Derek Jeter’s group closes on purchase of Miami Marlins

Derek Jeter, right, stands outside of a suite after a baseball game between the Miami Marlins and the Atlanta Braves, Sunday, Oct. 1, 2017, at Marlins Park in Miami. Major league owners unanimously approved the sale of the Marlins on Wednesday to an investment group led by Jeter and Bruce Sherman. (AP Photo/Lynne Sladky)

MIAMI — Derek Jeter’s group closed on its purchase of the Miami Marlins on Monday, and he and new controlling owner Bruce Sherman will speak publicly for the first time about the deal at a news conference Tuesday.

Major league owners last week unanimously approved the $1.2 billion sale of the franchise by Jeffrey Loria to the investment group led by Jeter and Sherman. The closing came one day after the Marlins concluded their eighth consecutive losing season, the longest streak in the majors.

Among issues to be addressed by the new owners will be the future of major league home run and RBI champion Giancarlo Stanton, whose salary will nearly double next year to $25 million next year, which could make him unaffordable for the revenue-challenged franchise.

Also in question are the status of manager Don Mattingly and president of baseball operations Michael Hill.
Loria became widely unpopular because of his frugal ownership. He bought the franchise for $158.5 million in 2002 from John Henry, part of the current Boston Red Sox ownership group.

Jeter, who played on five World Series champions with the New York Yankees, will head baseball and business operations for a team that hasn’t been to the playoffs since 2003. He has about a 4 percent stake in the ownership group.

Sherman has the highest equity stake at about 46 percent. The venture capitalist spent much of his financial career in New York and has a home in Naples, Florida.