KANSAS CITY (KCTV) – After days of speculation, the reports of the sale of the Kansas City Royals have been proven true.

In a release from the club Friday afternoon, the Kansas City Royals announced that Chairman David Glass and his family have reached an agreement to sell the team to a group of Kansas City investors lead by John Sherman.

The new ownership group would mark the third change in ownership of the team, which was founded by Ewing Kauffman in 1969 and bought by Glass in 1999.

“The decision to sell the Royals was difficult for our family,” David Glass said in the statement. “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.”

Sherman, a local entrepreneur who made his fortunes in the energy sector, is currently a minority owner in the Cleveland Indians. Glass cited Sherman’s passion for the game as one of the reasons his family is happy with the sale.

“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,” the former Walmart chairman and CEO said. “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.”

“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. “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 supported many Kansas City philanthropic interests, including the Civic Council of Greater Kansas City and the Truman Library Institute; and he is also a trustee of both the Kauffman Foundation and the National World War I Museum and Memorial.

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