Report: Cleveland Indians minority owner making moves to purchase Kansas City Royals for roughly $1 billion

Report: Cleveland Indians minority owner making moves to purchase Kansas City Royals for roughly $1 billion
Cleveland Indians catcher Kevin Plawecki (27) tags out Kansas City Royals' Bubba Starling (11) at home plate during a scoring attempt in the second inning of a baseball game at Kauffman Stadium in Kansas City, Mo., Friday, July 26, 2019. (AP Photo/Colin E. Braley) (Source: Colin E. Braley)

CLEVELAND, Ohio (WOIO) - Investors led by Cleveland Indians minority owner John Sherman are in talks to purchase the Kansas City Royals, The Athletic reported Tuesday.

Valuation on MLB franchises has spiked over recent years, and the price tag for the Royals would likely exceed $1 billion.

Sherman, an energy entrepreneur, bought a piece of the Indians from owner Paul Dolan in August 2016, according to ESPN.

The investment group is in ongoing talks with Royals owner David Glass to secure the deal.

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