"We are very proud and excited to have Patrick as our partner in the ownership group of this franchise," Royals principal owner and CEO John Sherman said in a statement. "Along with the rest of Kansas City, I have watched Patrick compete and become an extraordinary leader, both on and off the football field."
"Consistent with the entirely of our ownership group, he has a deep commitment to Kansas City and a real passion for the game of baseball - dating back to his childhood," Sherman continued.
Mahomes' father, Pat, was an MLB pitcher from 1992 to 2003. Patrick, meanwhile, played baseball in high school, and the Detroit Tigers drafted him in the 37th round in 2014. He opted instead to play football at Texas Tech.
"I love this city and the people of this great town," Mahomes said. "This opportunity allows me to deepen my roots in this community, which is something I'm excited to do."
Earlier in July, the Super Bowl LIV MVP inked the biggest contract in sports history, agreeing to a 10-year extension worth $450 million in base salary.