Derek Jeter, Michael Jordan, and New York businessman Bruce Sherman have finally made it official: they are buying the Miami Marlins baseball organization.
Mr. Sherman will be what they are referring to as the "control person", who will basically be a managing general partner. Jordan is a minority investor, just like his former adversary on the court Earvin "Magic" Johnson now co-owns the Los Angeles Dodgers. The Sherman/Jeter ownership group has around 16 investors who will put up the 1.2 billion dollars to purchase the team from current owner Jeffery Loria.
This has been a months-long process, with a lot of people not sure what to make of the situation, as investors were brought in and pulled out frequently. At least two other groups were pursuing the franchise, including one that had former Florida Governor Jeb Bush involved.
The Marlins have won two World Series Championships since entering the league in 1993 — in 1997 and 2003. Other than those two titles, the team has been pretty pedestrian, never making the playoffs outside of those years. The team will post a $60 million loss for the operating year this year, due to low attendance and their highest-ever payroll at $115 million.
Loria built Marlins Park in 2012 in downtown Miami where the Orange Bowl used to be located, and while stadium hosted this years All-Star Game in July, it has not moved the needle as much as they had hoped. They do have one of the best power hitters in the game right now in Giancarlo Stanton, who currently leads the majors in Home Runs. A bunch of young talent is jelling, so time will tell where they go from here.
This is all about Jeter and his wanting to run a baseball team. he has a great mind for it; lets see if he can put it to good use. The deal will go before the league office and owners in the coming weeks for approval.