Major League Baseball has approved the sale of the Kansas City Royals to Kansas City businessman John Sherman.
Team owners voted Thursday to approve the sale of the team. David Glass purchased the team in 2000 for $96 million.
Today’s deal is believed to be valued at $1 billion. Sherman has served on the boards of numerous companies and non-profit organizations in the Kansas City-area, including the Kaufman Foundation, a non-profit organization founded by late Royals owner Ewing Kauffman.
He is a minority owner of the Cleveland Indians, and is reportedly active in management of the team. It’s unclear if he will have to sell his percentage of the Indians.
He also serves on the audit committee of Major League Baseball.
