Derek Jeter's group closes on purchase of Miami Marlins | Inquirer Sports

Derek Jeter’s group closes on purchase of Miami Marlins

/ 03:50 PM October 03, 2017

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.

ADVERTISEMENT

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.

FEATURED STORIES

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.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Baseball, Derek Jeter, Miami Marlins, MLB
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our sports news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.