Cleveland Indians owners sell minority stake in team to Kansas City businessman

The Cleveland Indians have announced that John Sherman, a Kansas City-based entrepreneur, has joined current team owners, Paul and Larry Dolan, as vice chairman and minority ownership partner.

Sherman is credited with starting a propane company, LPG Services Group, which later merged with Dynegy in 1996, according to a press release from the Indians earlier today.

On the acquisition, Paul Dolan had this to say:

I am pleased to conclude the process and am thrilled to be partnering with John Sherman. John has an impressive business track record and shares the community oriented values that we believe in. I am eager to have John join our ownership group

According to the Dolans when the news of the team looking to sell a minority stake in the company first broke last year, the process of finding a new vice chairman has been ongoing for nearly two years. In order to assist in the process, the Indians hired Allen & Co., an investment bank based in New York.

Estimates at the time had the Indians valuing the team at $800 million, although its true value was thought to be closer to $600 million according to “industry sources.”