Per Barry Jackson of the Miami Herald, Loria's agreement to sell the Marlins is for $1.2 billion, with Major League Baseball "expected to receive the written agreement on Friday."
Ken Rosenthal of Fox Sports and Charles Gasparino of Fox Business Network confirmed the Jeter-Sherman group won the bidding for the Marlins.
Darren Rovell of ESPN noted Michael Jordan is also part of Jeter and Sherman's group.
The sale will not become official until it receives approval from MLB. Jackson noted MLB officials "are expected to discuss the sale, but not vote on it, in owners meetings in Chicago next week."
According to Jackson, the full vote from MLB's other owners "could be weeks away," and the sale is expected to close in the first week of October.
The full group led by Jeter and Sherman contains about 16 investors, who helped bring the total amount offered up to $1.2 billion, per Jackson.
Jon Heyman of FanRag Sports reported Aug. 9 a group led by Wayne Rothbaum and Jeb Bush dropped out of the bidding for the Marlins, leaving Jeter's group and another one led by Jorge Mas as the two finalists.
Loria has owned the Marlins since 2002 when he purchased the franchise from John Henry, who currently owns the Boston Red Sox. The Marlins won the 2003 World Series under Loria's ownership, but the franchise has not made the playoffs since and is on pace to finish under .500 for the eighth straight season.