MIAMI (CBSMiami) — Miami Marlins owner Jeffrey Loria has agreed to sell the team to an investment group led by former Yankee Derek Jeter and New York businessman Bruce Sherman, a source with Major League Baseball told The Miami Herald.
A written agreement for $1.2 billion is expected to reach MLB on Friday, the source said.
The Sherman/Jeter group, which includes about 16 investors, has raised the money required to purchase the franchise after months of negotiations and jostling between Loria and interested parties.
Jeter will run the business and baseball side of the organization, despite putting up only about $25 million of his own money.