Bob Nightengale of USA Today reported earlier Friday the $1 billion deal will become official with a vote at the owners' meetings in November.
Joel Goldberg of Fox Sports Kansas City provided a team statement confirming the sale:
Cliff Illig, the principal owner of MLS' Sporting Kansas City, told Sam McDowell and Lynn Worthy of the Kansas City Star he thought Sherman would be a great fit for the Royals.
"I think the transition for someone like him would be a lot easier," Illig said. "He knows the organizational structures. He has a good handle on player transactions. He's well-informed. And he's one of those guys who rolls up his sleeves and figures it out."
Sherman accumulated his wealth through entrepreneurial ventures, including energy company LPG Services, which later merged with Dynegy.
He's a former Royals season-ticket holder and said in 2016 being a fan is an integral part of eventually owning and operating a successful MLB organization, per Rustin Dodd of the Kansas City Star.
"You really have to be a fan," Sherman said. "It starts with baseball. It's a business, and it's an interesting business. But if you're not a fan, I don't think you'll enjoy the business. It starts with being a fan."
Once the deal is approved—there's no sense Sherman will face an opposition—he'll inherit a Royals franchise in the middle of a large-scale rebuilding project.
Kansas City won the 2015 World Series by defeating the New York Mets. It hasn't qualified for the playoffs since that championship, however, and is on pace for its second straight 100-loss campaign.
Bleacher Report's Joel Reuter ranked the Royals' farm system at No. 11 in MLB following the July 31 trade deadline. His rankings noted most of the team's top prospects were still in the lower levels of the minor leagues, which suggests the rebuild still has a year or two left.
Sherman and the K.C. fanbase will need to exercise some patience early in his ownership tenure.