Derek Jeter’s Group Closes on Purchase of Miami Marlins

MIAMI (AP) — Derek Jeter's group has closed on its purchase of the Miami Marlins.

Major league owners last week unanimously approved the $1.2 billion sale of the franchise by Jeffrey Loria to the investment group led by Jeter and new controlling owner Bruce Sherman. The closing Monday came a day after the Marlins concluded their eighth consecutive losing season, the longest streak in the majors.

Among issues to be addressed by the new owners will be the future of major league home run and RBI champion Giancarlo Stanton, whose salary will nearly double next year to $25 million, which could make him unaffordable for the revenue-challenged franchise.

Also in question are the status of manager Don Mattingly and president of baseball operations Michael Hill.

Jeter and Bruce Sherman will speak publicly for the first time about the deal at a news conference Tuesday.