Derek Jeter's Marlins plans leak, and fans are ripping them to shreds
New Miami Marlins CEO and co-owner Derek Jeter has developed a plan to turn around the team’s fortunes, as made public by the Miami Herald’s Barry Jackson.
But many are questioning whether the numbers really add up.
The gist of Jeter’s Project Wolverine — named after the mascot of his home state, Michigan — is to drastically cut payroll and dramatically increase attendance and revenues to turn a profit.
Jeter has the first part down, slashing payroll this offseason by some $36 million in trading away three of the team’s best players, including the reigning National League MVP, Giancarlo Stanton.
NEW EXCLUSIVE: I got my hands on Derek Jeter's top-secret Project Wolverine document and there's some eye-opening stuff in there, including projections of sizable profits. Part 1 of a 5-part series: https://t.co/tcwguohNIR
— Barry Jackson (@flasportsbuzz) January 3, 2018
Stanton was traded to Jeter’s former team, the Yankees, for Starlin Castro and prospects; two-time All-Star second baseman Dee Gordon was shipped to the Mariners for prospects; and two-time All-Star left fielder Marcell Ozuna was traded to the Cardinals for prospects.
As for the second part of Jeter’s plan, that could be more of a problem. When you trade away the best players from a 77-85 team, logic dictates that your team will be worse, not better. When your team is not performing on the field, the odds are that more fans won’t be flocking to the stadium to watch a losing team.
That’s especially true since many fans right now are livid that Jeter has gutted the team. At a town hall meeting in December, fans unloaded on Jeter, expressing their disappointment with how things are going this off season.
Fans are so angry with Jeter that I just received paperwork from 15 yr old who is organizing boycott of all Marlins games.
— Barry Jackson (@flasportsbuzz) January 3, 2018
And it’s not like the Marlins farm system is stocked with talented prospects just waiting for their chance to take MLB by storm. Bleacher Report ranked the Miami farm system as the 28th best — or third worst — after the 2017 season.
According to the Herald’s report, Project Wolverine, released to investors in August, makes some interesting projections in outlining how the team will turn a profit.
It’s based on a team payroll of $90 million in 2018, which, much to the dismay of many Marlins fans, likely means more players will be gone, given that the payroll is now at $104 million.
Further, Jeter projects steady increases in ticket revenue, from $30 million last year to $37.5 million in 2018, $40.6 million in 2019 and $45.8 million in 2020. This is a stretch considering what the roster looks like and how upset fans are.
In addition, corporate sponsorship revenue is projected to rise from $19.1 million in 2017 to $24 million in 2018, $32 million in 2019, $37.8 million in 2020 and $41.6 million in 2022. This could be possible, according to the Herald, if the Marlins secure corporate naming rights for the stadium.
Then there is the Marlins’ TV deal, which is the least lucrative in baseball. Fox Sports Florida has three years left on its contract and will pay the team $17 million, $18 million and $20 million over the next three seasons. The Herald says Fox is due to give the team a $44.8 million up-front payment as part of a renegotiated TV deal, which will help with TV revenue this year.
But beyond this current contract period, Project Wolverine projects TV revenue of $51.6 million in 2021 and $53.6 million in 2022 — quite a leap indeed.
Derek Jeter's plans to turn Marlins profitable has just a few holes in it https://t.co/nlLtrFIDAs
— New York Post Sports (@nypostsports) January 3, 2018
The bottom line is, Jeter estimates that the team will make $68 million in 2018 (thanks to a $50 million payout by MLB to all teams due to a sale of one of its properties), $10 million in 2019, $15.8 million in 2020, and $22 million in 2021. This is quite ambitious for a team that’s been losing money for several years.
It all seems to be wishful thinking, but the one certainty about sports is that winning cures everything. If the Marlins start winning with an exciting young team, Project Wolverine could come to fruition. If the team doesn’t win, all bets are off.
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