Twins owners opt to halt the sale and keep the club in the family, adding new investors instead
After exploring a variety of options over the past 10 months, the Pohlad family will remain the principal owner of the club and add new investors instead. Carl Pohlad, a banking magnate and the late grandfather of Joe Pohlad, purchased the Twins in 1984 for $44 million.
'For more than four decades, our family has had the privilege of owning the Minnesota Twins. This franchise has become part of our family story, as it has for our employees, our players, this community, and Twins fans everywhere," Joe Pohlad said in his announcement. 'Over the past several months, we explored a wide range of potential investment and ownership opportunities. Our focus throughout has been on what's best for the long-term future of the Twins. We have been fully open to all possibilities.'
Pohlad said the family was in the process of adding two 'significant' limited partnership groups to bring in fresh ideas, bolster critical partnerships and shape the long-term vision of the franchise that relocated to Minnesota in 1961 after originating as the Washington Senators. Details about the new investors will be kept private until Major League Baseball approval of the transactions, Pohlad said.
The Twins are on track for their lowest attendance total in 16 seasons at Target Field, and an ownership-mandated payroll reduction last year, among other factors, has contributed to a dissatisfied customer base. The Twins traded 10 players off their roster leading up to the July 31 deadline, furthering the frustration. Word that the Pohlads are staying put certainly won't help the morale of Minnesota baseball fans, who've been waiting for another World Series title since 1991.
'We see and hear the passion from our partners, the community, and Twins fans. That passion inspires us," Pohlad said. "This ownership group is committed to building a winning team and culture for this region, one that Twins fans are proud to cheer for.'
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AP MLB: https://apnews.com/hub/MLB
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