MLB owners unanimously approved the $1.2 billion sale of the Miami Marlins to a group led by venture capitalist Bruce Sherman and former Yankee great Derek Jeter, with the transaction expected to close on Monday.
The group purchased the team from Jeffrey Loria, who owned the team since 2002. Sherman will own 46 percent of the franchise in a controlling interest, while Jeter will own 4 percent.
“Owning the Miami Marlins has been one of the singular honors of my life,” Loria said in a press statement. “I want to thank our players, coaches and employees for the incredible dedication they brought to this pursuit. I also extend my heartfelt thanks to our loyal fans for your passion and commitment to what we built together.”
“I wish the best to Jeffrey Loria and David Samson,” said MLB Commissioner Rob Manfred in a prepared statement. 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.”
Loria’s tenure as Marlins owner had its highs and lows. Highs included the aforementioned 2003 World Series win and the construction of Marlins Park, while lows included slashing of payroll and several years of poor teams. As owner of the Montreal Expos, Loria also had a hand in the demise of that storied franchise. From the Miami Herald:
The Sherman/Jeter group has about 16 investors and they raised the money to purchase the team after months of seeking investors to meet Loria’s asking price. Among the other investors: former NBA star Michael Jordan, who’s a friend of Jeter.
Sherman, 69, 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….
Other confirmed investors in the Sherman/Jeter group, besides NBA legend Jordan (who owns the NBA’s Charlotte Hornets), include former Morgan Stanley wealth management chief Greg Fleming, who helped put together the bid for Sherman and Jeter; Doug Kimmelman, a former Goldman Sachs executive who founded Energy Capital Partners and John Troiano, managing Partner and Co-Founder of financial firm TBG Investments, which advises customers on investments.
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