Pohlad Family Retains Ownership of Minnesota Twins
The Minnesota Twins are no longer up for sale, as announced by Joe Pohlad, the executive chair. This decision comes after a thorough examination of various options over the past ten months.
Instead of selling the team, the Pohlad family plans to maintain their ownership while bringing in new investors. The Twins were initially purchased in 1984 by Joe’s grandfather, Carl Pohlad, for $44 million.
“For over 40 years, our family has had the privilege of owning the Minnesota Twins,” Joe Pohlad stated. “This franchise is a part of our family’s journey and means a lot to our employees, players, the community, and fans. We have explored numerous investment opportunities in recent months, focusing on the franchise’s long-term health while being open to various possibilities.”
According to Pohlad, they are working on adding two significant limited partnership groups to introduce fresh ideas and strengthen key partnerships for the long-term vision of the franchise, which began as the Washington Senators in 1961.
The specifics of these new investors remain confidential, pending approval from Major League Baseball.
Recently, Forbes estimated the franchise’s value at $1.5 billion, positioning it 23rd among MLB teams. Other sources, like Sportico and CNBC, have placed the valuation higher at $1.7 billion and $1.65 billion, respectively.
The Pohlad family had engaged Allen & Company, a New York-based investment bank, to navigate the sale process. Reports indicated that Justin Ishbia, affiliated with the NBA’s Phoenix Suns, was a leading candidate for purchase.
However, Ishbia has since become a limited partner with the Chicago White Sox, a situation confirmed by MLB commissioner Rob Manfred during the All-Star break, although he didn’t mention Ishbia specifically.
As attendance has dwindled at Target Field, the Twins traded 10 players ahead of the July 31 deadline, which has led to frustration among the fans. The ownership’s decision to pause the sale isn’t likely to boost the spirits of Minnesota baseball enthusiasts, who have been yearning for a World Series title since 1991.
The Twins did manage to win a playoff series for the first time in over two decades, but fans remain doubtful, especially in light of recent trades that included notable players. Joe Pohlad acknowledged the passionate voices from the community and emphasized their commitment to building a winning team culture.
Before a recent game against the New York Yankees, manager Rocco Baldelli expressed his contentment with the Pohlad family’s continued involvement, noting that their management style was a significant factor in his decision to join the organization.
This season, the Twins started with a player payroll exceeding $142.8 million, but recent trades have shaved approximately $26 million off that figure.
In a notable salary dump, shortstop Carlos Correa was traded back to the Houston Astros, leaving another All-Star team behind him. Pohlad acknowledged the dissatisfaction among fans but expressed optimism about brand rebuilding and roster improvement.
He mentioned that one of the upcoming investors is based in Minnesota, while the other family is situated on the East Coast. Furthermore, Pohlad clarified that the roster changes were not a direct result of ownership mandates but were mainly baseball decisions aimed at flexibility.
