Latest news with #CarlPohlad
National Post
5 days ago
- Business
- National Post
Twins owners opt to halt sale of team, adding investors instead
MINNEAPOLIS — The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. Article content 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. Article content Article content Article content '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.' Article content 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. Article content 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. Article content Article content 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. Article content Article content MLB Commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process. Article content 'There will be a transaction,' Manfred said. 'You just need to be patient while they rework.' Article content 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.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Minnesota Twins owners halt team sale and opt to keep the club in the family
The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. 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, purchased the Twins in 1984 for US$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 were being kept private until Major League Baseball approval of the transactions, Pohlad said. Financial analysis earlier this year by Forbes valued the franchise at US$1.5-billion, ranked 23rd in MLB. Sportico (US$1.7-billion) and CNBC (US$1.65-billion) pegged them higher. 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. MLB commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process. 'There will be a transaction,' Manfred said. 'You just need to be patient while they rework.' 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. 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 and saw the investment in the roster plunge right after an American League Central title in 2023. The Twins won a playoff series then, too, their first in 21 years. '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.' The Twins began the season ranked 17th in player payroll at a little more than US$142.8-million, but their trading spree last month lopped about US$26-million from that figure. Shortstop Carlos Correa was sent to the Houston Astros in a pure salary dump that reunited the three-time All-Star with his original team, which inherited US$70-million of the more than US$103-million that remained on his contract. Pohlad, in an interview with the Minnesota Star Tribune published immediately after the announcement, said he understands the bad feelings from the fans and looks forward to helping rebuild the brand and the roster. He said one of the investment groups is made up of Minnesotans and the other is a family based on the East Coast. Pohlad also said the teardown of the roster was not driven by a request from ownership to further cut costs. 'It certainly set us up for more flexibility, but they were primarily baseball decisions,' Pohlad told the Star Tribune.
Yahoo
6 days ago
- Business
- Yahoo
Twins owners opt to halt the sale and keep the club in the family, adding new investors instead
MINNEAPOLIS (AP) — The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. 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, 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 were being kept private until Major League Baseball approval of the transactions, Pohlad said. 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 them higher. 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. MLB Commissioner Rob Manfred acknowledged during the All-Star break, without naming him directly, that Ishbia's decision sidetracked the process. 'There will be a transaction," Manfred said. "You just need to be patient while they rework.' 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. 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 and saw the investment in the roster plunge right after an American League Central title in 2023. The Twins won a playoff series then, too, their first in 21 years. '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.' The Twins began the season ranked 17th in player payroll at a little more than $142.8 million, but their trading spree last month lopped about $26 million from that figure. Shortstop Carlos Correa was sent to the Houston Astros in a pure salary dump that reunited the three-time All-Star with his original team, which inherited $70 million of the more than $103 million that remained on his contract. Pohlad, in an interview with the Minnesota Star Tribune published immediately after the announcement, said he understands the bad feelings from the fans and looks forward to helping rebuild the brand and the roster. He said one of the investment groups is made up of Minnesotans and the other is a family based on the East Coast. Pohlad also said the teardown of the roster was not driven by a request from ownership to further cut costs. 'It certainly set us up for more flexibility, but they were primarily baseball decisions," Pohlad told the Star Tribune. ___ AP MLB: Dave Campbell, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
6 days ago
- Business
- USA Today
Minnesota Twins won't be sold, will remain under control of Pohlad family
The owners of the Minnesota Twins said Wednesday they will not explore a sale and the team will remain under family control. The Pohlad family instead says they have agreed in principle to take on minority investment from two different groups, just 10 months after announcing plans to sell the franchise. "After a detailed and robust process, our family will remain the principal owner of the Minnesota Twins," the family said in the statement. "To strengthen the club in a rapidly evolving sports landscape – one that demands strong partnerships, fresh ideas, and long-term vision – we are in the process of adding two significant limited partnership groups, each of whom will bring a wealth of experience and share our family values." The family has owned the team since 1984, when Carl Pohlad bought the team for $44 million from Calvin Griffith, and the Pohlad children inherited the Twins upon his death in 2009. Pohlad's grandson, Joe, is the team's executive chair. The Twins are valued at $1.5 billion, according to Forbes Magazine, which ranks 23rd out of 30 MLB teams. Their 2025 payroll sits at $142,762,022, with their highest-paid player this season being pitcher Pablo López, who is making $21.75 million. Minnesota is 56-63 and currently in fourth place in the American League Central. At the trade deadline, the team went into fire sale mode, trading 10 players, including shortstop Carlos Correa, who was sent to the Houston Astros, and relief pitcher Jhoan Duran, who was shipped off to the Philadelphia Phillies.
Yahoo
6 days ago
- Business
- Yahoo
Twins owners opt to halt the sale and keep the club in the family, adding new investors instead
MINNEAPOLIS (AP) — The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. 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.' ___ AP MLB:
