Kansas City Royals owner David Glass is discussing the sale of the franchise to local businessman John Sherman, multiple media outlets reported Tuesday.
The Athletic, which first reported the news, indicated it was not known if the two sides were close to a deal. ESPN reported a price tag of more than $1 billion is being discussed, and the deal is expected to be finalized.
The team issued a statement in response to the reports, reading: "The Kansas City Royals are not in a position to make any comments on the published speculation regarding any potential sale of the ball club. The Royals will make no further statements at this time."
Glass, who turns 84 on Sept. 2, bought the team for $96 million in April 2000. He had served the previous 6 1/2 years as CEO and chairman of the team following the death of founding owner Ewing Kauffman, for whom the stadium is still named. Glass's son, Dan, is the Royals' president.
Sherman has been a part-owner of the Cleveland Indians since 2016 and would divest himself of that team if the Royals deal goes through. He is the CEO of Kansas City-based MLP Holdings and is on the board of trustees for the Ewing Marion Kauffman Foundation.
Any agreement would be subject to approval by MLB owners.
--Field Level Media