Aug. 30 (UPI) -- Kansas City businessman John Sherman reached an agreement with owner David Glass to purchase the Kansas City Royals, the team announced Friday.
The sale, which is expected to be approved at the MLB owners meetings in November, is projected to be worth about $1 billion, according to ESPN. The Royals announced the deal a few days after rumors circulated that an ownership group led by Sherman was nearing an agreement.
Sherman, 64, and his co-investors will become the third owners of the club since Ewing Kauffman founded the Royals in 1969.
"The decision to sell the Royals was difficult for our family," Glass said in a statement. "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."
Glass, 83, opted to sell the team due to health reasons, according to USA Today Sports. He originally purchased the Royals for $96 million in 2000.
Sherman has lived in Kansas City for over four decades and is a long-time season-ticket holder for the Royals. He made his fortune in the energy field and started two companies, eventually becoming a minority owner of the Cleveland Indians in 2016.
Sherman, the Indians' vice-chairman, will be required to sell his interest in the Indians before the 2020 season.
"I am enormously grateful to David and the Glass family for this extraordinary opportunity," Sherman said in a statement. "[I] 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."