It was announced Tuesday that Miami Marlins owner Jeffery Loria has agreed in principle to sell the team to former New York Yankee Derek Jeter, former Florida Governor Jeb Bush and their group of investors for $1.3 billion. The sale still has to be approved by Major League Baseball.

However, it could take months for the deal to be finalized, but the group is very optimistic it will get done. When the deal is finalized, Bush plans to be the one with ultimate control over the team and the decision making. It is unclear at this time what Jeter will do, but he plans to have an active role with the club.

Jeb Bush (right) serving a plate of paella with Billy the Marlin (left). (Courtesy : Miami Herald)

There are at least five other investors in the Bush/Jeter group, but their identities are unknown at this time. Each individual will have to be vetted and approved by the MLB.

Bush’s bid was selected over at least two other groups. One consisted of New York businessman Wayne Rothbaum and a group led by Massachusetts businessman Tagg Romney, son of Mitt Romney, the 2012 Republican Presidential nominee.

Don Mattingly fist bumping players on opening day in Washington D.C. (Courtesy: Fox Business)

It is beleived that the group will retain manager Don Mattingly and President of Baseball Operations Mike Hill. However, it is unclear if the teams $120 million payroll will increase due to the sale.