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.
“Owning the Miami Marlins has been one of the singular honors of my life,” Loria said in a 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.”
Loria offered high praise for Sherman and Jeter.
“I can’t think of anyone better suited than Bruce Sherman and Derek Jeter,” Loria said. “They are true baseball people, as well as true gentlemen. I have every confidence in their ability as the next stewards of the Miami Marlins to take us to new heights.
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.
Sherman, a Marlins fan, is known for his philanthropic work and previously was the chairman and chief investment officer of Naples-based Private Capital Management.
Miami businessman Jorge Mas also pursued the team but did not match the $1.2 billion bid of the Sherman and Jeter group.
New York businessman Wayne Rothbaum, who led a competing group that included former Florida Governor Jeb Bush, also bid for the Marlins.
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.
Loria said owning a sports team, “like most things in life, is temporary.”
“An owner is merely the steward of a franchise, shepherding the advancement of this public trust during his or her tenure,” Loria said. “I’m very proud of our collective achievements during the past 15 years, including bringing a World Series, new ballpark, World Baseball Classics, and an All-Star Game to our community.”