Derek Jeter will soon return to Major League Baseball like a boss.
Miami Marlins owner Jeffrey Loria has agreed to sell the team to a group of investors, which include the former New York Yankees shortstop, The Miami Herald’s Barry Jackson reported Friday, citing a MLB source. The group finalized a $1.2 billion purchase agreement with Loria on Friday and submitted it to the MLB office.
Venture capitalist Bruce Sherman is the group’s main investor and he’ll play a similar role to a managing partner, according to Jackson. But Jeter likely will be the face of the franchise and will run the baseball and business operations. NBA legend Michael Jordan also is among the 16 investors in the group.
The sale requires the approval of at least 23 of the 30 MLB owners. They’ll discuss the Marlins next week in Chicago at a meeting but aren’t likely to vote on the matter for another few weeks. They’re expected to ratify the sale some time in October.
Loria announced in March his intention to sell the team. Several groups were interested, but the Jeter-Sherman team beat out two other rivals in the final weeks of negotiations.
Jeter, 43, will use just $25 million of his own money to buy a stake in the Marlins. But his presence likely will make a greater impact than pure numbers show.
Thumbnail photo via Rick Osentoski/USA TODAY Sports Images