MLB Owners Approve $1.2B Sale Of Marlins To Sherman/Jeter Group

MLB owners today unanimously approved the $1.2B sale of the Marlins from Jeffrey Loria to a group led by Bruce Sherman and Derek Jeter. Sherman will be the designated control exec for the Marlins and hold a 46% equity share, while Jeter is slated to be CEO and hold 4%. The vote was conducted via conference call and is contingent on the closing of the sale, which is expected within the next week.

The sale closing means the end of a tumultuous 15-year run with the Marlins for Loria that included the '03 World Series title and playing host to this year’s All-Star Game, but also a complicated transfer of his prior ownership of the Expos and many battles with the MLBPA, South Florida politicians and fellow MLB owners over his financial management and development of Marlins Park.