Miami Marlins CEO and part-owner Derek Jeter has taking a beating publicly since taking over the team as fans have slammed the new regime for their cost-shedding moves.
However, Jeter sees the franchise becoming profitable as soon as this season, according to documents obtained by the Miami Herald.
Project Wolverine, a nod to Jeter’s native Michigan, is Jeter’s attempt to prove to potential investors that the franchise will turn a profit immediately.
How?
Decreased payroll coupled with increased revenue from ticket sales, corporate sponsorships and a revamped local TV deal, as well as a one-time payout of $50 million that each MLB franchise will receive this season, will carry the moribund franchise to profitability, according to the Miami Herald’s report.
The Marlins have shed $36 million from their 2018 payroll in the 1st phase of Project Wolverine.
“I can’t sit here and say trust me,” Jeter told Marlins fans during a heated and emotional town hall meeting back in December.
“You don’t know me. You earn trust over time. I know how organizations are sustainable over time. I know you have been through a lot. I can’t relate to it. It’s going to be a tough road. It’s going to take time and effort.”
The Herald outlines a number of hurdles that may stand in the way of Jeter’s lofty goals.
“We are going to invest in building this organization the right way so we can, year in and year out, be able to compete,” Jeter said back in December.
“We are trying to fix something that is broken.”