Major league owners have approved the sale of the Miami Marlins by Jeffrey Loria to an investment group led by Bruce Sherman and Derek Jeter, Major League Baseball announced Wednesday.
The vote was unanimous, with 75% approval needed.
A signed $1.2-billion agreement was submitted to Major League Baseball last month to sell the Marlins to a group led by Sherman, a venture capitalist who will be the controlling owner. Jeter, a 14-time All-Star shortstop for the New York Yankees, plans to be a limited partner in charge of the business and baseball operations.
The closing is expected to be within a few days. Loria has owned the team since 2002.