Royals confirm David Glass has sold team to businessman John Sherman, co-investors

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KANSAS CITY, Mo. -- The Kansas City Royals have confirmed that owner David Glass has reached an agreement to sell the team to local businessman John Sherman.

The team said Sherman will lead a group of Kansas City investors to purchase the team. They'll be the third owner of the Royals since they were formed in 1969 when Ewing Kauffman brought the team back to KC.

In a statement, Glass said, in part: "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." Read Glass' full statement below.

“I am enormously grateful to David and the Glass Family for this extraordinary opportunity,” Sherman said, “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."

Sherman is a Kauffman Foundation and National World War I Museum and Memorial trustee. He's also a partial owner and vice-chairman of the Cleveland Indians. He would have to divest his partial ownership of the Indians before taking over the Royals.

The news first broke earlier this week in a report from The Athletic that, according to its sources, Glass is discussing selling the club.

Glass purchased the Royals in 2000 for $96 million. USA Today reports he sold the club for $1 billion though the Royals have not confirmed that.

The deal will have to be approved by the MLB and all the other league owners, which won't happen until November.

David Glass' full statement: 

“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,” said David Glass, the team’s Owner and Chief Executive Officer since he acquired the team in April, 2000. “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. 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.”

“As for my family, it has been an amazing run since we gained control of the franchise in 2000,” Mr. Glass continued. “I will miss this more than anyone realizes because I grew up loving this great game and was awarded a fantastic opportunity to own one of the 30 Major League clubs. We watched this club painfully come up 90-feet short in 2014 and then ultimately win that coveted World Series trophy in 2015. I will never forget the thrill of seeing over 800,000 people of this community come together on one sunny November day to salute the newly-crowned World Champions. It’s been a fantastic ride and I want to thank our great fans for supporting us through the years but now it’s time for someone else to oversee this franchise into its next championship and in John Sherman, we’ve found the perfect individual.”

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