The Marlins declined to make Mr. Loria and Mr. Samson available for comment.

As this process has played out, some of the prospective buyers have had trouble assembling enough investors to meet the Marlins’ demands, and as a result, the estimated sale price has fallen to the current $1.2 billion figure from a reported $1.8 billion. Even so, sports bankers say the price is still too high.

Though they play in a relatively new stadium with chic clubs and ample parking, the Marlins draw the fewest fans in the National League. The team is saddled with an estimated $400 million in debt, which is near the league maximum, and it lacks its own regional sports network, a big moneymaker for teams like the Mets and the Yankees. The Marlins have not had a winning season in eight years.

Teams in cities like Chicago and San Diego benefit from development around their stadiums, with neighboring restaurants, bars and hotels helping to draw fans to games. In Miami, few businesses have opened near Marlins Park, which is surrounded on four sides by parking garages that, in effect, create a fortress around the stadium. In fact, the only people near the stadium who seem to have benefited are the homeowners who charge $15 per car to park in their driveways, and even they are disappointed.