Glass has owned the Royals since 2000.
Royals owner David Glass has agreed to sell the franchise to local Kansas City businessman John Sherman and a group of investors, the team announced. Sherman and his co-investors will mark the third owner of the Royals since the team's inception in 1969 behind Ewing Kauffman and the Glass family.
No details surrounding the specifics of the sale were included in the release, but it was reported Tuesday that the price tag was more than $1 billion.
"The decision to sell the Royals was difficult for our family," Glass said in a statement. "Our goal, which I firmly believe we've achieved, was to have someone local, who truly loved the game of baseball and who would be a great steward for this franchise going forward. In John Sherman we have found everything we were looking for in taking ownership of this franchise."
He continued: "As for my family, it has been an amazing run since we gained control of the franchise in 2000. I will miss this more than anyone realizes because I grew up loving this great game and was awarded a fantastic opportunity to own one of the 30 Major League clubs. It's been a fantastic ride and I want to thank our great fans for supporting us through the years but now it's time for someone else to oversee this franchise into its next championship and in John Sherman, we've found the perfect individual."
Sherman also owns a minority share of the Indians but it was previously reported that he would 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.
The Royals reached the World Series in 2014 and won a championship in 2015 but have not made the playoffs since.