Miami Marlins fans may finally be rid of one of the worst owners in baseball history. Jeffrey Loria has reportedly agreed to sell the Marlins to a group headed by businessman Bruce Sherman and New York Yankees legend Derek Jeter.
Loria has agreed to a $1.2 billion sale price for the Marlins. Sherman, a New York-based businessman, will be the controlling owner. Sherman is currently building a home in South Florida, so he will have a connection to the area.
While Sherman is the money, Jeter will be in charge of the baseball side of things. Jeter is reportedly investing about $25 million of his own money in the venture.
The group purchasing the team has roughly 16 investors, including Michael Jordan. A purchase agreement for the team is reportedly expected to be finalized Friday and submitted to Major League Baseball.
Sherman is a Marlins fan, and has wanted to buy the team for a while. He increased his investment in the bid after Chicago businessman Richard Chaifetz backed out.
MLB owners and officials are expected to discuss the sale at next week’s owners meetings in Chicago. An official vote is likely before the end of the season.