Miami Marlins owner Jeffrey Loria has agreed to sell the team to a group that includes Derek Jeter, according to a report from the Miami Herald.

Jeter would run both the baseball and business sides of the team, despite investing a small amount of his own money. Bruce Sherman, who is a New York businessman, is expected to invest the majority of the money involved in the bid. The price of the team is a reported $1.2 billion.

Major League Baseball is currently awaiting the final paperwork of the sale and that could happen later on Friday. If this deal is concluded, it will put an end to months of speculation and rampant reports. Jeter has been involved from the start, but his chances of winning the team seemed to dip at times.

Local billionaire Jorge Mas had been involved in the bidding process up until Friday's agreement, but was not considered the favorite to win the club. All along it appeared Loria possibly favored Jeter in the process. That thought reportedly led to the exit earlier this week of another group that included former Florida governor Jeb Bush.

Should the deal get finalized, Jeter, Sherman and any other investors would need to be approved by Major League Baseball. All 29 other owners will get a vote, but this is considered a mere formality. Jeter is a beloved member of the baseball community and it should end in a unanimous vote.

MLB will hold a meeting with owners next week, but will not take a vote as of yet. These transactions can take some time to complete, especially with the amount of money involved in the sale. However, it is likely that Jeter will be running the team before next season begins.

With a new ownership group on-board, Miami could begin to re-think plans for the organization. After making a series of trades in July, the Marlins still have their core pieces in place. Jeter will need to decide if he wants to try and add to that roster or build something from scratch.

The Marlins have thus far declined to comment on the latest news in regards to the sale.