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MIAMI (CBSMiami) — Miami Marlins owner Jeffrey Loria has agreed to sell the team to an investment group led by former Yankee Derek Jeter and New York businessman Bruce Sherman, a source with Major League Baseball told The Miami Herald.

“I’m so happy, I’m so happy! Honestly, I didn’t like the way ownership was going, so I’m happy with Jeter,” another fan said. “He’s a stud, and he’s been doing baseball his whole life, so he can figure something out. He’s a smart enough guy, he’s got a good baseball mind. Let’s do it.”

A written agreement for $1.2 billion is expected to reach MLB on Friday, the source said.

The Sherman/Jeter group, which includes about 16 investors, one of whom is NBA legend Michael Jordan, has raised the money required to purchase the franchise after months of negotiations and jostling between Loria and interested parties.

Jeter will run the business and baseball side of the organization, despite putting up only about $25 million of his own money.

“I think it’s great because he was such a fantastic baseball player, it can only be an asset to the Marlins, said one fan. “And hopefully it will bring out more wins.”

Sherman is a wealthy venture capitalist also known for his philanthropic work. The Herald described him as a Marlins fan. The two reportedly have a great relationship.

Should the deal go through, it would end the long battle between billionaires that nearly squeezed Jeter’s group out of the running when he couldn’t come up with the money. Other high-profile bidders included South Florida businessman Jorge Mas and former U.S. governors Jeb Bush and Mitt Romney.

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