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Report: Royals Owner David Glass Negotiating Sale of Team for $1 Billion

Glass is looking to finalize a deal with local businessman John Sherman, who is currently a minority owner of the Indians.

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.

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The Royals reached the World Series in 2014 and won a championship in 2015 but have not made the playoffs since.