Derek Jeter and Jeb Bush group have reportedly reached an agreement to purchase the Miami Marlins for $1.3 billion

Miami Marlins owner Jeffrey Loria has reached an “agreement in principle” to sell the Miami Marlins to a group led by Jeb Bush and Derek Jeter for $US1.3 billion, according to Barry Jackson of the Miami Herald.

The $US1.3 billion purchase price would be the second-largest ever for a Major League Baseball franchise, surpassed only by the sale of the Los Angeles Dodgers for $US2.0 billion to the Guggenheim Partners and Magic Johnson in 2012.

According to the report, details still need to be worked out in drawing up the final contract and the deal still needs to be approved by Major League Baseball. That process “could take months to conclude.”

A source told the Herald that Bush would be the “control person,” and would have ultimate control of the franchise. Jeter is expected to have a, “active roll” with the club.

In February, there were reports that Loria had a “handshake agreement” to sell the team for $US1.6 billion to members of the Kushner family. However, that deal was put on hold when it was reported that Loria could become the next ambassador to France. Jared Kushner is the son-in-law of President Donald Trump.

Loria purchased the Marlins for $US158.5 million in 2002. Bush previously failed into a bid to buy the Marlins in 2014.

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