Crestwood board member purchases Kansas City Royals

September 11, 2019 By    

John Sherman, a member of the Crestwood Equity Partners board of directors, will lead a group of investors in acquiring the Kansas City Royals baseball club.

The George Brett statue at Kaufman Stadium, home of the Kansas City Royals, in Kansas City, Missouri. Photo by Kevin Yanik

The George Brett statue at Kauffman Stadium, home of the Kansas City Royals baseball club, in Kansas City, Missouri. Photo by Kevin Yanik

Sherman and the co-investors mark the third owner of the Royals since the team’s inception in 1969. Closing of the transaction is subject to satisfaction of customary closing conditions, including Major League Baseball approval.

David Glass, owner and CEO of the Royals since acquiring the team in April 2000, says deciding to sell the Royals was a difficult family decision. The Glass family believes Sherman, a Kansas City native, will be a “great steward” of the franchise.

“In John Sherman we have found everything we were looking for in taking ownership of this franchise,” Glass says. “John Sherman and his group far exceeded our hope for the next caretaker of Royals baseball. His love for Kansas City and the game of baseball is well documented, as are his philanthropic endeavors in the surrounding communities. A native of this area, John has made a huge impact in our business community and is so passionate about baseball that he purchased an ownership stake in the Cleveland Indians three years ago to begin his relationship with this great game. We are truly blessed to have someone of John’s stature and business acumen available to us from the metropolitan area to take the reins of this organization going forward.”

The Glass family oversaw the Royals during its 2015 World Series championship.

“It’s been a fantastic ride, and I want to thank our great fans for supporting us through the years,” Glass adds. “Now it’s time for someone else to oversee this franchise into its next championship, and in John Sherman, we’ve found the perfect individual.”

Sherman started and developed two businesses based in Kansas City, Missouri. His first startup, LPG Services Group, eventually merged with Dynegy in 1996. Sherman later founded Inergy, which became a public company in 2001. He led Inergy through a period of growth, merging it with Crestwood Holdings in 2013. Sherman continues to serve on the board of the merged company, Crestwood Equity Partners.

“I am enormously grateful to David and the Glass family for this extraordinary opportunity,” Sherman says. “I am humbled by the chance to team up with a distinguished group of local investors to carry forward and build on this rich Kansas City Royals legacy. Our goal will be threefold: to compete for a championship on behalf of our fans; to honor their passion, their experience and their unwavering commitment; and to carry their hopes and dreams forward in this great Kansas City region we all love for decades to come.”

*Featured image:

This article is tagged with , and posted in News
Avatar photo

About the Author:

Joe McCarthy was an associate editor at LP Gas Magazine.

Comments are currently closed.