KANSAS CITY, Mo. (AP) David Glass and his family on Friday announced the sale of the Kansas City Royals to an ownership group led by local entrepreneur John Sherman in a deal expected to be worth about $1 billion.
The Royals announced the sale just days after word began to leak that the Sherman group was closing in on an agreement. Sherman and his co-investors will become the third owners since another local businessman, Ewing Kauffman, founded the club in 1969.
The 83-year-old Glass and his family helped serve as caretakers of the club following Kauffman’s death in 1993, and they took ownership of the club for $96 million in April 2000.
