Referring to Kansas City as his “adopted home,” businessman John Sherman was formally introduced as the new owner of the Royals on Tuesday and said he aims to bring sustained success to the franchise.

“Our objectives are to compete for a championship on behalf of our fans,” Sherman said during a news conference at Kauffman Stadium. “I feel incredibly fortunate today to be sitting in this seat. But I also realize the privilege and responsibility that we have in this seat, on behalf of our fans, our players and coaches, our associates and our community. I look forward to the challenge.”

Sherman detailed how the transition from the team’s previous owner, David Glass, began with a simple phone call — one Sherman let go to voicemail, thinking it was a robocall — during Spring Training earlier this year. Sherman, then a minority owner with the Indians, was in Goodyear, Ariz., at the time. He later returned the call and was told that Glass intended to sell the team and that Sherman was his first choice to take over.

Glass purchased the team in 2000 for $96 million. Sherman reportedly purchased the team for close to $1 billion, several sources told MLB.com’s Jeffrey Flanagan. As part of the purchase, Sherman had to relinquish his minority stake with the Indians.

Sherman, whose purchase of the Royals was approved by the MLB owners at the annual Owners Meetings in Arlington last week, said he is hoping to transform the team into a consistent winner by putting his baseball decision-makers in the best position to succeed.

“I’m an investor; these guys are baseball professionals,” Sherman said. “Every day I’m trying to learn more about the game so I can help them be successful. But I think our role [as owners] is to understand what the objectives are, make sure we have really good people hired to carry them out and then find out how we can help. Allocate resources at the right place and the right time to help us field a competitive team on a sustainable basis.”