Sherman’s group is reportedly buying the organization from David Glass for $1 billion.
“We’re very supportive of John and his group reaching an agreement to acquire ownership of his hometown Kansas City Royals,” Indians owner Paul Dolan said in a statement.
Sherman will have to sell his shares of the Indians before he and his investors officiall acquire the Royals in November. Dolan could purchase his shares or look for another minority investor. Sherman joined the Indians in 2016.
“His acquisition of the Royals is good for the game of baseball and I wish him the best,” Dolan said. “John has been a great partner of ours since 2016 and we are grateful for his contributions to our organization in his time with us. Moving forward, this transition will not alter our organization’s operational approach. We remain committed to our pursuit of winning the World Series while creating a compelling fan experience.”
Sherman takes over a rebuilding Kansas City organization that won the World Series in 2015.
“I am enormously grateful to David and the Glass Family for this extraordinary opportunity,” Sherman said in a statement, “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. 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.”
For more on Sherman, listen to Chris Rose's interview with Baskin and Phelps below: