Kansas City Royals owner David Glass is negotiating a deal to sell the team for more than $1 billion, ESPN's Jeff Passan reported on Tuesday. The possibility of the sale was first reported by The Athletic.
According to Passan, Glass is looking to finalize the sale with John Sherman, a local businessman who also owns a minority share of the Cleveland Indians. Sherman would reportedly divest himself of his share in Cleveland to buy the Royals.
Glass, 84, bought the team for $96 million in 2000. His son Dan currently serves as the team's president.
In a statement to ESPN, the Royals organization said it is "not in a position to make any comments on the published speculation regarding any potential sale of the ball club" and added that no further statements would be made at this time.
The Royals reached the World Series in 2014 and won a championship in 2015 but have not made the playoffs since.