KANSAS CITY, MO (KCTV) – A new report Friday morning says the deal to sell the Kansas City Royals is done.
According to USA Today MLB columnist Bob Nightengale, team owner David Glass has agreed to sell the club to a group led by Kansas City businessman John Sherman for $1 billion.
Nightengale’s notes that the deal would become official in November when ratified by other league owners.
KC #Royals owner David Glass has agreed to a deal for $1 billion with KC businessman John Sherman, a Cleveland #Indians minority owner, which will become official in November when ratified by the #MLB owners.— Bob Nightengale (@BNightengale) August 30, 2019
Sherman currently is a minority owner in the Cleveland Indians. He would have to divest himself of his stake in that organization prior to taking ownership of the Royals.
When asked by KCTV5 News about the development Friday, a spokesman for the Royals said the club continued to have no comment on the possibility of a sale.
Earlier this week, Nightengale reported that the rush to sell the club by Glass was due to "health reasons."
Glass bought the team in 2000 for approximately $96 million after serving on the foundation that took ownership of the club following the death of original team owner Ewing Kauffman.
In the 19 years since Glass bought the team outright, the value has skyrocketed, with Forbes valuing the club earlier this year at $1.025 billion.
This is a developing story. Please stay with KCTV5 News and KCTV5.com for updates.