The Kansas City Royals have been bought by Kansas City businessman and former Cleveland Indians minority owner John Sherman for $1 billion
Glass purchased the Royals for $96 million in 2000, giving the outgoing owner an annualized price appreciation of 13%. In contrast, during the same period, the S&P 500 posted an annualized price gain of 4% .
The Royals are the first baseball team to be sold since a group led by Bruce Sherman purchased the Miami Marlins forThe Royals finished 26th out of MLB’s 30 teams in attendance last season, and in 2018 they generated $233 million in revenue—including more than $25 million from MLB’s—the third-lowest total in baseball. During the 19 seasons Glass owned the Royals, the team had three winning seasons, including 2015, when they won the World Series. Last season, the Royals went 53-109.
Baseball teams, as in virtually every sport, have appreciated in value mainly because of the rapid rise in the value of their media rights. In 2012, MLB agreed to deals with ESPN, Fox and Turner that the league’s rights fees. Last year, Fox extended that deal through 2028 at nearly a 50% annual average increase.
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