Red Sox

Derek Jeter group buys Marlins for $1.2 billion

Red Sox

Marlins owner Jeffrey Loria has agreed to sell the team to a group led by Derek Jeter and New York businessman Bruce Sherman for $1.2 billion, according to the Miami Herald.

Jeter will reportedly contribute $25 million, but the group has 16 investors to help reach the $1.2 billion price tag. Sherman will be the control person whlile Jeter acts as CEO, according to Ken Rosenthal.

The sale must still be approved by the MLB owners. Voting will take place sometime after the owners meetings in Chicago next week.

Loria purchased the Marlins in 2002 for $185.5 million, meaning he will make a nice profit once this sale officially goes through.