Royals owner David Glass has agreed to sell the franchise to local Kansas City businessman John Sherman and a group of investors, the team announced. Sherman and his co-investors will mark the third owner of the Royals since the team's inception in 1969 behind Ewing Kauffman and the Glass family.
No details surrounding the specifics of the sale were included in the release, but it was reported Tuesday that the price tag was more than $1 billion.
"The decision to sell the Royals was difficult for our family," Glass said in a statement.