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Report: Jeffrey Loria to sell Marlins to Jorge Mas for $1.17 billion

Atlanta Braves v Miami Marlins

MIAMI, FL - APRIL 09: Owner Jeffrey Loria of the Miami Marlins watches his team prepare to play against the Atlanta Braves at Marlins Park on April 9, 2013 in Miami, Florida. (Photo by Marc Serota/Getty Images)

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As All-Star festivities have already gotten under way in Miami, Marlins owner Jeffrey Loria is reportedly set to sell the team to businessman Jorge Mas for $1.17 billion, Mike Ozanian of Forbes reports. 75 percent of baseball’s owners must approve the deal before it becomes official.

Mas is chairman and co-founder of MasTec, an infrastructure engineering and construction company.

In 2002, Loria bought the Marlins for $158 million, so he made a pretty good return on investment. As Ozanian notes, the Marlins are expected to lose $70 million and will pay interest on approximately $400 million in debt.

The Marlins entered the All-Star break at 41-46, 10.5 games out of first place. There is some thought that the team will undergo another fire sale and getting a new owner in place before the trade deadline would clear one giant hurdle. Major League Baseball would have to have been consulted if the Marlins had tried to have a fire sale while Loria was still in the midst of selling the team.

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