Miami Marlins owner Jeffrey Loria reached an agreement in principle to sell the team to a group led by former Florida Governor Jeb Bush and including former New York Yankees star Derek Jeter, pending Major League Baseball approval and other details to be worked out in the drawing up and execution of a contract, according to an MLB source.
According to the source, Bush’s group has agreed to pay $1.3 billion for the team.
A source said the Marlins and Bush group are very optimistic a deal will be finalized, but the process could take months to conclude.
Bush plans to be the Marlins’ “control person,” the individual who would have ultimate control over franchise decisions, according to the source.
Jeter, the former All-Star player who lives in Tampa, plans to take an active role with the franchise.
Bush’s group includes at least five investors, and it’s unclear which of those investors has the most money invested in the bid.
Loria does not plan to retain a piece of the team he has owned since 2002, the source said.
Bush was informed this week that his bid was selected over overtures from at least two others — New York businessman Wayne Rothbaum and a group led by Massachusetts businessman Tagg Romney, son of former Republican presidential nominee Mitt Romney.
The Marlins declined to comment on where the process stands.
“I have not commented on the process and plan to keep it that way; thank you,” Marlins president David Samson said.
Photo credit: Phil Coale, Associated Press