It was reported by the NewYork Post last night that Major League Baseball has given the green light to a private investment firm founded by Michael Dell to fund a big chunk of Derek Jeter's purchase of the Miami Marlins. Here's what's really going on, according to three sources I have spoken with who have knowledge of the negotiations. For starters, MLB has not approved the preferred equity funding. The preferred equity would be considered debt by MLB and I have learned that this particular preferred equity offer by MSD Partners was "mandated," meaning payments had to be made annually. The only question in my mind is: will that $1.17 billion be a real purchase price (enterprise value), or will it include working capital adjustments that should be deducted to arrive at the real purchase price?

Source: Forbes July 29, 2017 16:10 UTC