Kansas City Royals owner David Glass and his family announced Friday they will sell the baseball team to a group of investors led by local businessman John Sherman. The sale is expected to be worth about $1 billion.
“The decision to sell the Royals was difficult for our family,” Glass said. “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. 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.”
Sherman, a former Royals season-ticket holder, is a Kansas City native and has been a minority owner of the Cleveland Indians since 2016. He’ll have to sell his stake in the Indians before taking over the Royals. He and his partners will become the third ownership group since the franchise was founded by Ewing Kauffman in 1969.
“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.”
Glass, the former president and CEO of Walmart, bought the Royals in April 2000 for $96 million. Forbes estimated in April that the Royals are the 28th-most valuable franchise in Major League Baseball, with a total value of $1.025 billion. The 83-year-old’s decision to sell the team was brought on by “private health reasons,” according to USA Today.
“As for my family, it has been an amazing run since we gained control of the franchise in 2000,” Glass said. “I will miss this more than anyone realizes because I grew up loving this great game and was awarded a fantastic opportunity to own one of the 30 Major League clubs. We watched this club painfully come up 90-feet short in 2014 and then ultimately win that coveted World Series trophy in 2015. I will never forget the thrill of seeing over 800,000 people of this community come together on one sunny November day to salute the newly-crowned World Champions. It’s been a fantastic ride and I want to thank our great fans for supporting us through the years but now it’s time for someone else to oversee this franchise into its next championship and in John Sherman, we’ve found the perfect individual.”
The Miami Marlins were the last MLB team to be sold, going for $1.2 billion in 2017. With a current value of $1 billion, they’re the least valuable franchise in baseball, according to Forbes.
The Royals have only made the playoffs nine times in the club’s 50-year history but have appeared in four World Series, winning two (1985 and 2015).
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FAQs
-- David Glass and his family on Friday announced the sale of the Kansas City Royals to an ownership group led by local entrepreneur John Sherman in a deal expected to be worth about $1 billion. The Royals announced the sale just days after word began to leak that the Sherman group was closing in on an agreement.
How much did John Sherman buy the Kansas City Royals for? ›
Glass bought the club for $94 million in 2000, and Sherman and his group took over with a $1.1 billion purchase five years ago.
How much did David Glass sell the Royals for? ›
The Kansas City Royals are being bought by Kansas City businessman and former Cleveland Indians minority owner John Sherman for $1 billion from David Glass. The deal, first reported by the Kansas City Star, has been confirmed by Forbes with sources familiar with the transaction.
Who is the new owner of the KC Royals? ›
Since 2019, the team has been owned by majority owner John Sherman, amongst many other Kansas City business owners and entrepreneurs.
Does Patrick Mahomes own the Kansas City Royals baseball team? ›
This opportunity allows me to deepen my roots in this community, which is something I'm excited to do.” Mahomes became a co-owner of the Royals a few weeks after signing a $450 million contract extension with the Chiefs. Royals shortstop Bobby Witt Jr. is following in Mahomes' footsteps in one regard.
How much are the Kansas City Royals does Patrick Mahomes own? ›
Mahomes has a 1% stake in Major League Baseball team Kansas City Royals. 6 The team is valued at $1.2 billion, according to Sportico.
Who is the highest paid Kansas City Royals? ›
Witt Jr. is now the highest-paid Royal of all time pulling in over $26 million per year in base salary. That tops the $20 million per year average that Royals catcher Salvador Perez has earned ever since he signed his four-year, $82 million contract in 2021.
How much did Patrick Mahomes buy the Royals for? ›
It's estimated that Mahomes invested $10 million in the Kansas City Royals. He bought a 1% share in the team, which made him the league's youngest owner at 24. Mahomes said, "I'm delighted to be able to further my roots in this community with this chance."
How much is KC Royals worth? ›
Composition
| Team | Value | Market |
|---|
| Kansas City Royals | $1.2 billion | $0.385 billion |
| Cincinnati Reds | $1.19 billion | $0.405 billion |
| Oakland Athletics | $1.18 billion | $0.421 billion |
| Miami Marlins | $1 billion | $0.281 billion |
26 more rowsForbes magazine valued the club at $1.23 billion in March 2024.
Chiefs' heiress Gracie Hunt anticipates Super Bowl showdown: "Ready to make more memories" NFL.
How many owners does the Royals have? ›
On August 30, 2019, John J. Sherman reached an agreement to purchase the Kansas City Royals from the Glass family, officially becoming the franchise's third owner on November 25, 2019. Having lived in Kansas City for over 40 years, Mr.
Who is the daughter owner of the Chiefs? ›
Gracie Hunt, the daughter of the Kansas City Chiefs' owner, Clark Hunt, has shared what she's learned about the world as she turns 25 and celebrates with her close friends. What did the billionaire nepo-baby say she's discovered?
What does Patrick Mahomes wife own? ›
Mahomes married NFL quarterback Patrick Mahomes, whom she had dated since high school, in 2022. They have two children, a daughter and a son. Patrick later joined her as a minority-stake owner of the Kansas City Current.
How rich is Brittany Mahomes? ›
With an estimated net worth of $10 million at the age of 28, Brittany's financial success reflects her individual achievements and prowess.
Does Patrick Mahomes still own the Royals? ›
Patrick Mahomes now has a stake in three Kansas City teams after joining Current ownership. He also is part-owner of Royals and Sporting Kansas City.
How much were the Kansas City Royals sold for? ›
-- David Glass and his family on Friday announced the sale of the Kansas City Royals to an ownership group led by local entrepreneur John Sherman in a deal expected to be worth about $1 billion.
Is John Sherman a billionaire? ›
Crestwood was bought out by Energy Transfer Partners in October of 2023. In 2016, Sherman purchased a minority stake in the Cleveland Indians. You don't play at that table unless you have some money. Sherman is reportedly a billionaire, and I don't doubt that.
How much is the Kansas City Royals worth? ›
Forbes magazine valued the club at $1.23 billion in March 2024.
