Kansas City Royals' owner sells team for $1 billion

Kansas City Royals' owner sells team for $1 billion

Now-former owner David Glass and family sold the Royals to a group of Kansas City investors, led by John Sherman for $1 billion.

"The decision to sell the Royals was hard for our family", Glass said. "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".

Glass and the Royals showed the inside track in a remark launched on Friday afternoon. Our objective will likely be threefold: "to compete for a championship on behalf of our fanatics; to honor their interest, their revel in and their unwavering dedication; and to raise their hopes and desires ahead on this nice Kansas City area all of us love - for a long time to come".

Sherman also owns a minority share of the Indians but it was previously reported that he would divest himself of his share in Cleveland to buy the Royals.

The Royals confirmed the speculation Friday after reports surfaced that owner David Glass was looking to sell.

Sherman has lived in Kansas City for over four decades and is a long-time season-ticket holder for the Royals.

"As for my family, it has been an incredible run since we gained control of the franchise in 2000", Glass said.

Glass purchased the team for just $96 million, meanings he stands to make a 1,000% return on his investment. The Royals went through more lows than highs during his tenure, but did capture a World Series championship 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.

"John Sherman is a hell of a guy and would be a tremendous owner", James tweeted.

John Sherman is an entrepreneur, civic leader and philanthropist whose footprint in the Kansas City region has spanned the broadest reach. Sherman is a trustee for the Ewing Marion Kauffman Foundation and the University of Missouri-Kansas City. He has given time and money to the Truman Presidential Library in nearby Independence, the Negro Leagues Museum in Kansas City, and several local schools.

Sherman will be the third owner of the team, dating back to 1969 when Ewing Kauffman brought an Major League Baseball club back to Kansas City after the A's moved to Oakland.

"To perform like that in front of family and friends I'm sure feels great", manager Brandon Hyde said.

The loss of Sherman is likely to impact the Indians financial situation.



Latest news

JT Daniels out for rest of USC football season with torn ACL
USC opens Pac-12 play with a visit from Stanford next Saturday in the California private schools' annual way-too-early meeting. Slovis unexpectedly beat out redshirt junior Matt Fink and redshirt sophomore Jack Sears for the backup role this fall.

OR fall late to Auburn 27-21
Though Auburn topped 200 rushing yards, with JaTarvious Whitlow gaining 110 on 24 carries, almost half came on four big runs. While Oregon can still win the Pac-12, any hopes for the College Football Playoff were all but destroyed with the loss.

US, Taliban on ‘threshold’ of deal, says Khalilzad
More than 20,000 foreign troops are in the country, most serving as part of a NATO-led mission to train and assist Afghan forces. The biggest such fight is in the key northern city of Kunduz, where Taliban forces have been pushing into the area.

Death at Burning Man under investigation
The Washoe County Medical Examiner's Office on Friday identified the man found dead in a medical tent as Shane Billingham . The camp where Billingham was staying - Beats Beautique - held a memorial Thursday evening to honor the festival attendee.

Pogba will stay at Manchester United, insists Patrice Evra
Manchester United have not managed to replace the midfielder, so are set to keep him for at least this season. Pogba missed a penalty in United's 1-1 draw with Wolves , which handed penalty duties to Marcus Rashford .

Other news