WASHINGTON (CNN) - Former Florida Gov. Jeb Bush has dropped his bid to buy the Miami Marlins, CNN has confirmed.
The former Republican presidential candidate had partnered with retired New York Yankees captain Derek Jeter to pursue the purchase.
At a conference held in Beverly Hills, California, earlier this month, Bush said he envisioned himself working on the business side and Jeter handling the day-to-day baseball operations, according to Fox Business News.
A source close to the negotiations did not disclose to CNN why Bush, who lives in Coral Gables, Florida, decided to withdraw his bid to purchase the Major League Baseball team.
Jeter is reportedly still exploring a bid.
An investing group led by Tagg Romney, son of former GOP presidential nominee Mitt Romney, is still in the running for the bid.
The Marlins are currently owned by Jeffrey Loria, who bought the team in 2002 for about $158 million. Bush and Jeter had bid about $1.3 billion for the team, according to a Bloomberg report in April.