Jay Biggerstaff-USA TODAY Sports

The Kansas City Royals will reportedly be getting a new owner.

According to Bob Nightengale of USA Today, Royals owner David Glass has formally agreed to sell the team to Cleveland Indians minority owner John Sherman for $1 billion. The deal is expected to be formally ratified by the other 29 owners in November.

The widely-rumored sale thus looks set to come to fruition. Glass has been the Royals’ chairman since 1993 and sole owner since 2000. Aside from a brief run of success that culminated in a World Series win in 2015, his tenure has seen little in the way of on-field success. The fact that the organization is still worth $1 billion underscores just how valuable MLB franchises are.

Sherman, a Kansas City businessman who is already part of an ownership group in Cleveland, is reportedly expected to have little trouble being approved by the rest of the league’s owners for his new role.

This article first appeared on Larry Brown Sports and was syndicated with permission.

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