MIAMI — Former Miami Marlins owner Jeffrey Loria reached a final lawsuit settlement to reimburse local government $5.5 million for the cost of building Marlins Park, which opened in 2012.
The Miami-Dade County commission approved the deal after Loria agreed to a last-minute increase in the amount. A tentative settlement of $4.2 million was reached last month.
The payment stems from the $1.2 billion sale of team by Loria in 2017 to Derek Jeter and his ownership group. Loria bought the Marlins for $158.5 million in 2002.
In 2009, local government agreed to help pay to build Marlins Park in exchange for Loria’s pledge to share profits if he later sold the team. That agreement called for Loria to pay 5% of net proceeds from the sale of the team.
Public money covered more than three-fourths of the $634 million cost for Marlins Park.
The settlement follows months of negotiations. The county will receive $4.8 million, and the city of Miami will receive $700,000 under terms approved Wednesday.