KANSAS CITY, Mo. -- David Glass and his family have agreed to sell the Kansas City Royals to an ownership group led by Kansas City entrepreneur John Sherman in a deal that is expected to be worth about $1 billion.

The Royals announced the sale in a statement Friday, just days after word began to leak that the Sherman group was closing in on an agreement. Sherman and his co-investors will become the third owners since another local businessman, Ewing Kauffman, founded the club in 1969.

"The decision to sell the Royals was difficult for our family," Glass, the team's owner and CEO since he acquired the team in April 2000, said in the 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."
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