SEC Probes Marlins Deal
The U.S. Securities and Exchange Commission has launched an investigation into the funding behind the Miami Marlins’ $634 million, under-construction ballpark.
SEC officials recently asked the city and county to hand over a number of documents related to the stadium agreement, including meeting minutes and financial records, according to the Miami Herald.
The deal will leave the city and county on the hook for more than $500 million, as during negotiations the baseball team reportedly argued it needed public help to finance the project.
Although a subpoena obtained by the Herald doesn’t specify what investigators are searching for, former SEC attorneys told the paper the government is likely examining whether the city and county looked thoroughly into the Marlins’ finances and whether the team donated to local politicians’ campaigns.
“We are trying to determine whether there have been any violations of the federal securities laws,” the subpoena says. “The investigation and the subpoena do not mean that we have concluded that Miami-Dade County or anyone else has broken the law.”
In a statement, the Marlins noted the team is aware of the SEC investigation and plans to cooperate.