Marlins sign agreement to sell to Jeter group

Marlins sign agreement to sell to Jeter group

Jeter and Jordan (along with NY businessman Bill Sherman) are a part of the 16 investors looking to purchase MLB's Miami Marlins.

The Sherman-Jeter group signed their deal for $1.2 billion to buy the team from Jeffrey Loria Friday night, as FanRag reported.

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. The Marlins anticipate major league owners will approve the deal at a September meeting, and closing will take place in early October, shortly after the end of the regular season, Samson said Saturday. Several groups were interested, but the Jeter-Sherman team beat out two other rivals in the final weeks of negotiations.

Samson said he hasn't discussed his own status with Sherman or Jeter, although there have been reports he'll remain with the organization.

"Sherman, a wealthy venture capitalist who has a home in NY and is building a home in South Florida, will be the 'control person, ' similar to a managing general partner", Jackson wrote. "I love it here. If Bruce Sherman and Derek Jeter would like me to serve, then it's something I would certainly talk about".

Loria announced in March his intention to sell the team.

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"We feel really good". 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.

Many around baseball predicted success for the new regime.

Loria acquired the Marlins in 2002 from John Henry for just $158 million.

Miami won the 2003 World Series but has not returned to the postseason since.

"I think time will show that through thick or thin, his commitment to Miami never wavered", Samson said.