Kimberlys Papermakers (KPL) is in desperate need of a new owner.
Owner Jim Schilling is leaving the team for a position as the chief executive officer of his alma mater, the University of Miami.
The Miami Herald reports that Schilling’s departure leaves Miami with a $1.3 billion hole in the sports marketing budget, which the team has yet to address.
And while Schilling will be sorely missed by fans, KPL has already been trying to get the team back on its feet.
The team’s new owner, Jeff Buhler, said last month that the team will begin a new season in 2016, and that he will be leading the team through that transition.
The move is the latest in a series of attempts by Schilling to get a sports marketing company to take ownership of the Miami Dolphins.
In November, the team announced it was going to start a $30 million sports marketing fund, but that fund was later revealed to have been funded by Buhlers own money.
That announcement came after Schilling had told Miami Herald reporter Matt Vensel that he would be giving up the team’s current corporate sponsorships.
That decision had already caused a stir, with many fans calling for Buhls departure from the team.
The situation with Schilling came about after KPL filed for bankruptcy protection.
In September, Kpl’s lawyers filed for Chapter 11 bankruptcy protection, with Buhling saying he was not the one who filed for it, and was instead representing the team in court.
The decision was finalized by a bankruptcy judge on October 12, according to The Miami New Times.
The KPL board approved the filing of bankruptcy in late October, but it was delayed because of the bankruptcy.
Buhl, however, said the decision was a mistake.
According to the newspaper, Schilling told the Herald he would not give up his stake in the team, despite the team being in a financially precarious position.
“He was not trying to sell the team,” Schilling said.
“The team has no assets.”
The Miami Dolphins’ new ownership has not publicly commented on the situation, but the team had previously announced it had received the backing of the NFL’s owners in their bankruptcy restructuring plan.
Bühler has been the chief operating officer of KPL since 2013, when he was named chairman and CEO of the company.
He previously worked at the sports agency for the Miami Marlins, the Los Angeles Clippers, the Philadelphia 76ers, the San Francisco 49ers, and the New York Knicks.
The New York Times reported in November that the Miami-based agency has a business worth $1 billion, and Buhles former boss at the New England Patriots, John Mara, also works for the company as its president of football operations.
The Dolphins are currently the league’s only NFL team, but they’ve been on a losing streak recently.
They were swept out of the AFC South by the Pittsburgh Steelers in Week 10, but lost to the New Orleans Saints in Week 15.
The loss left Miami with the second-worst record in the league and led to the Dolphins being sold to the San Diego Chargers for $1 in 2019.
The Chargers were not happy about the decision, and have vowed to pursue a court case against the team if they are not given the team to compete in the new stadium.