Jeffrey Loria has agreed to sell the franchise for $1.2 billion to a group led by New York businessman Bruce Sherman and former New York Yankees star Derek Jeter, and Major League Baseball is expected to receive the written agreement on Friday, according to a New York based MLB source.
Sherman, a wealthy venture capitalist who has a home in New York and is building a home in South Florida, will be the “control person,” similar to a managing general partner.
But Jeter, the former New York Yankees star shortstop, will run the business and baseball sides of the organization, the source said.
The Sherman/Jeter group has about 16 investors and they have raised the money to purchase the team after months of seeking investors to meet Loria’s asking price, the source said.
Sherman, a wealthy venture capitalist who has a home in New York and is building a home in South Florida, will be the “control person,” similar to a managing general partner.
But Jeter, the former New York Yankees star shortstop, will run the business and baseball sides of the organization, the source said.
The Sherman/Jeter group has about 16 investors and they have raised the money to purchase the team after months of seeking investors to meet Loria’s asking price, the source said.
