Marlins owner Loria agrees to sell team to Jeter group

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Current owner Jeffrey Loria has reportedly agreed to sell the team for $1.2 billion to the New York-based group of Derek Jeter and and businessman Bruce Sherman.

Sherman is a NY businessman who will act as the team's managing general partner; however, Jeter will reportedly run the baseball side of the organization. Jeter will contribute about $25 million to the purchase, but he is close with Sherman, thus granting him vast power once the sale is completed.

Despite the fact that Jeter is only putting about a $25 million chunk of his personal money into the bid, his relationship with Sherman is allegedly the reason he will get to primarily run the team and make the decisions.

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

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A group led by former Florida Gov. Jeb Bush and Quogue Capital investment fund founder Wayne Rothbaum has halted its bid to buy the Miami Marlins, a person familiar with the negotiations said Wednesday. Loria bought the Marlins in 2002 for $158.5 million.

A source close to the situation has informed FanRag Sports that progress is now being made toward Derek Jeter's acquisition of the Marlins.

Jeter, 43, has long talked of his desire to own a team.

The vote could be weeks away, with closing expected the first week of October. He debuted for the Yankees in 1995 and played his entire career in pinstripes, retiring at the end of the 2014 season.

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