Derek Jeter and his group of investors have come to an agreement with Jeffrey Loria to buy the Miami Marlins for $1.2 billion, according to a report from Barry Jackson of the Miami Herald.
Jeter’s group felt they were in a good position to land the deal after a group including former presidential candidate Jeb Bush dropped out on Thursday, and now it looks like they have outlasted the only remaining bidder, billionaire businessman Jorge Mas to win the bid.
The bid still falls short of the initial asking price of $1.3 billion that Loria had hoped to get in the sale. Loria bought the Marlins in 2002 for $158.5 million.
Jeter is believed to be contributing $25 million of his own money towards the sale.
Jeter’s team reportedly consists of about 16 investors with varying stakes in the team, with the largest investment coming from New York businessman and venture capitalist Bruce Sherman. Jeter plans to run both the business side and baseball side of the franchise.
Jeter will be inheriting quite a project – as Jackson notes the Marlins are expected to lose over $60 million this year, have the cheapest TV contract in the league, and regularly fall near the bottom of the league standings in attendance. Not to mention, the Marlins haven’t made the playoffs since their World Series run in 2003, the second-longest streak in the majors.
However, with one of the best players in baseball locked up for years to come in Giancarlo Stanton, Jeter will have a solid foundation to begin his rebuild.