MIAMI – Derek Jeter is reportedly set to become the new owner of the Miami Marlins.
The Miami Herald reports current owner Jeffrey Loria has agreed to sell the team to Jeter and his partner, Bruce Sherman, for $1.2 billion.
Fox Sports and USA Today later confirmed the sale to Jeter.
The Marlins refused to comment Friday on the reports of the sale of the team.
The report claims Major League Baseball is expecting to receive a written agreement for the purchase by Friday.
Sherman is a New York businessman who will act as the team's managing general partner; however, Jeter will reportedly run the baseball side of the organization.
The Herald reports the Jeter group is made up of 16 investors, one of whom is Michael Jordan.
Jeter, the former Yankees legend, was one of the first people to put his hat in the ring to purchase the Marlins when the team announced it was for sale this spring.
Sherman joined Jeter's group after another investor, Richard Chaifetz, removed himself from the group.
Miami businessman Jorge Mas was considered to be a front runner for the team, but he apparently refused to meet Loria's original asking price of $1.3 billion.
Forbes writer Maury Brown tweeted that Loria will make $984,332,513 off the sale after purchasing the team for just over $158 million in 2002.
Any sale will not become official until Major League Baseball officials vote on the sale.