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Vin

Loria to sell Marlins to Jeter group

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http://www.miamiherald.com/sports/mlb/miami-marlins/article166767852.html

 

Miami Marlins owner Jeffrey Loria has agreed to sell the franchise for $1.2 billion to a group led by New York businessman Bruce Sherman and former New York Yankees star Derek Jeter, and Major League Baseball is expected to receive the written agreement on Friday, according to a New York based MLB source.

 

Sherman, 69, a wealthy venture capitalist who has a home in New York and is building a home in South Florida, will be the “control person,” similar to a managing general partner.

 

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 has about 16 investors and they have raised the money to purchase the team after months of seeking investors to meet Loria’s asking price, the source said.

 

Among the other investors: former NBA star Michael Jordan, who’s a friend of Jeter.

A purchase agreement with the Sherman/Jeter group, which has been worked on for months, is expected to be completed on Friday and submitted to MLB offices in New York.

 

Sherman, a Marlins fan, is known for his philanthropic work and previously was the chairman and chief investment officer of Naples-based Private Capital Management.

 

Sherman increased his investment in the Marlins bid after wealthy Chicago businessman Richard Chaifetz backed out of the deal.

 

Jeter is believed to be contributing only $25 million of his own money but has a great relationship with Sherman, who will allow Jeter to essentially run the organization.

MLB officials are expected to discuss the sale, but not vote on it, in owners meetings in Chicago next week. Sherman and possibly Jeter are expected to meet with the ownership committee prior for a full vote of owners, which is the final required step for the sale’s completion.

 

The vote could be weeks away, with closing expected the first week of October.

 

Miami businessman Jorge Mas also pursued the team and met with Marlins officials this week but did not match the $1.2 billion bid of the Sherman and Jeter group.

 

New York businessman Wayne Rothbaum, who led a competing group that included former Florida Governor Jeb Bush, also bid for the Marlins, before stopping his pursuit earlier this week.

 

 

 

Jeter and Michael Jordan owning a baseball team. :notbad:

Edited by Vin
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Good. Loria was a cancer for that team, just like he was in Montreal. Now the Marlins have a viable future.

Edited by BigBen07

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