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Jeffrey Loria agrees to sell Marlins to Derek Jeter group for $1.2 billion

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It looks like the team will finally be sold.

MLB: Houston Astros at New York Yankees Pool Photo-USA TODAY Sports

According to Clark Spencer of the Miami Herald, Marlins owner Jeffery Loria has agreed to sell the team for $1.2 billion to a group led by former Yankees star Derek Jeter and New York businessman Bruce Sherman.

Sherman, a venture capitalist, will be the "control person," while Jeter will handle the business and baseball for the Marlins. A written agreement is expected to be sent to the MLB offices in New York today.

Jeter is expected to contribute $25 million of his own money, but the group has 16 investors to help them reach Loria's asking price. Jeter and Sherman have a great relationship, which will allow Jeter to basically run the organization.

MLB officials will not vote, but they will discuss the sale at the owners meetings in Chicago next week. The sale will then need to be approved by the MLB owners.

Sherman, who is a Marlins fan, was the chairman and chief investment officer of Private Capital Management, which is based in Naples, Florida.

Miami businessman Jorge Mas was in the running to buy the team, but he did not match the $1.2 billion bid made by the Sherman and Jeter group. Loria has owned the Marlins since 2002, and he won a World Series with the team in 2003. Loria will now end up with a nice little return on his investment.

However, the Marlins haven't made the playoffs since 2003 — the second-longest playoff drought in the MLB.

This whole time, Loria's preference was to sell the Marlins to Jeter, according to USA Today's Bob Nightengale.

NBA legend Michael Jordan is also part of Jeter's group, according to Barry Jackson of the Miami Herald.

Jeter, 42, played with the Yankees for his entire 20-year career. He was a 14-time All-Star and won five World Series titles with New York. Jeter became the 28th player in MLB history to have 3,000 hits, and he's the Yankees all-time leader in hits. He also served as the Yankees captain from 2003 until his retirement in 2014.