As first reported by The Miami Herald on Friday, a source confirmed that Miami Marlins owner Jeffrey Loria agreed to sell the team to a group led by Derek Jeter and Bruce Sherman for $1.2 billion.
Sherman, 69, is a wealthy New York businessman who’s building a home in South Florida. He’ll be the “control person” of the group while Jeter, 43, will serve as CEO running the business and baseball operations.
NBA legend Michael Jordan, 54, was reported to be another investor in the group—it’s no secret that him and Jeter are very close friends.
According to The Miami Herald, there are “about” 16 investors in the Jeter/Sherman group with Jeter “believed to be” contributing $25 million of his own money.
Loria, 76, has been the owner of the Marlins franchise since February 12, 2002. Since winning the 2003 World Series to Jeter and the New York Yankees, the team hasn’t made a single playoff appearance. In addition, they haven’t had a winning year since 2009.
The Miami Herald reported in December 2016 about Loria’s willingness to a potential sale. A purchase agreement with Jeter’s group was completed on Friday after several months and sent to the MLB offices in New York.
According to MLB.com, Loria’s preference from the beginning of the process was to complete the sale to a group that included Jeter.
A vote is the final step for completion of the sale, which is expected to take place in October between owners of other MLB teams.
What a big step this is for Jeter, as he joins a large and growing list of professional athletes turned owners. The future 2020 first-ballot MLB Hall of Famer—and possibly first ever unanimous vote to the Hall—can definitely turn this Marlins franchise around with the knowledge and experience he brings.
Jeter’s 3,465 career hits are the sixth most in Major League history, spanning a 20-year career with the Yankees from 1995-2014.
Here’s a look at his other Hall of Fame credentials:
Will Jeter look to rebuild the Marlins, or build around a talented young core that includes the likes of Giancarlo Stanton, Christian Yelich, and Marcell Ozuna? It will be interesting to see what Jeter does with the franchise going forward.
With Monday night’s win, Miami improved to 57-60 on the year.