MLB owners approve sale of Marlins to Derek Jeter and Bruce Sherman

The sale of the Miami Marlins to a group led by Bruce Sherman and Derek Jeter has received the stamp of approval from Major League Baseball owners.

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.”

Sherman and Jeter, along with other investors, emerged as the winning bidder in a months-long negotiating process.

The investment group required approval from at least 23 of the 30 league owners.

Sherman has a 46 percent ownership stake in the team and will be the control person. Jeter has a 4 percent stake and will run business and baseball operations.

Loria has owned the franchise since 2002.

This story was originally published September 27, 2017 at 2:17 PM with the headline "MLB owners approve sale of Marlins to Derek Jeter and Bruce Sherman."