Derek Jeter could earn $2M in bonus money if Marlins turn profithttp://www.nydailynews.com/sports/baseball/derek-jeter-earn-2m-bonus-m
Derek Jeter’s latest deal apparently is laden with performance incentives of a different kind.
The Yankee legend and new co-owner of the Marlins stands to earn seven-figure annual bonuses if the gutted team turns a profit, according to the third of a five-part series detailing the incoming ownership’s plans, which was posted on Friday by the Miami Herald.
Derek Jeter could reportedly earn big bucks if his Project Wolverine with Marlins is a success.(Mike Ehrmann/Getty Images)
Jeter already is being paid $5 million annually as CEO of the Marlins, but the former pinstriped captain also would earn an additional $2 million this season if the team – which dealt NL MVP Giancarlo Stanton to the Bronx and unloaded other top players elsewhere this offseason, slashing more than $36 million in payroll -- is profitable in 2018.
Jeter outlined the plan to achieve such profitability in a pitch entitled Project Wolverine that was sent to potential investors last year, projecting a potential cash flow of $68 million, the Herald reported. That projection would drop substantially to $23 million, however, without an expected up-front payment from Fox on a potential TV contract extension.
Derek Jeter's career in photos
Jeter reportedly told MLB that he invested $37.9 million for what amounts to the sixth-largest stake in the team (around 4.8 percent). He similarly would receive profitability bonuses of $1.7 million in 2019, $1.1 million in 2020, $2 million in 2021 and $2 million in 2022.
Financier Bruce Sherman owns the largest stake in the team at 44.3 percent, while Michael Jordan is said to have invested $5 million for less than 1 percent of the franchise’s common equity. The Marlins’ owners reportedly are seeking an additional $200 million from new investors, according to the Herald report.