Miami Marlins CEO Derek Jeter resigns and sells his ownership stake in the team.

• On Monday, Derek Jeter announced that he was stepping down as the chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise, which he is a Hall of Famer.
• Jeter, 47, stated that the "vision for the future of the franchise is different than the one I signed up to lead" when he assumed ownership of the Marlins.
• On a significant day for MLB, the owners granted the players union until Monday to reach a new labor agreement.

On Monday, Derek Jeter announced that he was stepping down as the chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise, which he is a Hall of Famer.

Jeter, 47, stated that the "vision for the future of the franchise is different than the one I signed up to lead" when he assumed ownership of the Marlins.

As CEO, Jeter has been proud to put his name and reputation on the line to turn the Marlins franchise around. Through hard work, trust, and accountability, he transformed every aspect of the franchise, reshaping the workforce and developing a long-term strategic plan for success.

In 2017, Jeter, a renowned New York Yankees icon, acquired a 4% stake in the team and assumed the role of its top C-suite executive. Despite this, the Marlins finished in fourth place in the National League East division last year. During Jeter's tenure, the team made it to the postseason only once, earning a wild card spot in 2020.

According to Forbes, the Marlins are valued at $990 million, which is lower than the estimated $1.2 billion paid by Sherman's group for the MLB team in 2017. The team's valuation dropped to $980 million in 2020 before recovering to its current value of $990 million.

The Marlins' principal owner and Chairman, Bruce Sherman, announced that the club would operate as a committee to manage both business and baseball operations while searching for Jeter's successor.

Sherman stated that the team is dedicated to continuously investing in the franchise's future and building a team that will make it back to the postseason, while also thrilling Marlins fans and the local community.

On a significant day for MLB, the owners gave the players union until Monday to reach a new labor agreement, or the season could be canceled, including Opening Day and other games.

Jeter was thanked by MLB Commissioner Rob Manfred for his time running the Marlins, with Manfred calling Jeter "a winner on and off the field" and a "pillar of our game."

During Jeter's time as CEO of the Marlins, the team underwent significant changes. In 2017, they traded franchise player Giancarlo Stanton and his $325 million contract to the Yankees. Later, in November 2020, the Marlins made history by hiring Kim Ng as general manager, making her the first woman to run an MLB team's baseball operations.

On the business front, the Marlins had few breakthroughs.

In March 2021, the Marlins signed their first naming rights deal for their 2012-built ballpark, with a reported annual payment of $10 million from a mortgage platform.

Since 2018, the Marlins have been last in MLB attendance.

Despite failing to attract at least 1 million fans to the ballpark, the franchise's annual revenue grew slightly from $219 million to $222 million between 2017 and 2019. However, the team's 2020 revenue was reportedly $96 million, partly due to the sport's recovery from the coronavirus pandemic.

The revenue figures in this story have been corrected to accurately reflect the years 2017-20.