The Kansas City Royals have changed hands from David Glass to an ownership group led by John Sherman and that includes actor Eric Stonestreet and local businessmen.

The purchase of the Royals for approximately $1 billion was approved unanimously by the owners of the other big league clubs at their meeting last Thursday. The financial closing occurred Monday, and Sherman was to be introduced at Kauffman Stadium on Tuesday afternoon.

His group is just the third owner of the Royals since their inception in 1969, when Ewing Kauffman established the team. The Glass family served as caretakers of the franchise following Kauffman’s death before purchasing it outright and retaining control until this year.