Miami Marlins owner Jeffrey Loria has agreed to sell his team for $1.2 billion to a group that includes former New York Yankees star Derek Jeter and businessman Bruce Sherman, according to Barry Jackson of the Miami Herald.
Major League Baseball will be alerted of the agreement on Friday.
Sherman is expected to be a managing general partner for the franchise while Jeter may assume the business and baseball operations of the organization. The group is comprised of 16 investors with Jeter reportedly contributing about $25 million.
Talks between Sherman, Jeter and Loria have been ongoing for months. Loria decided to sell the team for personal reasons.
A deal would have to be approved by a vote with other franchise owners and could be approved by the first week of October.
Loria has owned the team since 2002 and won the 2003 World Series by defeating the Jeter-led Yankees. The Marlins have not reached the playoffs since.