Owner Jeffrey Loria has reportedly agreed to sell the Miami Marlins to a group led by New York businessman Bruce Sherman and former New York Yankees star Derek Jeter for $1.2 billion.,
Major League Baseball is expected to receive the written agreement today.
Sherman, a venture capitalist, will be the organization's managing general partner while Jeter will run the business and baseball sides of the business.
10/25/00: Derek Jeter leads off Game 4 with a home run, giving the Yankees an early lead over the Mets Check out http://m.mlb.com/video for our full archive of videos, and subscribe on YouTube for the best, exclusive MLB content: http://youtube.com/MLB About MLB.com: Commissioner Allan H.
The Sherman/Jeter group has about 16 investors that includes the likes of Charlotte Hornets owner Michael Jordan. Jeter is believed to be have forked over $25 million of his own money in the deal.
MLB officials are expected to discuss the sale, but not vote on it, in owners meetings in Chicago next week. The final vote is expected to be taken in early October.
The Marlins won the World Series in 2003 but haven’t made the playoffs since, which is MLB's second-longest postseason drought behind the Seattle Mariners, and they've been hemorrhaging cash.They're expected to lose more than $60 million this season and their revenues are among the lowest in the league, despite the team's massive payroll. Their television contracts also pays out the least among all MLB teams and they traditionally struggled to sell out their stadium.
A man of Jeter's stature on the business side of the ledger gives the franchise instant credibility.
10/31/01: Yankees radio announcers John Sterling and Michael Kay call the full nine-pitch AB of Derek Jeter's "Mr. November" walk-off shot Check out http://m.mlb.com/video for our full archive of videos, and subscribe on YouTube for the best, exclusive MLB content: http://youtube.com/MLB About MLB.com: Commissioner Allan H.
A 14-time All-Star who won five Gold Glove Awards, five Silver Slugger awards, two Hank Aaron Awards and is the Yankees’ all-time career leader in hits (3,465), doubles (544), games played (2,747), stolen bases (358), times on base (4,716) and at-bats (11,195), Jeter will be looking to win early and often.
With him and his pal Michael Jordan in the mix, look for the Marlins, once the sale is officially approved, to have a brand new funk jumping off in South Beach.