Derek Jeter Gives Up Stake in Marlins, Steps Down As CEO
Derek Jeter is a former MLB player for the New York Yankees. Jeter, who retired in 2014 from professional league play, bought a stake in the Marlins and became the team CEO in 2017. Does Jeter own the Marlins?
Jeter wasn't the majority owner of the Marlins. He invested along with a group that included principal investor Bruce Sherman. Jeter’s stake was just 4 percent. On Feb. 28, Jeter announced he will both step down from his post as CEO and sell his ownership stake in the team.
Derek Jeter’s net worth is about $200 million thanks to his successful MLB career.
Derek Jeter had a two-decade run with the New York Yankees and made his Major League Baseball debut in May of 1995. He was named Rookie of the Year for that season and was part of the World Series-winning team. His final game was on September 28, 2014.
According to CelebrityNetWorth, Jeter earned $265 million over his 20-year career in salary alone, plus at least $150 million in endorsements. The site estimates his current net worth at $200 million.
In 2020, Jeter was inducted into the Baseball Hall of Fame. In 2017, the Yankees retired uniform #2, Jeter’s number. He has numerous accolades including having been the only player to win both the All-Star Game MVP and World Series MVP in the same season.
Who owns the Marlins? Jeter was part of Sherman’s investment group.
Businessman Bruce Sherman and a group of investors including Jeter purchased the Miami Marlins in 2017. The purchase price for the baseball franchise was about $1.2 billion at that time.
Forbes estimates the value of the team has dropped quite a bit, with a current figure of $990 million. Since the Sherman group took ownership, the Marlins have made the postseason once, in a 2020 wild card appearance.
The Athletic reported that Jeter was earning about $5 million annually as CEO of the Marlins. He was the first (and only) Black chief executive of a Major League Baseball team.
During Jeter’s tenure, the Marlins signed a naming-rights deal for their stadium, resulting in LoanDepot paying a reported $10 million annually for that right. However, as CNBC reported, the Marlins placed last in MLB attendance last year and every year since 2018.
Jeter said the “vision” of the franchise has changed.
In explaining his decision to step down as CEO and give up his stake in the Marlins, Jeter stated that the “vision for the future of the franchise is different than the one I signed up to lead,” according to The New York Times. He didn't specify what aspects of the vision had changed.
Jeter's decision comes as MLB is embroiled in contract negotiations with the players’ union. The MLB had locked players out on December 2, 2021, and imposed a deadline of Feb. 28 for negotiations to be completed.
The league's plan was to delay the March 31 season opener if an agreement wasn't reached by that deadline. MLB has extended the deadline, but only to 5:00 p.m. on Tuesday, March 1.