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 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.
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.
Sherman, 64, has been known as a successful entrepreneur who started two energy companies. His first, LPG Services, merged with Dynegy, a regional electric company.
In 1996, he founded Inergy, a propane firm that merged with Crestwood Midstream Partners in 2013. He still serves on the board of directors for both Crestwood Equity Partners, which gathers, treats and transports natural gas. The firm earned nearly $4 billion in revenue last year.
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.