AP Sources: Jeb Bush No Longer Interested in Buying Marlins

(AP) — Jeb Bush has dropped out of the race for the Miami Marlins.

The ex-presidential candidate and former Florida governor is no longer interested in buying the Marlins and has ended his pursuit of the team, two people close to the negotiations said Tuesday.

One of the people said former New York Yankees captain Derek Jeter, who had been part of Bush’s group, is still exploring a bid with other investors. The two people spoke to The Associated Press on condition of anonymity because the parties involved aren’t commenting publicly on the status of negotiations.

Jeter becomes the frontman for an investment group competing with a group led by businessman Tagg Romney, son of former Republican presidential nominee Mitt Romney. The Romney group includes Hall of Fame pitcher Tom Glavine and former Arizona Diamondbacks general manager Dave Stewart.

Earlier this month, Commissioner Rob Manfred said the Romney and Bush-Jeter groups were relatively even in their price offers. Both bid about $1.3 billion to buy the team from Jeffrey Loria, who bought the Marlins for $158.5 million in 2002 from John Henry.

Four weeks ago, Bush said he was optimistic he could close the deal. But one of the people confirming Bush’s withdrawal said he didn’t put up enough of his own money to have the controlling interest he sought.

The commissioner’s office wants the purchasing group to demonstrate it has enough cash both to close the deal and operate the team. Because of MLB’s debt service rule, more than half of the winning bid could require cash.

Both people confirming Bush’s withdrawal said his departure from the negotiations was amicable.