Skip to main content
Philanthropy Journal Home

Philanthropy Journal News

Philanthropic delivery – Team’s sale to boost charities

 | 

Offers to buy the Kansas City Royals baseball team have ballooned from $75 million to $115 million, with all proceeds from the sale to benefit local charities, the Associated Press reports.

Thanks to the succession plan written by founder Ewing Kauffman before his death in 1993, Kansas City charities will benefit from all proceeds from the sale of the club.

Kauffman also stipulated that the team’s board of directors may favor a lower bid to keep the team in Kansas City.

New York lawyer Miles Prentice and Denver billionaire Donald Sturm lead the bidding with offers of $115 million each. 

David Glass, the Royals’ chairman and retiring Wal-Mart CEO, trails with a $90 million bid, which has been matched by rum heir Facundo Bacardi.

A fifth bidder has emerged whose identity is unavailable, AP reports.

The team’s board of directors is split over whether to approve Glass — a close friend of several major league owners and Kauffman’s preferred successor — or one of the higher bids.

Leave a Response

Your email address will not be published. All fields are required.