Report: Derek Jeter's group lacks money to purchase Miami Marlins

New York Yankees legend Derek Jeter informed Major League Baseball that his group of investors doesn't have the the funds needed to purchase the Miami Marlins, The Associated Press reported.   

A person familiar with the negotiations told the news service that Jeter was seeking other investors to help come up with the funds to back the group's $1.3 billion bid to buy the team. Jeter's group is competing against another led by Tagg Romney. 

MLB spokesperson Pat Courtney declined to comment about Jeter’s bid when reached by Paste BN Sports on Friday.

The person said Jeter, who retired in 2014, gave MLB and Marlins officials an update on his fundraising efforts when he met with them in New York. 

Former Florida Gov. Jeb Bush dropped out of Jeter's group and has reportedly joined Romney's group, but the All-Star shortstop has continued his effort to purchase the team. 

The Marlins announced in February that the team was for sale.

Romney’s group also includes Hall of Fame pitcher Tom Glavine and Dave Stewart, a former general manager of the Arizona Diamondbacks and former pitcher.

“I’ve talked to Derek privately about his desire to be an owner,” Major League Baseball Commissioner Rob Manfred said in April. “I think the idea of a former player being an owner is an appealing one for baseball, particularly a player like Derek. It would bring diversity to our ownership group. That would be a good thing.”

The Associated Press contributed to this report.

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