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Marlins confirm sale agreement with Derek Jeter group

13 August 2017

Several groups were interested, but the Jeter-Sherman team beat out two other rivals in the final weeks of negotiations.

Jeter has not been shy about his desire to own a baseball team.

Miami Marlins owner Jeffrey Loria has agreed to sell his team for $1.2 billion to a group that includes former New York Yankees star Derek Jeter and businessman Bruce Sherman, according to Barry Jackson of the Miami Herald.

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The Sherman led group, which includes Michael Jordan the former great of the National Basketball Association, beat out a contingent that Jorge Mas a Miami businessman led.

The Marlins are not contending for a playoff spot now, but could be a playoff team next season with the right additions.

Specifically, Jeter said he would like to be an owner like the late George Steinbrenner, whom Jeter played under for 16 seasons. The Marlins haven't been to the postseason since 2003, and ranked last in the National League in attendance 11 of the past 12 years.

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

Sherman, who will be the controlling owner, spent much of his financial career in NY and has a home in Naples, Florida.

Heyman reports that Mas could invest up to $300 million, giving him a significant share within the franchise.

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However, it may be too early for Miami fans to celebrate just yet. At least 75 percent of the major league clubs must approve the sale, a process that could take three to six months. Loria is becoming more and more unpopular by the day in South Florida after the team moved into its new stadium that was largely financed by the public and fielded players with payrolls amongst the lowest in baseball.

Marlins confirm sale agreement with Derek Jeter group