Derek Jeter's Group Buying Marlins For $1.2 Billion

MLB Source: Jeter and Jordan Group Ready to Buy Marlins

MLB Source: Jeter and Jordan Group Ready to Buy Marlins

Miami Marlins owner Jeffrey Loria has agreed to sell the team to a group of investors, which include the former New York Yankees shortstop, The Miami Herald's Barry Jackson reported Friday, citing a Major League Baseball source.

Derek Jeter and Micheal Jordan will always have mad love for the game of baseball.

The Sherman-Jeter group, which also includes former National Basketball Association great Michael Jordan, beat out a contingent led by Miami businessman Jorge Mas.

Jeter resides in Tampa and has long had interest in owning a franchise. He has no experience working in the front office of any club.

New York-based venture capitalist Bruce Sherman is leading the purchase group. Quogue Capital founder Wayne Rothbaum, who led a third group that included former Florida Gov. Jeb Bush, dropped out of the bidding earlier this week. 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.

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

If their bid is approved by baseball's owner's, the Jeter/Sherman ownership group will acquire a team with one of baseball's best power hitters, extremely low attendance numbers despite a garish home run sculpture and a stadium whose financing deal will cost the city of Miami billions of dollars in the future.

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

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