A long, drawn-out process is finally over. Former New York Yankees shortstop Derek Jeter has been approved as part-owner of the Miami Marlins.
Wednesday afternoon, the other 29 owners in Major League Baseball—including Derek Jeter’s former employers, the Steinbrenner Family—unanimously approved the sale of the Miami Marlins to a group led by Jeter and Bruce Sherman.
Barry Jackson of the Miami Herald broke the news on Twitter.
The sale is expected to close next week, with a final sale price of $1.2 billion—which breaks down $800 million in cash-on-hand and $400 million of debt.
Per FanRag Sports’ Jon Heyman, Sherman will own 46 percent of the team and be viewed by MLB as the team’s owner. Jeter will have a four percent ownership stake, be named the team’s CEO and oversee all baseball operations.
MLB commissioner Rob Manfred issued a statement about the sale. Per Jose de Jesus Ortiz of the St. Louis Post-Dispatch:
“I wish the best to Jeffrey Loria and David Samson,” Manfred said in the statement. “During their tenures, the Marlins won the 2003 World Series, hosted this season’s successful All-Star Week at spectacular Marlins Park and eagerly supported our efforts to grow the game internationally. I congratulate Mr. Sherman on receiving approval from the Major League Clubs as the new control person of the Marlins and look forward to Mr. Jeter’s ownership and CEO role following his extraordinary career as a player.”