Marlins CEO Derek Jeter has received quite a lot of criticism since he and Bruce Sherman spearheaded a successful bid to acquire the organization from oft-criticized predecessor Jeffrey Loria. Payroll-trimming and rebuilding-oriented player transactions such as those the Marlins have undertaken do generally have a tendency to spur some harsh reactions, though surely there were a few other actions from the incoming leadership that also generated ill will.
In a must-read piece, Tom Verducci of Sports Illustrated takes an extended look at the past few months in Miami, centered upon discussions with Jeter and other key members of the organization. While the article ought to be digested in full, there are a few particularly relevant bits of information that are worthy of highlighting here.
For one thing, the story includes some differing perspective on the financial arrangement that Jeter has with the organization he runs. Some eyebrows were raised when Barry Jackson of the Miami Herald reported (as one part of a five-part series) that Jeter would earn a $5MM salary and could add additional bonuses for achieving profitability. “The speculation of what they say my salary is—$5 million?—that’s not true,” says Jeter, who also denies that his contract calls for him to receive bonuses based on the team’s profits. “And then I get a bonus based on what? … Not true. That’s not true.”
Additionally, some other reports had suggested Jeter’s investment level with the organization was $25MM, meaning he’d likely recoup his buy-in within five or less years, though the Herald and now Verducci suggest the real number is $37.9MM. “I keep hearing about my ‘modest’ investment,” Jeter tells Verducci. “I wish that were the case. One, it’s not small. And two, that’s not accurate, no.” Verducci says Jeter wouldn’t confirm the details, but did add that his stake is “higher than 25 [million].”
Beyond the questions surrounding his own finances, Jeter tells Verducci that the media has misrepresented ownership’s financial resources as well as its plans and attendance/revenue goals in future seasons by relying on an outdated investor prospective. The ongoing search for capital is about enhancing the local connections of the ownership group, he says. And while Jeter seemingly acknowledged that the Herald has in fact accurately represented a copy of the investors’ one-time business plan, titled Project Wolverine, he suggests things have changed quite a bit since the sale went through, with the team’s exact initiatives, milestones and objectives evolving in the past few months. (Jackson, in initially reporting the contents of Project Wolverine, did note that the copy he had obtained dated back to August.)
Jeter’s vision of a thriving, community-oriented organization both on and off the field seems uncontroversial, though many have doubted whether the plan — the apparent details of which have mostly been known through the Project Wolverine reporting — is in any way realistic. But Verducci writes that Jeter has been working hard, focusing especially on engaging the local business community, striving to find new revenue streams, and ultimately maximizing traditional revenue streams (tickets and TV) to put the organization on firmer footing.
Unquestionably, there’ll be an ongoing connection between the Marlins’ fortunes on and off the field. Jeter did not go much into specifics of the organization’s vision, beyond making clear that there will be high standards for all players at all levels and emphasizing that the organization won’t waver from its plans. He noted, too, that there’s an ongoing effort to boost the team’s analytics department.
The rookie CEO acknowledges the difficulties, but also says he won’t back down from a positive vision. “I’m not saying we don’t have lofty goals,” says Jeter. “People are so focused on the model from August. It’s changed. We’ve found out quite a bit since we got in here.” As for the idea that it’s unrealistic to expect major changes in the organization’s ability to earn, Jeter suggests he believes the fans will come if the team is run the right way. “I will never apologize for believing in the Miami market,” he adds.
There are loads of other interesting details to peruse. Verducci spends some time on how things went down with the Giancarlo Stanton trade, with president of baseball ops Michael Hill firmly defending the process as well as the package ultimately received. Relatedly, Jeter argued that the team had little choice but to blow up the roster to some extent. While he maintains that the team hoped to keep Stanton — a dubious proposition given just how expensive he was — Jeter says that even adding two high-end starters would not have made the roster into a winner. (“They still wouldn’t have won. So you just dig a bigger hole, and eventually you have to get out of it.”) The piece also goes into the variety of non-player personnel controversies that have arisen. In particular, Hill defends the controversial decision not to renew the contract of cancer-stricken scout Marty Scott and also suggests that Jeter had nothing to do with that matter.
None of the comments from Jeter and the rest of his front office cohort give much of an indication of how things will play out on the MLB roster in the near term. Catcher J.T. Realmuto, infielder Starlin Castro, starter Dan Straily, and a few other veterans still seem to be very realistic trade candidates, either before the start of the season or in the run-up to the trade deadline. With the team’s payroll pressures largely relieved — through the Stanton swap and three other highly significant trades this winter — perhaps there’s greater flexibility in weighing future moves. While on-field expectations will be exceedingly modest for 2018, the continued presence of potential trade chips means there’s still plenty of intrigue left for the Marlins front office over the coming weeks and months.
justin-turner overdrive
The photo on the tweet of this looks like he’s going “Ha ha, I ruined the team”
twitter.com/mlbtraderumors/status/9621039182086594…
Caseys.Partner
Jeter is a psychopath.
The commissions are definitely true. Tell him to produce his contract. Bruce Sherman is a Wall Street bloodsucker. This is how they operate.
Some things never change in MLB. Jeter is the Golden Child and the elite corporate media will be commissioned to cover for him. The forever young Marlins have always had one purpose, to produce primetime MLB talent for contenders while looting as much from the Miami market as possible.
outinleftfield
You have shown with your multiple accounts and conspiracy theories that you are a psychopath.
srechter
Tell that to the 2003 Marlins.
redbeard87
You mean the team that had a firesale immediately after winning? Kinda seems like that proves his point
Cashford64
Actually, they kept the team together for two years, until they failed to produce another winning season or improve attendance in the slightest. They even signed Carlos Delgado to a sizable contract to replace Derek Lee, who departed as a free agent, but nobody seems to remember any of that.
Wannabekillerb
People are crazy. Who in their right mind would complain about selling off the best assets of a 74-win team? They didn’t break up a good team, they were miles away from contention and had no depth.
xabial
Everyone talks about Project Wolverine
What about Project Citrus?
Is it dead?
fanragsports.com/heyman-marlins-seeking-investors-…
xabial
Sorry, fanrag link, is hard to post. Impossible to post without the amp google link. Anyways, this is a pretty cool project too, one I like more than Project “Wolverine”
google.com/amp/s/www.fanragsports.com/heyman-marli…
Cidron
Payroll had to come down…
Lets get rid of the popular assistants from the Marlins past (Conine etc)
Lets get rid of a cancer stricken scout on the staff
Lets get rid of all the solid players sending the best to the former team of Jeter.
And, the finishing touch, not mentioned here, lets fire the guy who has been the mascot !!
Great PR moves Jeter, well done. You almost make Loria look like a community icon..
skip 2
Well said!
dbec72
Jeter could top it off by signing Ozzie back as manager and he could say something idiotic and cruel again.
dbec72
I was just saying he could do worse.. Such as Ozzie as manager.
GareBear
I mostly agree other than the fact that deals had been worked out with the Giants and Cards before Stanton vetoed both before the Yanks became involved. Nonetheless, I lived in Florida for a while and all I can say is that my deepest condolences go to the few Miami fans left
outinleftfield
How about the truth instead of your spin.
Let’s get rid of guys that were “special assistants” that only did a half dozen public appearances a year for the 6 figure paychecks Samson was paying them.
Let’s wait until a scout that hasn’t signed a single player in 7 years finishes his cancer treatment before we fire him and end his insurance.
Let’s get build our farm system so we can win long term instead of losing money and still losing on the field.
PR doesn’t win games nor does it build farm systems or winning cultures.
srechter
Overall, I appreciate this comment. I would argue specifics, but the larger thought is exactly what I’ve felt throughout this process. I would amend it like this: pr doesn’t directly, and is the least important factor affecting winning games and building farm systems. They’re building a team like they want. To do that, they can’t be swayed by emotions and public outrage. They seem to believe they can weather the storm until their system breeds successful results. I, for one, am excited to watch it unfold over time.
xabial
Jeter put up $37.9 million for <5% of the team.
Sherman paid half of $790.5 million, and assumes $400M in debt
He’s the owner, who makes all decisions. He has the power to veto any Jeter deal. Decides what he wants to spend, and sets the Budget.
CEO title means nothing.
Jeter is the GM. And Michael Hill’s title means even less— He was part of the old regime, and owns 0%.
GM’s given budgets and paid salaries. That’s how it works.
The blame should fall on Sherman.
xabial
Jeter’s not a billionaire but always had dreams of owning his team. He was afforded an opportunity to put up about $40M for 5% to get his feet started. He was given the CEO title, which you guys treat like the same as Principal owner. Minority owners don’t set the budgets! Billy Beane owns 4% of the A’s!! Nearly identical % stake— as Jeter’s !!!!
Sherman’s a genius. Without him, deal doesn’t happen, team probably gets sold to Mas. So in return for putting up half $780.5 million, and assumes $400MM debt, he takes no heat for the rebuild, saying Jeter’s in charge of the “baseball side” Jeter owns about same % as Billy Beane does the A’s!!!
xabial
Just because he’s future HOF, 5x champ, doesn’t make him a billionaire or savior! The Marlins had more debt, than Jeter’s entire career earnings in MLB! Actually— rest of the money Stanton was owed from contract Loria gave ($295M) was more than Derek Jeter’s total career with Yankees!!! (Earned $265M with NYY)
So, Why pay for majority stake? if you’re going act broke like the owner of the A’s/Rays..? —It’s easy to make Jeter the fall guy because of his player status. “What’s a Sherman”?
sfgiants49ers
Marlins should have kept Stanton and rebuilf around him. He carried the lineup since hes been there.
Cashford64
He was WAY too expensive fora team like the Marlins to build around. Best option was always going to be tear the whole thing down and start from scratch. I truly don’t know why people are shocked that this is happening.
txtgab
Being an Oriole fan, I can appreciate what the Astros and the Cubs did. I’m not sure why Jeter gets so much hate, I will give him at least 2 years to at least judge the farm/subsequent moves. I think at the very least he deserves a shot to see if his plan will come into fruition. This is not just a GM changing his philosophy, it is an organizational revolution. Time will tell
sfgiants49ers
Its a good on whats going on with the Marlins. I want to see what good players come out of this year. Many prospects will get a shot even minor league players who may have not got a shot with a different organization who might have been stacked with depth.
Tom
The differences between the Astros/Cubs rebuilds and the Marlins is that Miami didn’t say…”lets deal our veteran players for prospects, and get good again”…the Marlins said “Lets dump all of our high-salaried players because we don’t want to pay them, we’ll get marginal prospects in return, and if they help us win games, great, but the bottom line is much more important.”
The Astros/Cubs were trying to build teams that win. The Marlins and their new ownership are blatantly telling fans all they care about is money. That’s where the hate comes in. And in Miami they’ve been through this once too many times already.
Begamin
They werent winning with that roster and with that payroll to begin with. If they kept it/added more they wouldnt be able to afford to even keep the team and would be in debt. You dont win games in the red. You are a fool and just like the rest of the people who arm-chair critique, you have no idea what you are on about and you would probably drive the team into the ground if given the reigns. What would you do if you couldnt afford to keep all your high-salary players that only net you 70 wins a season? Keep them?
Richard K
I have to agree with Begamin the team was not winning as is and the same for the Pirates. Yes high profile expensive players always tends to lift an org some but the bottom line is if you are contending with those players as Miami was not contending at all.. Based on fan attendance that did not help at all too many New York transplants which is sad as one would think they would embrace the team in there new habitat but it is simply not the case and like with my Astros sometimes you need to go with younger talent home grown and I am sure once Jeter gets a good young core he will add players around them just like the Cubs,Astros and to some extent the red sox and Yankees.
andrewgauldin
They did not say “we don’t want to pay them.” They said, “we cannot pay them.” Huge difference
tharrie0820
The Marlins had been operating at a loss for 4 years now. The minor league system literally had NOTHING in it. And Jeter isn’t even the one that makes all the baseball decisions, so I don’t understand why people single him out to hate. I’ve even seen people say he’s worse than Loria….Really guys? REALLY?
Mikel Grady
The cubs got Jake Arrieta Pedro strop ,Kyle Hendricks ,Anthony Rizzo Addison Russell for Feldman cashner and Garza. What did jeter get for Stanton ozuna and yellich? That’s the big difference
Paul Heyman
Well I guess jtr and Castro are going to carry the lineup if they aren’t traded by the beginning of this season.
peterd
HE FIRED BILLY THE MARLIN !
That pretty much sums it up
eddiemathews
Maybe I’m nuts, but I find it hard to believe that adding two high-end starters to that outfield and Realmuto would categorically be unable to compete.
outinleftfield
How many wins would each one have added. 2, maybe 3? So add 6 wins to last years totals and where would they be?
pjmcnu
Six? It’s not just the games THEY would win. It’s pushing the younger/lesser starters back to closer to what they are: 3, 4, 5 (and facing 3, 4, 5s). Then a more rested bullpen. Decreased batter pressure to score 10 per game. Things like this all are part of it. I have never heard anyone explain WHY adding some good, veteran SPs to an offense the rest of MLB wants to trade for would not make the Marlins win. They just say it like it’s obvious. It’s not. Guaranteed World Series? Of course not! But win? I don’t see why not.
Dodgethis
Pitchers rarely line up like that. Unless it’s the first week of the season or the week after the all star break
brucewayne
The middle is the worst place to be! No chance of winning it all
brucewayne
and no chance of a good draft . Plus losing money while doing it is suicide for a team !
Caseys.Partner
Darvish and Arrieta and that team was a legit wildcard contender for the next several years.
outinleftfield
Pushing what young starters exactly? That is the problem. They had none. They had an old and terrible pitching staff. Just about the worst in MLB. Adding two top pitchers would have added only what they brought in wins, about 4-6 for the season. Nothing else.
Now let’s talk about what it would have cost. Adding 2 starters like Arrieta and Darvish would have added $50-$60 in payroll bringing the MLB payroll higher than the total revenue of the team and forcing them into $100 million loss. How is that smart if it was even possible?
Decreased batter pressure? Are you serious? WTF is that? Its babble is what it is. Players play to the best of their ability regardless of who is on the mound,
So what you are trying to say is that they should have taken a $100 million loss and still not made the playoffs.
Cashford64
The entire pitching staff was under performing, from top to bottom. Why do you think they haven’t been able to move a single pitcher this offseason? Nobody wants any of them. Two starters would have not been nearly enough.
realist101
And they had, before they started trading, about $130 million of payroll commitments for the 2018 25-man Opening Day roster.
You’re suggesting adding roughly $40 to $45 million to that, on multi-year commitments no less.
So your idea is a roughly $170 million dollar 25-man roster payroll for a team that’s basically tied with the Rays for lowest revenue in MLB. It’s absurd on the face of it.
There’s often room to debate whether an owner can afford to push a team’s payroll up some amount from where they budget it, such as whether Nutting could and should have allowed the good Pirates teams to push up payroll about $15 to $25 million when they had their run a few years ago. This idea, however, is not at all that. It’s equivalent to saying, “Well, the A’s or Rays could have a better team if they’d just run a Top-5 payroll”, ignoring all the evidence that a team’s revenue just won’t support that level of payroll.
jdgoat
If he doesn’t fire the Marlins Sculpture he can have a free pass for everything that this management team has done
lukentroy
They are trying to have the sculpture removed. The problem is the County paid for it so it’s not technically the Marlins to remove.
johnnyringofwc
Funny how often we jump on others before they get an opportunity to prove themselves. He put the money in, let the man do his job and let’s see.
Jimcarlo Slaton
I think it was basically confirmed that guys like Dawson, Perez and Conine were discarded like a bag of garbage.
outinleftfield
They were highly paid guys whose only job was a half dozen public appearances a year. Why would the new owners trying to turn around a franchise that was losing money pay six figure incomes to guys that are not adding value to the business?
All 3 were offered jobs where they would have to do actual work and accept less money and they declined. That is on them.
Caseys.Partner
“to do actual work and accept less money ”
The new American Dream.
Mikel Grady
I’m guessing you would be the last one to jump off the titanic
xabial
Be grateful you guys somehow have 2 Championships.
What would you have done if Miami had a grand total of 0?
Like many clubs out there. Heck those Cleveland Indian fans have it worse than you. They’ve been waiting 70 years!
22222pete
Proof that not all rebuilds succeed
Caseys.Partner
Zero.
That’s how many division titles the Marlins have.
MB923
So you’d rather have division titles than championships??
pplama
Holy Puff Piece!
Looks like Jeets has found his Miami mouthpiece to tow the Marlins line when things go bad.
Every team needs one.
brucewayne
But why is Jeter getting all the hate for the trades? It says in the article that Michael Hill was responsible for that ! Not Jeter! Hill is the GM
brucewayne
and Jeter is the CEO
brucewayne
and he only has a 10% ownership stake.
xabial
Read Verducci’s article. “According to a source familiar with the deal, Jeter is the sixth-largest stakeholder in the Marlins, contributing slightly less than 5% of the equity, or $37.9 million.”
Asked to confirm that number, Jeter says, “Oh, it went up? Before it was 25. It’s higher than 25.”
Marlins ownership structure, reminds me of Giants’ Hard to know who owns what, after control person.
tharrie0820
He was talking about the money, not ownership percentage. Maybe you’re the one that should have read the article?
xabial
Re-read my quote, from the article.
Equity is interchangeable with “ownership stake”
pplama
He’s made himself the face of the franchise. So he’ll get the heat.
Caseys.Partner
Jeter is running the team.
22222pete
LOL. Denies yet does not reveal. Typical
“….. emphasizing that the organization won’t waver from its plans. ….
“I’m not saying we don’t have lofty goals,” says Jeter. “People are so focused on the model from August. It’s changed. We’ve found out quite a bit since we got in here.”
I think if plans can change in a few months they can change again.
pjmcnu
The most intriguing tidbit is Hill defending firing the scout with cancer. Unless his rationale is “we’re still paying him the money, we’re just not making him work!”, I don’t see how he justifies it without just sounding like a bigger a-hole. If it is, good for the Marlins. If it’s not (or something similar), shame!
tharrie0820
Maybe he wasn’t good at his job? Maybe they wanted to start over fresh than stick with scouts that no doubt helped with the barren farm system?
22222pete
Why doesn’t Jeter just use the Players Tribune to communicate. Maybe rename it the Owners Tribune
sufferforsnakes
Just one word……….DESTRUCTIVE.
thickiedon
Bum
66TheNumberOfTheBest
Anyone who bought the Marlins would be running it exactly the way Jeter is doing.
The team wasn’t going to win and they have virtually no fan base.
Complaining about the team’s moves is like complaining that a burnt out building was bulldozed before it collapsed.
start_wearing_purple
Agreed. His moves right now aren’t going to win hearts and minds of the fans but this is not a team that was a few solid moves from the playoffs.
I think his reaching out to Miami based businesses could have a larger effect over time.
outinleftfield
Apparently they are winning the hearts and souls of the business community in Miami because they have already increased luxury box and corporate ticket sales as well as sponsorship revenue.
Caseys.Partner
Nope.
The local Cuban billionaire would signed Darvish and Arrieta. You can always rebuild later if that doesn’t work.
Jeter getting his money.
outinleftfield
Mas said he would have kept payroll at $105-110 million meaning he would have cut it $30-35 million from the $140 million it would have been on opening day without any changes. He would not be adding $50-60 million in payroll for those two AND cutting it $30-35 million overall.
66TheNumberOfTheBest
Mas was blowing smoke to make himself look good after the fact because it doesn’t cost him a dime to talk about the money he “would” have spent.
The Glavine group admitted they had the same basic plan as Jeter.
As any sane person would.
realist101
Well said by outinleftfield and forwhomjoshbell tolls.
The fact that you guys have downvotes just shows that there must a be a lot of readers here who unfortunately don’t understand jack about the reality of where the Marlins rank in revenue among MLB teams (basically tied for last, with the Rays). (That, or CaseysPartner is using his sock puppet accounts.)
matt41265
Rachel Phelps of the Marlins
justin-turner overdrive
Is it just me, or do all the anti-Jeter posts get voted down, and all the pro-Jeter ones get voted up?
Jimcarlo Slaton
He’s the media’s golden boy, and of course they’ve done their best to make fans believe he can do no wrong.
xabial
Media’s “golden boy”?
More like whipping boy. He’s taking 100% of the blame for this rebuild, even though he owns less than 5%. Because he’s only Marlins’ owner people know, they blast him, attack his character.
14 losing seasons, $400MM in debt, worst farm system.
“Let’s sign Arrieta!” Let’s sign “Darvish”! LOL
NL_East_Rivalry
Well, isn’t he the CEO? Yes he’s not the GM, but the CEO still decides a lot
pplama
Yeah Jeets!
sufferforsnakes
Wouldn’t know. I’m on my iPad, and don’t see any voting……which is a good thing.
tharrie0820
Maybe because the anti-Jeter posts always bring him up trading Stanton to his former team, like it was his choice and not Stanton taking advantage of his NTC to dictate where he went. Also, maybe because most of the anti-Jeter posts blame him for stuff that wasn’t even his decision?
astros_fan_84
I always liked Jeter as a player because of the way he played the game even though I didn’t really care about the Yankees. It’s weird to me that in his post-player career that he’s now a villain. I get why, but it’s still weird.
Caseys.Partner
Jeter’s image was a fraud. You’re beginning to see what an arrogant snake he really is.
johnnygringo
Why they let Jeter claim one thing then do another, just another case of greed over product , forget the Sheeple
dbec72
I really can’t see the Marlins being a solid franchise ever. The fan base was already bad when they were good, and they probably won’t generate the revenue to resign or trade for top players. They may have small windows to win if they hit on almost all their draft picks, but that is a pretty Big IF.
Caseys.Partner
The Marlins were always to be run this way. Producing prime time MLB talent for contenders keeps the cost of players down for the owners. The Cardinals didn’t have to overpay J.D. Martinez when they get Marcell Ozuna for nothing.
Cashford64
You are the worst troll, dude. Give it up, please.
sheff86
This team needed this. It all started with Jose. Now it can truly move forward.
Caseys.Partner
Who?
Forgot about him long ago.
BlueJayFan1515
How can you be so insensitive? Do you post while drunk?
sandman12
To me, the only real story is the retention of Hill as a GM. Seems impossible. The GM is supposed to be the wisdom behind player personnel decisions. Let’s look at the chapter Hill authored in Miami prior to the 2017 season.
Signing an aging, declining Martin Prado to a $41m three-year contract. I mean, what? Why? How? That’s $13.5m this year and $15m next. That contract could have paid Ozuna for the next two seasons with lots of change left over. Unconscionable.
Edinson Volquez. $22m for two seasons inc. $13m this year. He of the no-hitter was a guaranteed losing proposition from the get-go. Prior to being enriched by Hill, Volquez gave up more hits than any pitcher in baseball in 2016. His WHIP was 1.55. No chance that was going to work out well.
Ziegler and Tazawa, a combined $28m for two seasons – $16m this year. They’re old and crappy and a complete waste of money.
The Marlins will pay the four over $42m in 2018 – more than the salaries of Stanton, Ozuna, and Yelich combined.
sandman12
On top of the free agency blunders, Hill has killed team potential on the trade market. The Luis Castillo for Dan Straily trade is the most recent wound. Seems that if any Marlin farmhand shows a glimmer of potential, Hill can’t clear him fast enough.
Austin Barnes and Realmuto were the heart and soul of a Jacksonville team that won a Southern League championship. Both excellent catchers, Barnes spent most of his time at second base. He actually had a higher OPS than Realmuto. Fact is, you want to field an entire team of players like Barnes and JT, Instead, Barnes was tossed to the Dodgers as an afterthought.
And then there was the Cosart acquisition from Houston. While the Marlins have nothing to show for that, Houston got the following: Colin Moran, who was just flipped to PITT for Gerrit Cole and will start at 3b. Jake Marisnick, who has contributed a 7.2 WAR to the Astros as a fourth OF. And Frances Martes, who became Houston’s top prospect and reached #17 on Baseball America’s prospect list.
redbeard87
Does he give any specific answers at all? How has the plan changed since Project Wolverine? What’s the new plan? If the numbers reported regarding your investment and salary are incorrect, what are the right numbers? Without any details, how can we trust his word? It sounds like he just expects the Miami media to carry his water the way the NY media did for years