Marlins confirm $1.2 billion deal to sell to Jeter group

Jeter poised to take the next step

Derek Jeter-Led Investors Group Purchases The Miami Marlins

Miami Marlins president David Samson confirmed that the team has reached a sales agreement with a group that includes Derek Jeter.

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

Sherman is expected to be a managing general partner for the franchise while Jeter may assume the business and baseball operations of the organization.

Sherman would have controlling interest but he would reportedly leave the baseball management to Jeter.

The MLB ownership committee will review the transaction Wednesday at an owners' meeting in Chicago, Samson said Saturday. The deal will still have to approved by three-quarters of baseball's owners.

At least 75 percent of the major league clubs must approve the sale by Jeffrey Loria, who has owned the team since 2002. Sherman has spent much of his financial career in NY and has also lived in Naples, Florida. I would love to stay here.

Talks between Sherman, Jeter and Loria have been ongoing for months. 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. "Great choice", Baltimore Orioles manager Buck Showalter said.

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

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

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