Derek Jeter Sells His Stake in the Miami Marlins and Steps Down as CEO

Breaking news in the sports world happened this week as Derek Jeter announced on Monday that he has stepped down as Miami Marlins CEO and sold his stake in the team.

On Monday the 47-year old Hall of Famer announced that he was stepping down as chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise.

In a statement announcing the move, Jeter had said the “vision for the future of the franchise is different than the one I signed up to lead.”

“We had a vision five years ago to turn the Marlins franchise around, and as CEO, I have been proud to put my name and reputation on the line to make our plan a reality,” Jeter said. “Through hard work, trust and accountability, we transformed every aspect of the franchise, reshaping the workforce, and developing a long-term strategic plan for success.”

The former New York Yankees player had a 4% stake in the team and took over its top C-suite role in 2017. The Marlins finished in fourth place in the National League East division last year and the team made the postseason once during Jeter’s tenure, a wild card spot in 2020.

The Marlins are worth $990 million, according to Forbes. It is estimated that Sherman’s group, which included Jeter, had paid $1.2 billion for the team in 2017. The team’s valuation fell to $980 million in 2020 before rebounding last year.

Marlins principal owner and Chairman Bruce Sherman said the club would work as a committee to run business and baseball operations while searching for a successor.

Sherman said the team is “committed to keep investing in the future of the franchise — and we are determined to build a team that will return to the postseason and excite Marlins fans and the local community.”

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