Michael Jordan has small stake in Jeter group buying Marlins

Earlier this week, it was reported that former New York Yankees great Derek Jeter is helping lead an ownership group that has reportedly agreed to purchase the Miami Marlins for $1.2 billion. National Basketball Association legend Michael Jordan also is among the 16 investors in the group.

Jeter's team reportedly consists of about 16 investors with varying stakes in the team, with the largest investment coming from NY businessman and venture capitalist Bruce Sherman.

A deal would have to be approved by a vote with other franchise owners and could be approved by the first week of October. They'v all come together to purchase the team from current owner Jeffrey Loria for approximately $1.2 billion dollars. That said, Jordan is believed to be putting in no more than a few million to the effort to buy the Marlins with the major objective of the move is to use his name above all else. Jeter plans to run both the business side and baseball side of the franchise.

Jeter, 43, will use just $25 million of his own money to buy a stake in the Marlins. The Marlins have not reached the playoffs since. Yes, baseball purists hate the sculpture, but it does scream Miami - and at a time when the team needs to cement a Miami identity, scrapping one of the most colorful and unique parts of Marlins Park could be a minus, not a plus.

Vanessa Coleman

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