(Kansas City, MO) — The Royals could be under new ownership soon.

Multiple outlets report Royals owner David Glass is making arrangements to sell the team to Kansas City businessman John Sherman for more than one-billion-dollars.

Glass, a former Wal-Mart CEO, purchased the team in 2000 for 96-million-dollars.

Sherman is a minority owner of the Cleveland Indians and would divest himself of his Indians’ share to buy the Royals.

The Royals released a statement saying it is “not in a position to make any comments on published speculation regarding any potential sale.”