Royals owner David Glass agrees to sell team for $1 billion

A general view of Kauffman Stadium during a baseball game between the Kansas City Royals and the Cleveland Indians Sunday, Sept. 27, 2015, in Kansas City, Mo. The Royals won 3-0. (AP Photo/Charlie Riedel)

Kansas City Royals owner David Glass has reached an agreement to sell the team to Kansas City businessman John Sherman, the team confirmed Friday.

Earlier this week, The Athletic’s Ken Rosenthal and Jayson Stark were the first to report that a deal worth a little over $1 billion was on the table. On Friday, USA Today’s Bob Nightengale reported that a sale to Sherman, who currently holds the position of vice chairman for the division-rival Cleveland Indians, had been agreed to.

Royals confirm the $1 billion agreement

Glass and the Royals confirmed the news in a statement released on Friday afternoon.

Says Glass:

"The decision to sell the Royals was difficult for our family. Our goal, which I firmly believe we've achieved, was to have someone local, who truly loved the game of baseball and who would be a great steward for this franchise going forward. In John Sherman we have found everything we were looking for in taking ownership of this franchise."

Sherman was also quoted in the release:

Sherman added: "I am enormously grateful to David and the Glass Family for this extraordinary opportunity, and am humbled by the chance to team up with a distinguished group of local investors to carry forward and build on this rich Kansas City Royals legacy. Our goal will be threefold: to compete for a championship on behalf of our fans; to honor their passion, their experience and their unwavering commitment; and to carry their hopes and dreams forward in this great Kansas City region we all love -- for decades to come.”

When the deal will be finalized

The sale will not be made official until it’s ratified by the other 29 ownership groups in November.

Glass, who made his fortune as an executive with Wal-Mart, bought the Royals for $96 million in 2000. The Royals went through more lows than highs during his tenure, but did capture a World Series championship in 2015.

Indians response

Indians owner Paul Dolan says the franchise is supportive of John Sherman’s purchase of the Royals.

The loss of Sherman is likely to impact the Indians financial situation. He’s reportedly been a major source of capital during the franchise’s recent run of success.

The Indians have put themselves in a solid position for the next couple seasons by saving money and reshuffling the roster without having to completely rebuild. They are poised to play in October again this season, but might have a less certain future without John Sherman in the mix.

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