Derek Jeter is about to become a co-owner of the Miami Marlins.

Marlins owner Jeffrey Loria has agreed to sell the franchise for $1.2 billion to the New York Yankees legend and his group led by New York businessman Bruce Sherman, a directly involved with the sale confirmed to USA TODAY.

The person spoke on condition of anonymity because the sale is not complete

The Miami Herald was the first to report the Sherman-Jeter group was in agreement with Loria.

The agreement is expected to be completed on Friday and submitted to Major League Baseball, which likely will not vote on the transaction at next week's owners' meetins in Chicago.

Jeter, who is expected to contribute about $25 million in the sale, is expected to run the Marlins' baseball operations department, according to the Herald, with Sherman serving as the club's "control person" regarding all matters relating to MLB and the central office.