The sale of the franchise closed Monday morning, Barry Jackson of the Miami Herald reported, adding that a news conference will be held this week.READ MORE: COVID Vaccine Mandate For New York City Teachers To Take Effect After Federal Appeals Court Lifts Temporary Ban
Last week, major league owners unanimously approved the $1.2 billion sale from Jeffrey Loria to an investment group led by Jeter and Sherman. They needed the OK from 75 percent of owners.
Jeter, the Yankees great who will head the team’s baseball and business operations, has about a 4 percent stake in the team. Sherman, who will become the controlling owner, has the highest equity stake, about 46 percent, according to details obtained by The Associated Press. Among the other investors is NBA Hall of Famer Michael Jordan, who has approximately half of 1 percent.
The figures were provided by a person who spoke on condition of anonymity because they had not been announced.READ MORE: Police: Man Wanted For Groping Women Pushing Baby Strollers In Queens
The incoming group will assume $100 million in the team’s debt and is restructuring an additional $300 million of the club’s debt.
Sherman was co-founder of Private Capital Management, based in Naples, Florida.
Among others in the ownership group (and their approximate stakes) are Viking Global co-founder David Ott (10 percent), Energy Capital Partners senior partner Doug Kimmelman (8 percent), Sigma Group founder Jaime Montealegre (7 percent) and The Beekman Group managing partner John Troiano (5 percent).
Sherman, Jeter, Kimmelman, Ott and Troiano will serve on the team’s board.
Loria bought the franchise for $158.5 million in 2002 from John Henry, who became part of the Boston Red Sox ownership group.MORE NEWS: New Video Shows Crowd Duck For Cover During Shooting Outside Inwood Bar
(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)