Royals owner David Glass agrees to sell team to group of Kansas City investors led by John Sherman

first_img Royals owner in discussions to sell team to Kansas City native John Sherman for $1 billion, report says “A native of this area, John has made a huge impact in our business community and is so passionate about baseball that he purchased an ownership stake in the Cleveland Indians three years ago to begin his relationship with this great game. We are truly blessed to have someone of John’s stature and business acumen available to us from the metropolitan area to take the reins of this organization going forward.”The Glass family bought the Royals in 2000 for $96 million. Sherman is a part owner of the Indians but will give up his stake in Cleveland to take over the Royals.“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,” Glass said. “John Sherman and his group far exceeded our hope for the next caretaker of Royals baseball. His love for Kansas City and the game of baseball is well documented as are his philanthropic endeavors in the surrounding communities. Related News The Glass family has agreed to sell the Royals.Kansas City announced Friday, David Glass and his family will sell the team to a group of Kansas City investors led by entrepreneur John Sherman. According to ESPN, the sale will be for more than $1 billion.“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,” Sherman in a statement. “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.”Sherman and his investment group will become the third owners of the Royals joining Ewing Kauffman, who ran the team from its inception in 1969, and Glass.last_img