Ex New York Yankee legend Derek Jeter has won the auction for the Marlins franchise for a cool $1.2 billion. Jeter will also act as the franchise’s CEO, said a source with direct knowledge.
The future Hall of Famer will be involved in both the baseball and business operations of the club. He also will have a huge amount of say when it comes to the voting stake in team affairs, roughly 20 percent. The main controlling shares and owner is Billionaire money manager Bruce Sherman.
As it stands, principal owner, Sherman is investing several hundred million in the acquisition while Jeter has put in an impressive $30 million, sources said.
During the last few months, Sherman outbid and outlasted other billionaire Jeter backers that included Richard Chaifetz and Quogue Capital Founder Wayne Rothbaum. The later eventually left Jeter and formed his own rival Marlins bidding group with Tagg Romney, sources say. Sherman then became the lead businessman in Jeter’s bidding group
Following his friend and mentor, Michael Jordan, Jeter’s plan is to first become a top sports executive, learning the business inside out, and then buy a franchise in his own right.
Jeter’s relationship with Jordan is not just friendship, he is also a co-investor in the Sherman/Jeter bidding group. Jordan first ran the NBA’s Wizards, then became owner of the Bobcats (now the Hornets) and will have plenty of knowledge to pass on to his friend.
It’s a whole new ballgame for Jeter, (excuse the pun). The ex Yankee who retired from the game following the 2014 season, has no baseball management experience but is well aware of the business side having previously teamed up with former Florida governor Jeb Bush in an attempt to purchase the Marlins, but that pairing fell apart in May.