MLB owners have approved the sale of the Kansas City Royals baseball club to area businessman John Sherman, as reported by ESPN’s Jeff Passan (Twitter link).
In August, word came that longtime Royals owner David Glass was discussing a potential sale with the KC-based Sherman, with the final price expected to exceed $1BB. Today’s procedural approval by owners and the league itself marks an official transition of ownership.
Sherman’s acquisition was never expected to be in serious doubt, in part due to the 64-year-old’s existing ties to the game. Sherman has been a minority stakeholder in the division-rival Indians since 2016, holding the official title of vice chairman since that time. Sherman, who made his fortune in the natural gas and energy industries, is expected to divest himself of his ties to the Indians now that this sale is approved.
Glass’ tenure as KC owner saw his club reach the broadest possible spectrum of highs and lows. Glass purchased the Royals for a reported $96MM back in 2000. Over the next two decades, the franchise would record 100-or-more losses in six separate campaigns, while reaching the World Series consecutively in 2014 and 2015 (ultimately bringing home a ring in ’15). Next year will mark the 14th full season of club direction under GM Dayton Moore, with the Royals currently engaged in another future-oriented youth movement.