MIAMI (CBSNewYork) — Even in retirement, Derek Jeter keeps winning.

Miami Marlins owner Jeffrey Loria has agreed to sell the franchise to a group led by the Yankees great and New York businessman Bruce Sherman, the Miami Herald reported Friday. The reported sale price is $1.2 billion.

Major League Baseball is expected to receive the written agreement Friday. The sale requires approval of 75 percent of teams.

Sherman, a venture capitalist, is expected to be the “control person” for the team while Jeter will run the business and baseball sides of the organization. In all, there are about 16 investors in their group, including NBA legend Michael Jordan. Jeter is contributing $25 million himself, the Herald reported.

Derek Jeter Ceremony

Former New York Yankees captain Derek Jeter waves to fans during Derek Jeter number retirement cerremony at Yankee Stadium on May 14, 2017 in the Bronx borough of New York City. (Photo by Elsa/Getty Images)

Jeter and Sherman beat out a group led by Miami construction magnate Jorge Mas. Former Florida Gov. Jeb Bush also had been vying to buy the team, at one point partnering Jeter, but he ended his pursuit this week.

Loria bought the Marlins for $158.5 million in 2002. In April, Forbes valued the team at $940 million, which ranks 25th of the 30 teams in Major League Baseball.

Jeter, 43, has long talked of his desire to own a team. In an interview with CNBC in May 2016, he said he wanted to help grow the sport’s popularity.

“I think some of the other sports are sort of the sexy sports,” Jeter said. “I think kids nowadays, they look at players playing in college and the next year they’re in the NFL or the NBA,” he said. “Baseball, you sort of get lost because you have to play in the minor leagues for a little bit. Kids in this generation are into instant gratification.”

Jeter, who retired from playing after the 2014 season, lives in Tampa, Florida, with his wife, supermodel Hannah Davis, who is expecting the couple’s first child.