Jeffrey Loria Reportedly Won't Share Marlins Sale Profit with Miami-Dade County

Former Miami Marlins owner Jeffrey Loria will reportedly not be sharing profits from his sale of the franchise with Miami-Dade County.

According to the Miami Herald's Douglas Hanks, Loria's attorneys have informed county officials "not to expect any profit-sharing revenue from last year's $1.2 billion sale."

The Associated Press' Tim Reynolds confirmed the report and added Miami-Dade County officials are "livid."

According to Hanks, an agreement between Loria and the county stated he "must share 5 percent of any sale profits with Miami-Dade and the city of Miami if he closes a deal by April 2018." That's after the city and county borrowed nearly $500 million to help build a new stadium.

The Marlins, meanwhile, paid $150 million toward the construction project.

Loria officially closed a sale of the club to a group led by Bruce Sherman and Derek Jeter on Oct. 2.

However, Hanks wrote Friday that "Loria could deduct team debt, certain expenses and taxes tied to a sale, and county officials and team executives were privately predicting Loria wouldn't agree to give up any of his revenue from the October sale to Derek Jeter and partners."

Loria, 77, originally bought the team in 2002 for $158 million.