A business partnership ends before it begins
While internal disputes can put a business’ future in questions, equally serious conflicts can sabotage pending partnerships. Power struggles can occur before power is even secured, especially when millions and billions of dollars are at stake,
The unlikely duo of former Florida Gov. Jeb Bush and retired Yankee shortstop Derek Jeter were on track to purchase the Miami Marlins major league baseball team. Bush would join his brother, former President and Texas Rangers owner George W. Bush, as a franchise owner. Jeter had publicly expressed his eagerness in buying a team since his retirement.
In an interview with the New York Yankees YES Network, Jeter expressed his desire to “call the shots,” claiming that he learned a great deal from late owner George Steinbrenner.
The $1.3 billion transaction was believed to be close to being accepted by current owner Jeffrey Loria. As the soon-to-be partners were reeling in the big and highly profitable “fish,” a dispute fractured the Bush-Jeter alliance and ended their pursuit as owners.
According to some media reports, the ex-presidential candidate pulled out of the deal over a dispute with Jeter over who would truly “call the shots.”
The initial plan was for the five-time World Series champion to run the baseball side while Bush oversaw the business operations. According to those close to the transaction, Jeter was pursuing a larger role with Bush.
In spite of the pullout, the lifetime Yankee with a reported net worth of $185 million is exploring a new bid for ownership of the Marlins, this time with different investors.
Posted on Business Law