John Stanton will become the chairman and CEO of the Seattle Mariners, the club announced in a release on Wednesday.

Stanton's group purchased a majority ownership stake in the Mariners. He previously held a minority stake. The ownership change is subject to approval by Major League Baseball and may not become official until August.

The franchise was valued at $1.4 billion, meaning the new ownership group spent $1.26 billion to purchase a 90 percent stake.