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Derek Jeter reaches agreement to purchase Marlins

In 2003, the Marlins beat the Yankees in the World Series. Now Derek Jeter owns them.

MLB: Tampa Bay Rays at New York Yankees Pool Photo-USA TODAY Sports

Marlins owner Jeff Loria has officially agreed to sell the team to duo of Derek Jeter and financier Bruce Sherman, Barry Jackson of the Miami Herald reports. In this newest endeavor, Mr. November will assume the position of CEO with the team while his counterpart Sherman holding the controlling interest. The group is made of 16 investors, including Michael Jordan. Yes, that Michael Jordan.

This news comes a day after the Jed Bush-led group dropped out of the bidding. The sale is reportedly for $1.2 billion.

Major League Baseball is expected to review the deals of the sale at next week’s owners meetings. The group is set to meet with the ownership committee board at the annual gathering in Chicago. A league wide vote of all the owners is the final piece in the puzzle to propel the Jeter/Sherman duo officially into ownership. If the deal is cemented as expected, Derek Jeter will be the first African-American to own a baseball team.