Report: Loria won't share any profit revenue from $1.2B sale of Marlins

Lawyers representing former Miami Marlins owner Jeffrey Loria informed Miami-Dade county that their client is not expected to share any profit revenue of the $1.2 billion he received by selling the team in October to a group led by Bruce Sherman and Derek Jeter, two sources familiar with the situation confirmed, according to Douglas Hanks of the Miami Herald.

In 2008, Miami-Dade agreed to fund $515 million for a new stadium, in exchange for the right to a small amount of any profit-sharing revenue Loria received if he sold the team within 10 years.

However, Loria - who originally purchased the Marlins for $158 million in 2002 - could work around those terms of the agreement by decreasing the club's debt, among other expenses, due to the Marlins' crippling financial predicament.

The Marlins entered 2017 with an estimated value of $940 million - the 25th-most profitable MLB franchise, according to Forbes.

Since being purchased by Sherman and Jeter, the former New York Yankees shortstop has completely overhauled the roster by trading core players Giancarlo Stanton, Marcell Ozuna, and Christian Yelich in an effort to slash payroll. The Marlins finished the season with an estimated payroll $154.8 million and, as of Friday, have reduced it to roughly $87.4 million.