MLB Owners Approve Kansas City Royals' $1B Sale

Law360 (November 21, 2019, 8:01 PM EST) -- Major League Baseball owners unanimously approved the sale of the Kansas City Royals by owner David Glass to a new ownership group led by energy businessman John Sherman during the annual owners meetings in Arlington, Texas, commissioner Rob Manfred said Thursday.

Sherman takes control of the club from Glass, the former president and chief executive officer of Wal-Mart Stores Inc., in a sale valued at a reported $1 billion. The sale is expected to close within the next week, Manfred said in a statement.

The sale marks only the second time in the team's history that it has changed hands. Glass...

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