Former Florida Governor Jeb Bush abandoned his effort to buy baseball’s Miami Marlins, leaving Derek Jeter to pursue the club on his own, according to people familiar with the matter.
Bush and Jeter won the auction to buy the team last month with a $1.3 billion bid, but the group couldn’t secure investors and never reached agreement on who would control the franchise, according to one of the people, who asked not to be identified because the decision hasn’t been announced.
The partnership fell apart because the former New York Yankees captain wanted to change the terms to give himself complete control over business and baseball operations within three years of the purchase, one of the people said.
Jeter and Bush originally agreed to run the group together as general partners, with three additional limited partners on the board.
Jeter hasn’t abandoned his pursuit of the team and continues to solicit investors, one of the people said.
Wayne Katz, the Proskauer Rose attorney representing the team, declined to comment. Jeter’s agent, Casey Close, didn’t immediately respond to an email seeking comment.
Bush’s withdrawal was reported earlier Tuesday by the Associated Press.
Solamere Capital co-founder Tagg Romney also bid on the team with a group that includes former All-Star pitcher Tom Glavine.
This article was provided by Bloomberg News.
