MIAMI (AP) -- The Miami Marlins signed an agreement to sell the team to a group featuring former New York Yankees captain Derek Jeter, a person familiar with the deal said Saturday.
The person confirmed the Friday night signing to The Associated Press on condition of anonymity because the Marlins have not confirmed the agreement.
Another person familiar with the agreement said Friday that Jeter would be a limited partner in the group led by venture capitalist Bruce Sherman. That person said Major League Baseball was told that Marlins owner Jeffrey Loria will receive about $1.2 billion from the Jeter-Sherman group, which includes more than 10 entities.
Sherman, who will be the controlling owner, spent much of his financial career in New York and has a home in Naples, Florida. Jeter, a 14-time All-Star who retired after the 2014 season, will be in charge of baseball operations.
MLB owners will discuss the deal at their meeting next week in Chicago. At least 75 percent of the major league clubs must approve the sale, a process that could take three to six months.