Terms of the purchase were not announced and is subject to approval by Major League Baseball. The matter is expected to be discussed at the Nov. 20-21 owners meetings in Dallas.
“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, via press release. “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.”
Glass and his family acquired the Royals for $96 million in 2000 from original owner Ewing Kauffman, who procured the expansion franchise in 1969.
“As for my family, it has been an amazing run since we gained control of the franchise in 2000,” Glass added. “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.”
“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 said via press release. “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 no stranger in MLB circles, serving as an owner and vice chairman of the Cleveland Indians since 2016, serving as a member of the MLB Audit Committee. He has founded two successful businesses, LGP Services Group and Inergy LP, based in Kansas City, Missouri, as well as being active in philanthropic circles, serving as past chair of the Civic Council of Greater Kansas City and the Truman Library Institute. He is also a trustee of both the Kauffman Foundation and the National World War I Museum and Memorial.
Morgan Stanley & Co. LLC is acting as sole financial advisor to the Glass Family and Kansas City Royals, and Katten Muchin Rosenman LLP is serving as legal advisor. Inner Circle Sports LLC and Bowood Capital Advisors, LLC are serving as financial advisors to the Sherman Group, and Covington & Burling LLP is serving as legal counsel.