MLB approves Sherman as Royals owner

ARLINGTON, Texas — Now it’s just a matter of paperwork and the transfer of about a billion dollars for John Sherman to officially take over as the new principal owner of the Kansas City Royals.

Major League Baseball’s owners voted unanimously to approve the sale of the club by David Glass to an ownership group led by Sherman, a Kansas City businessman and former Cleveland Indians minority owner.

The vote took place Thursday morning on the final day of the MLB owners’ meetings at Live! by Loews-Arlington across the street from the Texas Rangers soon-to-be former home Globe Life Park and a stone’s throw from the club’s new ballpark, which is still being constructed, Globe Life Field.

“I’m deeply appreciative of the commissioner’s office and my fellow owners for their confidence and trust in the vote today,” Sherman said in a brief statement from a lectern emblazoned with the MLB logo. “It’s a responsibility that I’ll take very seriously.”

Sherman did not take questions, but a Tuesday news conference is scheduled in Kansas City after the financial transaction becomes official.

MLB commissioner Rob Manfred made the announcement at the beginning of his summation of the meetings, after several owners had already filed out and others continued to make their way to their various corners of the country.

Manfred spoke highly of Sherman and his Kansas Citybased ownership group. Manfred described Sherman as having a “unique advantage” after a three-year “indoctrination” as a minority owner with the Cleveland Indians and partner to principal owner Paul Dolan. Sherman and Dolan spent time during this week’s meetings, including a tour of the Rangers’ construction site.

Sherman became a minority owner and vice chairman of the Cleveland Indians in 2016. He has also served as a member of the MLB Audit Committee.

“The Indians are regarded to be a very well run and obviously very competitive on the field organization,” Manfred said. “I think the opportunity to function inside a quality major-league organization gives John a unique opportunity to take over in Kansas City and not miss a step, and continue the historic success that franchise has had.”

Manfred acknowledged that Sherman originally joined the Cleveland ownership group with designs on becoming the controlling partner in the group. Sherman has agreed to sell his share of the Indians, which will be controlled by an independent trustee, according to a statement from Dolan.

“I would be remiss if I didn’t mention that there was a very moving moment during the major league meeting when the clubs thanked David Glass for the amazing service that he had done for the industry over the last 25 years, for his stewardship of the Kansas City franchise,” Manfred said. “I think for a lot of us — me included — David has kind of been the center of our industry in a lot of ways.”

The Glass family announced its intention to sell the franchise to Sherman’s group in late August following multiple reports that an agreement had been reached to transfer ownership for $1 billion.

Glass, the former president and CEO of Walmart, spent 20 seasons as owner and CEO of the Royals. He was appointed interim chairman and CEO after the death of Ewing Kauffman, the Royals’ first owner, in 1993. In April 2000, the Glass family acquired the Royals from Kauffman’s estate for $96 million.

In April, Forbes estimated the Royals were worth $1 billion.

During Glass’ tenure, the Royals reached back-to-back World Series, in 2014 and 2015, winning the 2015 championship. They also finished with 100 or more losses six times under Glass.