Derek Jeter speaks onstage during TechCrunch Disrupt NY 2017 at Pier 36 on May 15, 2017 in New York City.

Derek Jeter speaks onstage during TechCrunch Disrupt NY 2017 at Pier 36 on May 15, 2017 in New York City.

*Derek Jeter is returning to Major League Baseball as a team owner.

A group led by the former New York Yankee and New York businessman Bruce Sherman will purchase the Miami Marlins from Jeffrey Loria for $1.2 billion, the Miami Herald reported. Their group reportedly has 16 investors, and they have raised the money needed to complete the sale.

Jeter is contributing $25 million to the bid, according to the Herald.

Sherman will be the “control person,” similar to a managing general partner, but Jeter will run the business and baseball side of the organization, according to the Herald.

Jeter’s group beat out an outfit led by Miami businessman Jorge Mas. Another group that included former Florida governor Jeb Bush dropped out of the chase for the franchise last week.