Derek Jeter is about to become a co-owner of the Miami Marlins.
Marlins owner Jeffrey Loria has agreed to sell the franchise for $1.2 billion to the New York Yankees legend and his group led by New York businessman Bruce Sherman, a directly involved with the sale confirmed to USA TODAY.
The person spoke on condition of anonymity because the sale is not complete.
The agreement is expected to be completed on Friday and submitted to Major League Baseball, which likely will not vote on the transaction at next week's owners' meetings in Chicago.
Jeter, who is expected to contribute about $25 million in the sale, is expected to run the Marlins' baseball and business side, according to the Herald, with Sherman serving as the club's "control person" regarding all matters relating to MLB and the central office.
Loria, 76, bought the Marlins for $158.5 million in 2002 from John Henry. The Marlins won the World Series in 2003 but haven't reached the playoffs since, the longest current drought in the National League.