SEC looking into Miami Marlins stadium deal

[yankeebiscuitfan]

The Securities and Exchange Commission has subpoenaed the City of Miami and Miami-Dade County for financial information about the $500 million in bond sales used to build the Marlins' new stadium, The Miami Herald reported.

The deal leaves taxpayers on the hook for a huge portion of the stadium's cost at high interest rates, and the SEC wants to know whether politicians and/or the Marlins owners broke any laws in negotiating the package.

The Securities and Exchange Commission has subpoenaed the City of Miami and Miami-Dade County for financial information about the $500 million in bond sales used to build the Marlins' new stadium, according to a report. (AP Photo)
"We are trying to determine whether there have been any violations of the federal securities laws," SEC senior counsel Drew Panahi told the newspaper.

According to the newspaper, the financing agreement to build the stadium in Little Havana left the county and city on the hook for almost 80 percent of the overall $634 million tab, which critics considered a giveaway to the Marlins. The deal was a contributing factor in the recall of Miami-Dade Mayor Carlos Alvarez, who championed it.

The Marlins new 37,000 seat, retractable-roof stadium is set to open in 2012.

[astrosfanatic]

it's about time the government took some action with all of these new stadiums being built by taxpayers dollars. These owners need to be picking up more of the tab than they are.

[Old Sweater]

I goofed and posted this info in MLB general. Sorry about that Biscuit.

It thrills me that the Marlins have to open their books but overall this probably will hurt MLB. As most of you know, I don't care much for owners but I care even less for government agencies that don't live by their own laws. If we knew what went on at the top of SEC, it would probably give you nightmares, or so ticked off you couldn't sleep. Perhaps the bribes didn't include all the right people, SEC ain't dumb, it shouldn't have taken this long.

[Old Sweater]

it's about time the government took some action with all of these new stadiums being built by taxpayers dollars. These owners need to be picking up more of the tab than they are.

Very true but I don't want Coors Field to be repo'd. It will also be interesting to see how the SEC comes down on city officials. Guess we'll find out who can pull the most strings in the end. SEC, MLB or city government.

[Old Sweater]

After further thought, financial records won't be made public, there won't be much follow up on this story and SEC brass will wind up with a fatter wallet. The reason why, politicians, gov't agency and a owner is involved.