Significant change is coming for both Derek Jeter and the Miami Marlins on Oct. 2.
Major League Baseball owners on Wednesday voted unanimously to approve the $1.2 billion sale of the Marlins from current owner Jeffrey Loria to a group led by Jeter and businessman Bruce Sherman. The deal is expected to be made official Monday, one day after the 2017 regular season ends.
Jeter and Sherman’s group reportedly finalized the purchase agreement with Loria in August.
“I wish the best to Jeffrey Loria and (Marlins president) David Samson,” MLB commissioner Rob Manfred said in a statement, via the Miami Herald. “… I congratulate Mr. Sherman on receiving approval from the Major League Clubs as the new control person of the Marlins and look forward to Mr. Jeter’s ownership and CEO role following his extraordinary career as a player.”
The sale ends Loria’s 16-year tenure as Marlins owner, which began in 2002. The franchise won a World Series title just one year later in 2003 but has hit hard times since, failing to reach the playoffs in any of the last 14 seasons. The club hasn’t finished over .500 since 2009 and hasn’t won more than 79 games since being rebranded from the Florida Marlins to the Miami Marlins in 2012.
Yet Jeter and Sherman’s group brings new hope to the franchise. The New York Yankees legend will have a 4 percent stake in the team and will run business and baseball operations, while Sherman will be the controlling owner with a 46 percent stake. The group has about 16 other investors, including NBA great Michael Jordan.
Loria released a statement Wednesday wishing Jeter and Sherman well.
“I can’t think of anyone better suited than Bruce Sherman and Derek Jeter,” Loria said. “They are true baseball people, as well as true gentlemen. I have every confidence in their ability as the next stewards of the Miami Marlins to take us to new heights.”
Thumbnail photo via Adam Hunger/USA TODAY Sports Images
