Derek Jeter is taking his talents to South Beach, as the new owner of the Miami Marlins.

The Miami Herald is reporting owner Jeffrey Loria has agreed to a deal in principle to sell the franchise to Jeter and New York businessman Bruce Sherman for $1.2 billion.

According to the report, Major League Baseball is expected to receive a written agreement on the deal by Friday.

Jeter, a former New York Yankees star and Tampa resident, will run the business and baseball side of the organization, the Herald report , while Sherman will act as the team’s managing general partner.

Jeter is said to be contributing about $25 million of his own funds. The Jeter-Sherman group has about 16 investors that have raised money to purchase the team, according to the Herald.

More to come on this story.

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