Glass has been the Royals’ chairman since 1993 and sole owner since 2000. "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. He slowly grew his investment over the years but never enough to have controlling interest.Glass, who bought the Royals for $96 million in 2000, decided to sell only this year because of private health reasons, several friends close to Glass told USA TODAY Sports.Sherman, the Indians’ vice-chairman, will now have to relinquish his interest in the Indians’ franchise before the 2020 season. KC Royals owner David Glass announced Friday afternoon that he sold the team for $1.5 billion to Snapchat co-founder and CEO Evan Spiegel. David Glass formally agrees to sell Royals for $1 billionShow full articles without "Continue Reading" button for {0} hours. Owner David Glass bought the team for about $100 million in 2000 and will reportedly sell the club for just over $1 billion.
The fact that the organization is still worth $1 billion underscores just how valuable MLB franchises are.Sherman, a Kansas City businessman who is already part of an ownership group in Cleveland, is reportedly expected to A beloved lesbian baker in Detroit got a homophobic cake order. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
The Kansas City Royals will reportedly be getting a new owner. David Glass, the former Walmart president and CEO, bought the Royals in 2000 for $96 million, and is said to be selling for "private health reasons."
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The deal is expected to be formally ratified by the other 29 owners in November.The widely-rumored sale thus looks set to come to fruition. In John Sherman we have found everything we were looking for in taking ownership of this franchise.” Glass, 83, is undergoing health problems and likely prompted him to sell the team.Sherman, a minority owner of the Cleveland Indians, has a strong reputation among fellow owners and was strongly recommended by Cleveland owner Paul Dolan.Sherman, a long-time season-ticket holder for the Royals who made his money in the energy field and started two companies, became a minority owner of the Indians on Aug. 19, 2016.
Kansas City businessman John Sherman has finalized an agreement with David Glass to purchase the Royals for $1 billion, which is expected to be officially approved in November at the Major League Baseball owners meetings.Sherman raised the necessary capital to satisfy Glass.Sherman, 64, is expected to be introduced as the third owner of the Royals’ franchise since its inception in 1969 on Nov. 21 at the owners’ meetings in Arlington, Texas.“The decision to sell the Royals was difficult for our family," said Glass in a statement. The Kansas City Royals will reportedly be getting a new owner.According to Bob Nightengale of USA Today, Royals owner David Glass has formally agreed to sell the team to Cleveland Indians minority owner John Sherman for $1 billion. 4:17pm: The Royals have issued a press release confirming the agreement. Aside from a brief run of success that culminated in a World Series win in 2015, his tenure has seen little in the way of on-field success.
Glass, who bought the Royals for $96 million in 2000, decided to sell only this year because of private health reasons, several friends close to Glass told USA TODAY Sports.