MLB Approves Sale of Miami Marlins to Derek Jeter, Bruce Sherman

Derek Jeter has been the headliner of a group looking to purchase the Miami Marlins for some time, and they finally got approval from MLB owners to push the sale through.

From the Miami Herald:

Owners on Wednesday voted unanimously in favor of the $1.2 billion deal to buy the franchise from Jeffrey Loria. The deal is expected to close Monday, one day after the end of the season.

“I wish the best to Jeffrey Loria and David Samson,” said MLB commissioner Rob Manfred. “During their tenures, the Marlins won the 2003 World Series, hosted this season’s successful All-Star Week at spectacular Marlins Park and eagerly supported our efforts to grow the game internationally. I congratulate Mr. Sherman on receiving approval from the Major League Clubs as the new control person of the Marlins and look forward to Mr. Jeter’s ownership and CEO role following his extraordinary career as a player.”

Jeter, a New York Yankees legend, only retired from the game of baseball in 2014, so it was a bit of a surprise to see him already moving on to the ownership stage. Though it definitely helps that retired billionaire Bruce Sherman is in the mix. Sherman is reportedly contributing hundreds of millions, while the number Jeter is contributing is around $25 million.

Sherman was the founder of Naples-based Private Captial Management (PCM), which had assets totaling $31 billion as of 2005. According to the Miami Herald:

Sherman was the activist shareholder who successfully pushed Knight Ridder’s board to sell its 32 newspapers, including The Miami Herald and el Nuevo Herald, to the McClatchy Co. in 2006 for a cash and stock deal worth $4.5 billion.

That sale, which some analysts believe marked the beginning of a downward spiral for the newspaper industry, earned Sherman the nickname “The Paper Shredder” in a 2007 magazine profile in Conde Nast Portfolio.

Jeter will be right at home in Florida. The Yankees have held their training camp in Tampa Bay, Florida since 1996, not long after Jeter’s career began. Marlins fans will breath a fresh of breath air as the much maligned Loria makes way for a baseball legend who definitely cares about winning.

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