Michael Jordan is one step closer to becoming a part-owner of an MLB team.

Marlins owner Jeffrey Loria has reportedly agreed to sell the franchise for $1.2 billion to a group of 16 investors, which includes Jordan and former Yankees star Derek Jeter, according to Barry Jackson of the Miami Herald.

Major League Baseball is expected to receive the written purchase agreement on Friday, according to Jackson.

New York businessman Bruce Sherman, who is the primary financial backer of the group, will be the “control person” or managing general partner for the team, while Jeter will run the business and baseball sides of the franchise, Jackson reports.

Jeter first showed interest in purchasing the Marlins earlier this year, after Loria confirmed that the team was up for sale in February. Jordan recently joined Jeter’s team last month, although it isn’t known how much money the former Bulls star is contributing.

New York art dealer and Marlins owner Jeffrey Loria originally asked for $1.3 billion to purchase his money-losing franchise.

MLB officials are expected to discuss the sale in owners meetings in Chicago next week, but voting isn’t expected to happen for another month. The sale is expect to close the first week of October, according to Jackson.