Derek Jeter is back in the Majors.
New York Yankees legend Derek Jeter and New York businessman Bruce Sherman have reportedly bought the Miami Marlins.
According to a report by the Miami Herald, Marlins owner Jeffrey Loria agreed to sell the team to Jeter and the wealthy venture capitalist.
Per the report, Jeter will handle the baseball side of the organization, while Sherman will be the “control” person.
From the report:
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.
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.
The Sherman/Jeter group has 16 total investors, while Jeter is reportedly shelling out $25 million of his own for the project.
The Marlins are expected to lose more than $60 million this season. The team’s TV contracts pays the lowest of any team in MLB, and Marlins attendance traditionally ranks among the bottom five in MLB, according to the report from the Miami Herald.
It will be an uphill battle for Jeter and company to turn around a team that hasn’t been to the playoffs since the team won the 2003 World Series.