Miami Marlins Sold To Derek Jeter Backed Group

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"But Jeter, the former New York Yankees star shortstop, will run the business and baseball sides of the organization, the source said".

The Sherman-Jeter group signed their deal for $1.2 billion to buy the team from Jeffrey Loria Friday night, as FanRag reported.

The ownership group is primarily financed by venture capitalist Bruce Sherman, who according to Miami Herald, made his money founding a wealth management firm called Private Capital Management based in Naples, Florida. The person said Major League Baseball has been told the sale price will be about $1.2 billion to the group, which includes more than 10 entities. The Marlins owner acquired a reputation as a cheapskate who was more obsessed with making a profit than fielding a winning baseball team. 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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Sherman spent much of his financial career in NY and has a home in Naples, Florida. Several groups were interested, but the Jeter-Sherman team beat out two other rivals in the final weeks of negotiations. And while the Marlins have struggled and are losing money, Loria was still able to sell them for the second largest amount ever paid for a Major League Baseball franchise.

"It is a process that has had a lot of twists and turns", said Samson, speaking in the Marlins' dugout during batting practice before their game against Colorado. "Great choice", Baltimore Orioles manager Buck Showalter said.

Jeter resides in Tampa and has long had interest in owning a franchise.

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