Kansas City Royals owner John Sherman, on Tuesday afternoon, wrote an open letter detailing the franchise's plans to replace Kauffman Stadium. With the Royals' lease on the stadium they've called home since 1973 set to expire in 2031, Sherman announced that the franchise is in the preliminary stages of exploring a location for an estimated $2 billion stadium and entertainment district, which Sherman envisions to become a bustling hub of commercial enterprise.

The franchise aims for a “private-public” partnership, which means that the Royals are soliciting funds from the local government to aid in the construction of a new stadium.

Sherman's full statement can be read in the tweet posted by the official Royals Twitter account below:

Kauffman Stadium has been in operation for over 50 years, and is the sixth-oldest stadium currently used in MLB. Thus, John Sherman noted that further renovations would end up costing more than an investment in a new place to call home. In the late 2000s alone, stadium renovations cost an estimate of $250 million (around $347 million when adjusted for inflation in 2022).

“As you may already know, it’s become challenging to maintain The K. When its current lease with Jackson County concludes at the end of this decade, it will be 60 years old. The renovations required at The K to achieve our objectives would cost as much or more than the price tag to develop a new ballpark. A new home would be a far better investment, both for local taxpayer dollars already supporting our facility, and for the Kansas City community,” Sherman wrote.

Sherman also made sure to note the considerable economic impact the construction of a new stadium could entail for the Kansas City community.

“Construction of this new ballpark district could create 20,000 jobs, $1.4 billion in labor income, and an estimated $2.8 billion in total economic output, as well as spur additional adjacent investment,” Sherman added.

The Royals have endured a tough few years at the bottom of the standings, and are currently in the midst of a lengthy rebuild. Perhaps the construction of a new stadium could mark the dawn of a new era for a franchise in dire need of a fresh start.