Derek Jeter steps down as Miami Marlins CEO, sells stake in the team

Derek Jeter, along with Bruce Sherman, hold their first press conference as Miami Marlins owners on Tuesday, Oct. 3, 2017.

The Hall of Fame baseball player announced Monday that he is selling his stake in the Major League Baseball team.

The vision for the future of the franchise is different than the one that I signed up to lead, according to a statement announcing the move.

Five years ago, we had a vision to turn the Marlins franchise around, and as CEO, I have been proud to put my name and reputation on the line to make that happen.

The New York Yankees' top C-suite role was taken over by Jeter. In the National League East division, the Marlins finished fourth. The team made the playoffs once, in 2020.

According to Forbes, the Marlins are worth over a billion dollars.

Bruce Sherman said that the club would work as a committee to run business and baseball operations while searching for a replacement.

Sherman said that the team is committed to investing in the future of the franchise and that they are determined to build a team that will return to the playoffs.

On a big deadline day, the news came. The owners gave the players union until Monday to agree to a new labor deal or the games would be canceled.

This is breaking news. You can check back for updates.