Kansas City Royals owner David Glass is negotiating a deal to sell the team to local businessman John Sherman for more than $1 billion, ESPN's Jeff Passan reports.

By the numbers: "The valuations of baseball franchises have skyrocketed in recent years, though the price of the Royals is expected to fall short of the most recent sale, when Bruce Sherman bought the Miami Marlins for $1.2 billion," writes Passan.

  • Meet the seller: Glass, 84, is the former CEO of Wal-Mart and purchased the Royals for $96 million in 2000, meaning he could see a nearly tenfold return on his investment less than two decades later.
  • Meet the buyer: Sherman, an energy entrepreneur, is currently a minority owner of the Cleveland Indians. Should this deal go through, he would divest himself from the Indians.

Go deeper...The Athletic: A new Royals owner could mark the dawn of a new era for Kansas City baseball

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