Kansas City businessman John Sherman has finalized an agreement with David Glass to purchase the Royals for $1 billion, a high-ranking MLB official told USA TODAY Sports, which is expected to be officially approved in November at the Major League Baseball owners meetings.

The official spoke on the condition of anonymity because he was not authorized to speak publicly, said the deal is only a formality at this point with negotiations beginning this summer. Sherman raised the necessary capital to satisfy Glass.

Sherman, 64, is expected to be introduced as the third owner of the Royals’ franchise since its inception in 1969 on Nov. 21 at the owners’ meetings in Arlington, Texas.

The Royals will not comment on the sale until it becomes official.

The Royals’ silence on the sale may also be out of respect to Glass, 83, who is undergoing health problems, which prompted him to sell the team.

Sherman, a minority owner of the Cleveland Indians, has a strong reputation among fellow owners and was strongly recommended by Indians owner Paul Dolan.

Sherman, a long-time season-ticket holder for the Royals who made his money in the energy field and started two companies, became a minority owner of the Indians on Aug. 19, 2016. He slowly grew his investment over the years but never enough to have controlling interest.

Glass, who bought the Royals for $96 million in 2000, decided to sell only this year because of private health reasons, several friends close to Glass told USA TODAY Sports.

Sherman, the Indians’ vice chairman, will now have to relinquish his interest in the Indians’ franchise before the 2020 season.

Read more at usatoday.com