What a shocker, as the shady dealing behind the building of the stadium (among other of former Miami-Dade mayor Carlos Alvarez’s decisions) resulted in his recall. WSJ:
The U.S. Securities & Exchange Commission 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 Thursday, requesting financial records, meeting minutes and communications with the team and officials from Major League Baseball, according to a person familiar with the matter. 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.
The financing plan for the 37,000-seat ballpark, which was built on the site of the former Orange Bowl and is expected to open next spring, has been a source of controversy.
The rest here.
Exit question: Why didn’t the SEC investigate from day one?