ARLINGTON, Texas (AP) -- John Sherman has been approved as the new controlling owner of the Kansas City Royals, and his group plans to close its deal to purchase the last-place team from David Glass and his family next week.

Major League Baseball owners voted unanimously Thursday to approve the deal, which was announced Aug. 30 and was expected to be worth about $1 billion. Sherman and his local co-investors will become only the third owners since Ewing Kauffman founded the club ahead of the 1969 season.

Sherman, 64, has lived in Kansas City for more than four decades, even after he bought a non-controlling interest in the Cleveland Indians. He founded, built and then sold a series of energy companies.

"He had a three-year indoctrination with the Indians. The Indians are regarded to be a very well-run and obviously very competitive on the field organization," baseball Commissioner Rob Manfred said. "I think the opportunity to function inside a quality major league organization gives John a unique opportunity to take over in Kansas City, not miss a step."

Kansas City went 59-103, its second straight 100-loss season. Ned Yost, who led the Royals to their second World Series title in 2015, retired as manager and was replaced by Mike Matheny.

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