Sports

Derek Jeter-led group agrees to buy Miami Marlins for $1.2 billion

Derek Jeter-led group agrees to buy Miami Marlins for $1.2 billion

After a months-long bidding process, multiple interested parties, and a seesaw of odds as far as who the victorious group would be in the end, the Miami Marlins finally have a deal for new ownership.

The Miami Herald is reporting owner Jeffrey Loria has agreed to a deal in principle to sell the franchise to Jeter and NY businessman Bruce Sherman for $1.2 billion.

Jeter's group bid about $1.3 billion to buy the team from Jeffrey Loria but has not yet raised the money needed.

Major League Baseball is expected to receive the written agreement Friday.

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Jeter is expected to contribute $25 million and run the baseball operations, the Herald reported. Sherman, a New York-based businessman, will be the controlling owner. Jeter will contribute about $25 million to the purchase, but he is close with Sherman, thus granting him vast power once the sale is completed.

The final sale is expected to be completed on Friday, and includes a slew of investors along with Sherman and Jeter. Loria bought the Marlins for $158.5 million in 2002 from John Henry. Major League Baseball owners must still vote to approve the sale.

Loria chose to sell the team for personal reasons and had been seeking a buyer for months.

Jeter won five World Series (1996, 1998 through 2000 and 2009) and holds many postseason records.

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