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Derek Jeter met with the Miami Marlins on Thursday and remains short on funds, according to a report by the Miami Herald.
Jeter is part of one of three reported groups that is vying for ownership of the Marlins. Thus far, no group has been able to come up with the reported $1.3 billion asking price. After meeting with Marlins’ president David Samson and MLB Commissioner Rob Manfred on Thursday, Jeter still is trying to find investors.
Along with Jeter, Samson and Manfred, Greg Fleming sat in on the meeting. Fleming may be one of the most important aspects of the meeting, as he is the former chief of Morgan Stanley Wealth Management. Fleming is said to be one of the investors in Jeter’s group and it could be a sizable stake.
While Jeter will only contribute a relatively small amount to the team, he would be in complete control of the club. This requirement by Jeter was the reported reason for Jeb Bush exiting the group. Jeter would handle both the baseball and business sides of the organization, if a deal comes to fruition.
While there are three groups reported to be in the running, Jeter remains the front-runner. A group including Tagg Romney and Tom Glavine is considered to be the runner-up. The third group has unknown members in it and would be looked at as a dark horse candidate.
In addition to coming up with the funds to buy the team, MLB wants the new owner to have enough equity to run the team properly. Miami is expected to take losses in the near future and would need to be able to cover those. The Marlins have a losing record this season, but will host a valuable All-Star Game in July.
With the ownership talks hanging in the balance, Miami will look to continue a turnaround on the field. The Marlins are currently hosting the World Series champion Chicago Cubs for four games at Marlins Park,