Twins regroup after Justin Ishbia drops bid for White Sox deal: ‘Everything's on the table'

New York Times

22-02-2025

FORT MYERS, Fla. — The Minnesota Twins are hustling to regroup after learning late this week that a leading contender in their search for a new owner, the billionaire Justin Ishbia, has abandoned his bid for the team to instead acquire the Chicago White Sox.
Several team officials in spring training camp were caught off guard Friday when Ishbia's plans came to light. The Twins' process continues to move forward, according to a person with knowledge of the sale details, who said a number of 'interested parties' remain engaged. Some of them have already been vetted.
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However, the team's current ownership group, the Pohlad family, could also pull the team off the market if their price isn't met.
Said the source: 'Everything's on the table.'
People with knowledge of the situation believe Ishbia's deal with the White Sox comes with an eventual path to take a controlling interest from longtime owner Jerry Reinsdorf. Such a stipulation would be in line with another consequence of Ishbia's decision: stepping away from a sale process with the Twins that could have put him in position to own the team by Opening Day.
However, the White Sox issued a statement denying that the deal comes with provisions for Ishbia to take control.
As recently as six weeks ago, it was thought that the Twins' ownership situation could be resolved by the start of the season. But in the aftermath of Ishbia's decision to abandon the Twins for the White Sox, the source said the Twins would have more clarity on the sale process within the next 30 to 60 days.
New York City-based capital market company Allen & Company was hired to facilitate the sale of the Twins, which was announced on Oct. 10. Last March, the Twins were estimated to be worth between $1.46 billion and $1.7 billion by Forbes and Sportico, respectively.
In early January, a person briefed on the sale process described interest in the Twins as 'robust' and noted the goal was to identify the winning party by Opening Day, which is now 33 days away. Until he opted to increase his minority stake in the White Sox this week, Ishbia was considered by multiple sources with detailed knowledge of the sale process to be the leading contender to purchase the Twins.
In recent months, Ishbia met with community leaders and potential minority investors in Minnesota and had been vetted on behalf of Major League Baseball and the Twins, according to multiple sources briefed on the club's sale process.
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Ishbia, who has an estimated worth of $5.4 billion according to Forbes, emerged as a potential buyer of the Twins during baseball's Winter Meetings in mid-December.
The 47-year-old is the founder and managing partner of Shore Capital Partners, a Chicago-based private equity firm. Ishbia is also a minority owner of the NBA's Phoenix Suns, the WNBA's Phoenix Mercury and MLS' Nashville SC. He and his younger brother Mat, the Suns' controlling partner, purchased a small stake in the White Sox in 2021, Sportico reported in January, citing multiple people familiar with the details.
Justin Ishbia was aggressive in his pursuit of the club, according to multiple sources briefed on the sale process. The Twins believed Ishbia was sincere in his attempt to buy the club, given the time and effort he put into forging relationships locally. But one team official wondered if Ishbia always preferred Chicago because of his existing stake in the South Side-based club. He lives in nearby Winnetka, Ill.
Though word of Ishbia's pivot to the White Sox stunned some in Twins camp, a source briefed on the Twins' sale process said they first heard of his plan in late January. News of Ishbia's deal with the White Sox could encourage other parties in an 'adequate' group of potential buyers to up their efforts to purchase the Twins, according to the source, adding that among some bidders there had been a sense that Ishbia was 'preordained.'
If the Pohlad family were unable to fetch their desired asking price for the Twins, the team's owners could simply end their exploration of a sale, the person said. Previously, the Los Angeles Angels and Washington Nationals were taken off the market when prospective buyers weren't willing to meet the price tags of those teams' respective owners.
The family has owned the organization since Carl Pohland bought it for $44 million in 1984, and it's currently operated by a third generation family member, grandson, Joe Pohlad. That 41-year tenure will continue, for now.
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Billionaire Justin Ishbia abandons bid for Twins to boost his stake in White Sox: Sources
(Photo of Justin Ishbia: Mark J. Rebilas / Imagn Images)