Twins owners opt to halt sale of team, adding investors instead
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After exploring a variety of options since publicizing the sale 10 months ago, 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, bought the Twins in 1984 for $44 million.
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'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.'
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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 were being kept private until Major League Baseball approves the transactions, Pohlad said.
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Financial analysis earlier this year by Forbes valued the franchise at $1.5 billion, ranked 23rd in MLB. Sportico ($1.7 billion) and CNBC ($1.65 billion) pegged the Twins higher.
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The Pohlads hired Allen & Company, a New York-based investment bank, to direct the sale and keep inquiries confidential. Multiple published reports identified Justin Ishbia, a part owner of the NBA's Phoenix Suns, as the front-runner. But the Chicago White Sox announced last month that Ishbia was becoming a limited partner in a deal that provides a runway for him to become controlling owner.
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MLB Commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process.
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'There will be a transaction,' Manfred said. 'You just need to be patient while they rework.'
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The Twins are on track for their lowest attendance total in 16 seasons at Target Field, and an ownership-mandated payroll reduction last year in light of decreased regional television revenue, 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.
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