Derek Jeter's Group Buying Marlins For $1.2 Billion

Ruben Hill
August 13, 2017

The Miami Herald first reported that Marlins owner Jeffrey Loria had agreed to sell the team for $1.2 billion on Friday evening, to a group led by investor Bruce Sherman and the former Yankee shortstop. The club has not confirmed the reports, although ESPN said the deal is likely to be announced "in the coming days".

The Miami Herald ran a story first about the agreement between the group that is headed by Bruce Sherman, a venture capitalist in NY and Loria.

Jeter invested $25 million and is expected to take on the role of team president or CEO. He attempted to purchase the Marlins earlier this year as part of a different ownership group led by former Florida governor Jeb Bush.

Jeter resides in Tampa and has long had interest in owning a franchise. The business manager for Jordan, Estee Portnoy, has confirmed that the owner of the NBA Charlotte Hornets remains part of the Jeter investment group.

Jordan increased his stake with the Hornets from holding a minority share to a majority stake in 2010, at which the team at that time was estimated to be worth $275 million.

But for most Marlins fans, just punting Loria out the door is a victory in and of itself.

Loria has owned the team since 2002 and won the 2003 World Series by defeating the Jeter-led Yankees. And while the Marlins have struggled and are losing money, Loria was still able to sell them for the second largest amount ever paid for a Major League Baseball franchise.

Other reports by Click Lancashire

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