Marlins Stadium Deal Now the Target of Federal SEC Probe

​Maybe federal investigators finally got around to reading our piece about the six biggest lies behind the monumentally awful Miami Marlins stadium deal? Whatever the motivation, the Securities and Exchange Commission has subpoened the City of Miami and Miami-Dade County for financial information about the $500 million in bond sales underpinning the stadium.

The deal leaves taxpayers on the hook for a huge portion of the stadium's cost at ridiculous interest rates, and the feds want to know whether politicians and/or the Marlins owners broke any laws in negotiating the package.   

"We are trying to determine whether there have been any violations of the federal securities laws," SEC senior counsel Drew Panahi tells the Herald.

The feds request includes communications between the Marlins and city officials in the years leading up to the stadium deal, the Herald reports. 

The feds may be looking into whether city and county officials truly had no insight into the team's finances -- which they've always claimed -- while working out the deal.

Check out our full story on why the deal is rotten for taxpayers -- and if you know a federal investigator, maybe pass it their way while you're at it.

KEEP MIAMI NEW TIMES FREE... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Tim Elfrink is a former investigative reporter and managing editor for Miami New Times. He has won the George Polk Award and was a finalist for the Goldsmith Prize for Investigative Reporting.
Contact: Tim Elfrink