AP sources: owners approve sale of Marlins to Jeter group
Two people familiar with the vote say major league owners have approved the sale of the Miami Marlins by Jeffrey Loria to an investment group led by Bruce Sherman and Derek Jeter.
The people confirmed the vote to The Associated Press on condition of anonymity Wednesday because the approval had not been announced. One of the people said the vote was unanimous, with 75 per cent approval needed.
A signed US$1.2 billion agreement was submitted to Major League Baseball last month to sell the Marlins to a group led by Sherman, a venture capitalist who will be the controlling owner. Jeter, a 14-time AllStar shortstop for the New York Yankees, plans to be a limited partner in charge of the business and baseball operations.
The closing is expected to be within a few days. Minority owners in the Sherman-Jeter group include NBA Hall of Famer Michael Jordan, who will have a small stake. Jeter
Sherman spent much of his financial career in New York and has a home in Naples, Florida.
As part of the transition, four well-known Marlins executives were told last week they won’t be retained. They were special assistant to the president Jeff Conine, who goes by the nickname Mr. Marlin, and three special assistants to the owner - Hall of Famers Andre Dawson and Tony Perez, and former manager Jack McKeon, who led the Marlins to the 2003 World Series championship.
Team president David Samson is not expected to be retained.
Loria’s decision to sell the team became public in February, and Jeter’s interest emerged in April. The Jeter-Sherman group beat out two other groups that pursued the team in the final weeks of negotiations.
Loria, 76, departs widely unpopular because of his frugal ownership and the public financing that helped build 5-year-old Marlins Park. The Marlins are assured of their eighth consecutive losing season, the longest streak