Miami Marlins owner Jeffrey Loria has agreed to sell his team to the group involving former Yankees shortstop Derek Jeter, according to multiple reports.
Loria will sell the franchise for $1.2 billion to the group comprised of about 16 investors. Bruce Sherman, who was the former chairman of Private Captial Management, will have the majority control over the franchise with Jeter having the say in baseball and business sides of the organizaiton.
The agreement is expected to be completed soon. Officials are not expected to vote on the purchase at the upcoming owners meeting in Chicago, but it will be a topic to discuss. The closing of the deal is expected to be completed by October.
ESPN's Darren Rovell says NBA legend Michael Jordan is also part of the ownership group. Jordan is the majority owner of the Charlotte Bobcats, which he purchased in 2010 for $275 million. The franchise is now worth $780 million.
Jeter is reportedly contributing about $25 million of his own money to the Marlins ownership group.