There may be a new owner in the NL East. According to multiple reports Marlins owner Jeffrey Loria has a “handshake agreement” to sell the franchise.

Forbes estimates that the deal is for around $1.6 billion. Loria purchased the team in 2002 for $158 million. During that time the Marlins have changed their team name from the Florida Marlins to Miami, built a new stadium in Little Havana, and won a World Series (2003).

It has been widely speculated that Loria may be looking to sell for a while due to their current roster outlook. They have traded away much of their farm system which is ranked one of the worst in baseball.

An unnamed source inside of the organization said “he’s going to sell, no doubt about it” according to the Miami Herald. The incoming owner is currently a real estate developer in New York however is not very liquid.

The potential buyer does not currently have the cash to purchase the team because all of the money is tied up in real estate.

The Marlins haven’t had a winning season since the 2009 campaign when they went 87-75. They are also going to host the All-Star game this upcoming season which will generate a large amount of revenue.

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Nick is a sophomore at Florida Atlantic University in Boca Raton, FL. He is from Rochester, NY but currently residing in Florida. Follow on Twitter @nickb751