The Miami Herald was first to report the pending agreement between Loria and a group headed by Bruce Sherman, a NY venture capitalist who heads a contingent of about 16 investors.
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The Sherman/Jeter group, which includes about 16 investors, has raised the money required to purchase the franchise after months of negotiations and jostling between Loria and interested parties. Jordan recently joined Jeter's team last month, although it isn't known how much money the former Bulls star is contributing. Sherman, who is a NY businessman, is expected to invest the majority of the money involved in the bid.
Derek Jeter will soon be an owner.
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A purchase agreement for the team is reportedly expected to be finalized Friday and submitted to Major League Baseball. The price for the organization will be $1.2 billion, and Jeter will be put in charge of both the baseball and business portions of the franchise. Loria bought the Marlins for $158.5 million in 2002 from John Henry. In April, Forbes valued the team at $940 million, which ranks 25th of the 30 teams in Major League Baseball.
Businessobserver.com refers to Sherman as "the shrewd Naples investor who posted spectacular investment returns for years before the financial crisis and a bet on Bear Stearns blemished an otherwise stellar track record". "I think kids nowadays, they look at players playing in college and the next year they're in the National Football League or the NBA", he said. The sale is expect to close the first week of October, according to Jackson.
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