MIAMI, FLORIDA (ALBOENEWS) – According to the Miami Herald, Marlins Owner Jeffrey Loria has agreed to sell the team for $1.2 billion.

The buyers are a group led by venture capitalist Bruce Sherman and former MLB Shortstop Derek Jeter. Sherman is expected to be the “control person” for the group, while Jeter will be in charge of the baseball operations, as well as the business making decisions for the organization.

The group has 16 investors, and have been involved in purchasing the team for months. Jeter is expected to only contribute about $25 million of the total sum, but is close with Sherman.

Major League Baseball officials are expected to talk about the sale in an owner’s meeting next week, but they probably will not vote on it for a few weeks, with the deal closing in October.

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