Evidently bringing an end to a long-running process, Marlins owner Jeffrey Loria has agreed to sell the franchise for $1.2 billion to a group featuring retired shortstop Derek Jeter, reports Clark Spencer of the Miami Herald.
While it seemed months back that the Jeter-led outfit would land the club, that proved premature. Since, two other primary bidding groups have vied to take over from Loria — one led by Wayne Rothbaum, which dropped out recently, and another associated with Jorge Mas — with numerous twists and turns throughout.
Now, it seems, there’s finally a clear course — though it’s worth emphasizing that nothing has been finalized. Major League Baseball is expected to receive the written agreement Friday, per Spencer, but an approval vote might not take place for several weeks — with a formal closing not likely to occur until early October.
Jeter has long been the most visible member of his bidding group, and he’ll reportedly take primary responsibility for setting the course of both the baseball and business operations of the organization. But he’s not the primary money man and won’t be the formal control person vis-a-vis- the league.
Rather, Bruce Sherman — the former chairman of Private Capital Management — will reportedly function as the control person while also footing the bulk of the bill to acquire the franchise. He’s said to be a Marlins fan who enjoys a “great relationship” with Jeter; no doubt, the two will work closely. Something like sixteen other investors are also part of the group, according to Spencer, including NBA legend Michael Jordan.
Just what plans the Jeter/Sherman ownership outfit has in mind isn’t yet clear. But the current formula seems in need of some tweaking. The Marlins have failed to draw fans to the yard, despite a still-shiny (and heavily subsidized) ballpark. There’s a need to work out a new TV deal in the near future, with the team’s leverage perhaps dependent upon its ability to improve its seemingly tepid local support. That, in turn, may depend in large part upon an improvement in the on-field results; the club last posted a .500 record when it was still known as the Florida Marlins.
While it seemed months back that the Jeter-led outfit would land the club, that proved premature. Since, two other primary bidding groups have vied to take over from Loria — one led by Wayne Rothbaum, which dropped out recently, and another associated with Jorge Mas — with numerous twists and turns throughout.
Now, it seems, there’s finally a clear course — though it’s worth emphasizing that nothing has been finalized. Major League Baseball is expected to receive the written agreement Friday, per Spencer, but an approval vote might not take place for several weeks — with a formal closing not likely to occur until early October.
Jeter has long been the most visible member of his bidding group, and he’ll reportedly take primary responsibility for setting the course of both the baseball and business operations of the organization. But he’s not the primary money man and won’t be the formal control person vis-a-vis- the league.
Rather, Bruce Sherman — the former chairman of Private Capital Management — will reportedly function as the control person while also footing the bulk of the bill to acquire the franchise. He’s said to be a Marlins fan who enjoys a “great relationship” with Jeter; no doubt, the two will work closely. Something like sixteen other investors are also part of the group, according to Spencer, including NBA legend Michael Jordan.
Just what plans the Jeter/Sherman ownership outfit has in mind isn’t yet clear. But the current formula seems in need of some tweaking. The Marlins have failed to draw fans to the yard, despite a still-shiny (and heavily subsidized) ballpark. There’s a need to work out a new TV deal in the near future, with the team’s leverage perhaps dependent upon its ability to improve its seemingly tepid local support. That, in turn, may depend in large part upon an improvement in the on-field results; the club last posted a .500 record when it was still known as the Florida Marlins.
