- Dec 28, 2010
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Royals owner David Glass has agreed to sell the team to Kansas City businessman John Sherman for a sum of one billion dollars, USA Today’s Bob Nightengale reports (via Twitter). Sherman, currently the vice chairman of the division-rival Indians, will divest himself from the Cleveland organization once the agreement is ratified by the other 29 ownership groups in November. Talks of a potential sale were first reported by Ken Rosenthal and Jayson Stark of The Athletic earlier this week.
Nightengale tweeted yesterday that the sale of the Royals was motivated by health reasons for Glass, 83. The former CEO of Wal-Mart, Glass purchased the Royals for the sum of $96MM back in 2000. He was responsible for appointing Dayton Moore as the club’s general manager — a decision that resulted in a lengthy rebuild but ultimately culminated in consecutive World Series appearances, including the team’s drought-breaking World Series win over the Mets in 2015.
Royals owner David Glass is discussing a potential sale of the club with Kansas City businessman John Sherman, Ken Rosenthal and Jayson Stark of The Athletic report (subscription required). ESPN’s Jeff Passan tweets that the two are discussing a price worth north of $1 billion. Glass purchased the Royals in 2000 for a reported sum of $96MM.
Sherman, 64, is currently the vice chairman of the division-rival Indians, having purchased a minority stake in the team back in 2016. As Terry Pluto of the Cleveland Plain Dealer explored last year, Sherman was a Royals season-ticket holder at the time who’d made a fortune in starting natural gas and energy companies (LPG Services Group, Inergy L.P.) and selling them to larger entities. Sherman would, unsurprisingly, divest himself from the Indians organization if a sale is indeed agreed upon (per Passan).
There’s no indication that the two parties are close to an agreement, nor is there any indication that Glass is exploring other sale possibilities in the event that a deal with Sherman cannot be brokered. Asked about the report, general manager Dayton Moore told MLB.com’s Jeffrey Flanagan (Twitter link) that commenting on any potential sale of the club would be “inappropriate.” Glass has not publicly acknowledged the reported negotiations.
It's amazing how the value of teams has gone up so much. In 20 years, you go from $96M to $1B+.