that we have come to expect from a Marlins owner.
Jeffrey Loria, Tagg Romney, and Jeb Bush aren’t exactly media darlings. And while everybody wanted to see Derek Jeter become the owner, he doesn’t have the same track record of engagement with the South Florida community.
Mas is the head of the Cuban American National Foundation, he serves on the board of the UM business school (his alma mater), and he launched a scholarship program for children of Cuban descent.
It’s hard not to get excited about the potential of Jorge Mas as the new owner of the Marlins. Particularly when you consider his deep ties to Latin America and the Miami community. There is a feeling that Mas is can turn the Marlins around.
He would be the deep-pocketed owner the Miami Marlins have wanted for a long time. The Mas led group has the greatest potential of any candidate to fill seats at Marlins Park. Some say a deal could be struck as soon as this week.