Jeter-led group buys Marlins for $1.2B.
Miami Marlins owner Jeff Loria has reportedly accepted a $1.2 billion bid from a group led by New York Yankees legend Derek Jeter and New York businessman Bruce Sherman to buy the Marlins.
According to the Miami Herald, Jeter will be in control of business and baseball side of the organization while Sherman, wealthy venture capitalist, will be the “control person,” similar to a managing general partner.
In total, the Jeter/Sherman group has approximately 16 investors, including Michael Jordan. According to the New York Post, Jordan is kicking in very little cash, but Jeter sees MJ as a role model and a mentor in how to become a successful sports executive.
Per the Miami Herald,
“Other confirmed investors in the Sherman/Jeter group, besides NBA legend Jordan (who owns the NBA’s Charlotte Hornets), include former Morgan Stanley wealth management chief Greg Fleming, who helped put together the bid for Sherman and Jeter; Doug Kimmelman, a former Goldman Sachs executive who founded Energy Capital Partners; John Troiano, managing Partner and Co-Founder of financial firm TBG Investments, which advises customers on investments.”
Jeter has his work cut out for him in Miami, though. The Miami Herald’s Barry Jackson reports that the Marlins are expected to lose over $60 million this year, have the cheapest TV contract in the league, and are routinely at the bottom of the league standings in attendance.
Additionally, the Marlins haven’t made the playoffs since their World Series run in 2003, which is the second-longest streak in the MLB.
Exclusive: Jeffrey Loria agrees to sell Marlins to group led by Bruce Sherman and Derek Jeter. Details: https://t.co/QcKEikuhiD
— Barry Jackson (@flasportsbuzz) August 11, 2017