Report: Marlins CEO Derek Jeter Projects Revenue Increase in 2018
Miami Marlins CEO Derek Jeter expects to the team to turn a profit this upcoming season, according to documents obtained by the Miami Herald.
The team has already cut almost $40 million in payroll this offseason due to a number of trades.
According to the paper, Jeter circulated a document in August letting potential investors know that they can expect big returns in the next few years.
The document was entitled Project Wolverine because of Jeter's ties to the state of Michigan, and gave a blueprint to goals that expected to be reached in ticket sales, television rights and sponsorship deals that go along with the rapidly decreasing payroll.
Coupled that with a $50 million payout that his MLB team will receive this season because of the league's sale of its stake in the digital media company BAMtech, the Marlins expect a "cash flow" profit in 2018 of around $70 million.
Project Wolverine expects the team's profits to increase to at least $22 million by the 2021 season, according to the August version of the document.
The offseason has seen many changes for the Marlins, who have not made the playoffs since winning the World Series in 2003.
The team traded current National League MVP Giancarlo Stanton to Jeter's former team, the New York Yankees. They also sent outfielder Marcell Ozuna to the St. Louis Cardinals and shipped second baseman Dee Gordon to the Seattle Mariners.
