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Jeffrey Loria Agrees To Sell Marlins To Derek Jeter, Bruce Sherman Group

13 August 2017

The Miami Herald is now reporting that an agreement has been struck with Jeffrey Loria to sell the club to a group headed by Jeter and business partner Bruce Sherman.

The person confirmed the Friday night signing to The Associated Press on condition of anonymity because the Marlins have not confirmed the agreement.

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.

Sherman is being designated the control person, but he's 69 and it isn't clear how much day-to-day involvement he seeks. They'll discuss the Marlins next week in Chicago at a meeting but aren't likely to vote on the matter for another few weeks.

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Major League Baseball will be alerted of the agreement on Friday.

Miami won the 2003 World Series but has not returned to the postseason since. "[Jeter] has a great relationship with Sherman, who will allow Jeter to essentially run the organization".

There have been reports for months that Derek Jeter had been assembling a team to purchase the Miami Marlins. Jeter is expected to have a title such as CEO or team president and have active involvement, though his relatively low personal investment - $25M according to sources - would not qualify him to be designated as the control person by Major League Baseball. The Jeter-Sherman group beat out two other groups that pursued the team in the final weeks of negotiations.

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

Jeffrey Loria Agrees To Sell Marlins To Derek Jeter, Bruce Sherman Group