On Friday, Major League Baseball's ownership committee approved the sale of the Florida Marlins to Loria and the sale of the Expos to MLB itself.
The ruling also paves the way for outgoing Marlins owner John Henry to assume control of the Boston Red Sox.
Loria supposedly sold the Expos for $120 million US and bought the Marlins for $158 million US, the same amount paid by Henry in 1999.
Jeffrey Loria sold the Expos for $120 million US on Friday.(CP Photo)
According to an anonymous baseball lawyer, MLB loaned Loria the remaining $38 million US to better facilitate both transactions.
"Jeffrey Loria is very excited at the opportunity,'' Expos executive vice president David Samson said. "He is pleased and happy with the ownership committee's decision."
A consortium arranged through the commissioner's office will now operate the Expos, who are still targeted for contraction or relocation.
Washington, D.C., is considered a possible destination.
Friday's committee meeting to endorse the sale of both financially troubled teams was conducted via conference call.
Though sales are usually approved 6-12 months after they are agreed to, the committee's recommendations are expected to be rubber-stamped by MLB owners when they convene for three days of meetings outside Chicago on Feb. 11.
"He looks forward to a vote to as soon as practicably possible,'' Samson said of Loria.
