Heyman | Jeter group finalizing deal to purchase Marlins

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Jeter, a former New York Yankees shortstop, teamed up with Sherman, a New York-based businessman, and others to purchase the team.

A person familiar with the negotiations says the Miami Marlins have told Major League Baseball they intend to sign an agreement to sell the team to a group that includes former New York Yankees star Derek Jeter. In all, there are about 16 investors in their group, including National Basketball Association legend Michael Jordan.

This is a breaking news story, check back for more updates.

Jeter will be inheriting quite a project - as Jackson notes the Marlins are expected to lose over $US60 million this year, have the cheapest TV contract in the league, and regularly fall near the bottom of the league standings in attendance.

Sherman, who made his money in venture capital, is putting up the bulk of the money while Jeter puts up $25 million. At the All-Star Game a month ago in Miami, baseball Commissioner Rob Manfred said the team soon expected to choose a winning bid, and each group had offered about the same amount of money.

The Miami Herald first reported there was agreement.

Derek Jeter just went from playing in the world's biggest fishbowl to owning the world's biggest fishtank.

The sale of the team, of course, has not been finalized, and there are a few more steps in the process before we can formally recognize "The Captain" of the New York Yankees as an official owner in baseball circles. In the end, the Jeter and Mas groups were the only ones left.

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