Local Investors Buy Kansas City Royals in the Glass Family

A group of local investors led by John Sherman buys the Kansas City Royals from David Glass and his family, become the third largest property group in the Major League Baseball franchise.

Terms of purchase have not been announced and are subject to the approval of Major League Baseball. The issue should be discussed at the Dallas Owners' Meetings November 20-21.

"The decision to sell the Royals has been difficult for our family. Our goal, which I firmly believe I have achieved, was to have a local, who really liked baseball and who would be an excellent stage manager for this franchise. At John Sherman, we found everything we were looking for to make this franchise a reality, "said David Glass, owner and CEO of the team since it was acquired in April 2000, by press release. "John Sherman and his group have far exceeded our hopes for the next baseball goalie Royals. His love for Kansas City and the baseball game is well documented, as are his philanthropic actions in the surrounding communities. A native of this region, John has had a tremendous impact on our business world and is so passionate about baseball that he acquired a stake in the Cleveland Indians three years ago to begin his relationship with this great game. We are truly fortunate to be able to count on someone from the metropolitan area having John's stature and business acumen to take the reins of this organization. "

Glass and his family acquired the Royals for $ 96 million in 2000 from their original owner, Ewing Kauffman, who had bought the expansion franchise in 1969.

"As far as my family is concerned, the race has been amazing since we took control of the franchise in 2000," added Glass. "I will miss it more than everyone else realizes because I grew up loving this great game and I had the fantastic luck of owning one of the 30 clubs in the Major League. In 2014, we witnessed a shortage of 90 feet in this club, which finally won the coveted World Series trophy in 2015. I will never forget the pleasure of seeing more than 800,000 people from this community come together on a sunny November day to greet the new crowned world champions It's a fantastic race and I want to thank our big fans for supporting us over the years, but now is the time for someone one oversees this franchise for his next championship and, in John Sherman, we have found the ideal individual. "

"I am extremely grateful to David and the Glass family for this extraordinary opportunity, and I am touched by the opportunity to team up with a group of reputable local investors to continue and develop this rich Kansas City heritage." Royals, "said Sherman via the Liberation Press. "Our goal will be three-fold: compete for a championship on behalf of our fans; honor their passion, their experience and their unwavering commitment; and continue their hopes and dreams in this great Kansas City area that we all love – for decades. "

Sherman is no stranger in the MLB circles, holding the position of owner and vice president of the Cleveland Indians since 2016, and part of the MLB's audit committee. He founded two successful companies, LGP Services Group and Inergy LP, based in Kansas City, Missouri, and is also active in philanthropic circles. He has also served as Chair of the City Council of Kansas City and the Truman Library Institute. He is also a trustee of the Kauffman Foundation and the First World War Museum and Memorial.

Morgan Stanley & Co. LLC acts as sole financial advisor to the Glass family and Kansas City Royals, while Katten Muchin Rosenman LLP serves as legal counsel. Inner Circle Sports LLC and Bowood Capital Advisors, LLC act as financial advisors for Sherman Group, and Covington & Burling LLP as legal advisors.