Derek Jeter's Group Agrees To Buy The Miami Marlins

Getty Images

Getty Images

According to a report in the Miami Herald on Friday afternoon, Marlins owner Jeffrey Loria has agreed to sell the franchise to a group led by Jeter and NY businessman Bruce Sherman for $1.2 billion. They will pay $1.2 billion for the team. Jeter is a beloved member of the baseball community and it should end in a unanimous vote.

Major League Baseball officials are expected to discuss the sale in owners meetings in Chicago next week, but voting isn't expected to happen for another month.

The group purchasing the Marlins is to be headed by NY businessman Bruce Sherman, who is a Marlins fan.

In total, the Jeter/Sherman group has approximately 16 investors, including Michael Jordan. Jeter is contributing $25 million himself, the Herald reported.

Jeter, a former New York Yankees star and Tampa resident, will run the business and baseball side of the organization, the Herald report, while Sherman will act as the team's managing general partner.

Sherman joined Jeter's group after another investor, Richard Chaifetz, removed himself from the group. Fox Sports said Jeter will become the franchise's chief executive officer. "Baseball, you sort of get lost because you have to play in the minor leagues for a little bit".

Jeter, who retired from playing after the 2014 season, lives in Tampa, Florida, with his wife, supermodel Hannah Davis, who is expecting the couple's first child.

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