Derek Jeter is amongst a group of investors finalizing a deal to buy the Miami Marlins from Jeffrey Loria for $1.2 billion.
New York-based venture capitalist Bruce Sherman is leading the purchase group. Jeter is investing $25 million of his own money and will run the baseball side of the operation.
Jeter resides in Tampa and has long had interest in owning a franchise.
The Sherman-Jeter group, which also includes former NBA great Michael Jordan, beat out a contingent led by Miami businessman Jorge Mas. Quogue Capital founder Wayne Rothbaum, who led a third group that included former Florida Gov. Jeb Bush, dropped out of the bidding earlier this week.