Report: Derek Jeter will be new owner of Miami Marlins

The Miami Herald is reporting Derek Jeter is buying the Marlins, along with other investers.

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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