Major League Baseball

Marlins stadium deal under investigation

Published Dec. 4, 2011 12:00 a.m. ET

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The US Securities & Exchange Commission (SEC) has opened an investigation into the public financing deal behind the Miami Marlins' new ballpark.

SEC officials delivered letters to the city of Miami and Miami-Dade County on Thursday, requesting financial records, meeting minutes and communications with the team and officials from Major League Baseball, according to the Miami Herald. Miami and county officials have until Jan. 6 to deliver the documents.

The federal regulators will examine nearly $500 million in bonds sold to fund the ballpark and the financial deal struck for stadium parking garages, according to the county and to a statement from the team.

A person involved with the ballpark's financing said the investigation may revolve around the Marlins' claims that the team needed public help because it could not afford to pay for a new ballpark.

SEC senior counsel Drew Panahi declined to comment on the case.

In a statement, the Marlins said they were aware of the investigation: "Of course we will fully cooperate with the SEC's investigation as needed and assist in whatever way possible."

A Miami-Dade County spokeswoman said the county "will comply with the SEC's request and provide the documents they're asking for."

It is not clear whether MLB has received subpoenas. A spokesman for the league declined to comment.

If the SEC finds wrongdoing in the investigation, it can choose to bring a civil suit against parties involved, issue fines or refer the case to the United States Department of Justice for possible criminal charges.

The Marlins drew the third-lowest attendance per game of the 30 major league teams in 2011, drawing just 19,007 fans per home game.

The new 37,000-seat ballpark was built on the site of the former Orange Bowl and is expected to open in the spring.

Read more here.

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