The potential ownership group headed by former New York Yankees shortstop Derek Jeter and former presidential candidate Jeb Bush reportedly needs to raise nearly $1 billion in order to buy the Miami Marlins.
According to Charles Gasparino and Brian Schwartz of Fox Business, Jeter and Bush need close to $1 billion from outside investors in order to fulfill their $1.34 billion bid.
The Miami Herald and Bloomberg (h/t ESPN.com) reported Wednesday that Jeter and Bush won negotiating rights, and current Marlins owner Jeffrey Loria agreed to sell the team to them for $1.34 billion.
Per Gasparino and Schwartz, Jeter and Bush have the support of most other MLB owners due to the notion that team values will rise across the board if they buy the Marlins.
An anonymous MLB executive confirmed the support but noted raising so much money would be a major challenge: "How many people are willing simply to write a $100 million check and not have a say in running the team? We all want them to succeed because Jeb and Jeter would be great for baseball, but it won't be easy."
Jeter and Bush are reportedly set to contribute $200 million of their own money combined toward buying the team.
Bush is deeply rooted in Florida, as he was governor of the state from 1999 until 2007.
Jeter is one of the most beloved figures in baseball history, having played 20 seasons for the Yankees, during which time he was named to 14 All-Star teams and won five World Series.
Gasparino and Schwartz reported that Jeter and Bush have an exclusive negotiating window to buy the Marlins that is expected to last into June.