Latest news with #JoePohlad
Toronto Sun
5 days ago
- Business
- Toronto Sun
Twins owners opt to halt sale of team, adding investors instead
Published Aug 13, 2025 • 3 minute read Minnesota Twins executive vice-president Joe Pohlad speaks to fans and media during the baseball team's annual fan fest at Target Field, Saturday, Jan. 28, 2023, in Minneapolis. Photo by Abbie Parr / AP Photo MINNEAPOLIS — The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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. '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.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 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. 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. 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. This advertisement has not loaded yet, but your article continues below. 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. This advertisement has not loaded yet, but your article continues below. '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.' Speaking before Minnesota's game at the New York Yankees, manager Rocco Baldelli said he was happy to hear the Pohlad family would be staying involved. 'One of the main reasons why I came to this organization in the first place was because of the Pohlads and the types of owners they are and how they treat people, so just start there,' Baldelli said. 'They've been a big part of my stay here and lot of the successes that we've had here as well.' 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. This advertisement has not loaded yet, but your article continues below. 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 freelance writer Larry Fleisher in New York contributed to this report. Read More Editorial Cartoons Toronto Maple Leafs Columnists Columnists Toronto & GTA
Edmonton Journal
5 days ago
- Business
- Edmonton Journal
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 '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 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 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 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.
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.
New York Post
5 days ago
- Business
- New York Post
Twins owners halt sale of team in shocking move to keep 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, bought the Twins in 1984 for $44 million. Advertisement 3 Minnesota Twins executive vice president Joe Pohlad announced the franchise are no longer so sale. AP '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. Advertisement Details about the new investors were being kept private until Major League Baseball approves 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 the Twins higher. The Pohlads hired Allen & Company, a New York-based investment bank, to direct the sale and keep inquiries confidential. Advertisement Multiple published reports identified Justin Ishbia, a part owner of the NBA's Phoenix Suns, as the front-runner. 3 This decision follows a near 10 month search for a potential buyer. AP 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. Advertisement '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. 3 The organization will now remain within possession of the Pohlad family, even after trading away 10 players prior to this past trade deadline. '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.' Speaking before Minnesota's game at the New York Yankees, manager Rocco Baldelli said he was happy to hear the Pohlad family would be staying involved. Advertisement 'One of the main reasons why I came to this organization in the first place was because of the Pohlads and the types of owners they are and how they treat people, so just start there,' Baldelli said. 'They've been a big part of my stay here and lot of the successes that we've had here as well.' 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. Advertisement 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.
New York Times
5 days ago
- Business
- New York Times
In pulling Twins off the market, Pohlads crush hopes of a fan base that deserves better
It's the hope that hurts the most. I'm embarrassed to admit I actually believed the Pohlads would do the right thing for once and sell the Minnesota Twins after putting the team up for sale in October. Even as the sales process dragged on for the past 10 months, and even as the team's second straight disappointing season led to a trade deadline tear down and another round of payroll slashing, the dream of an eventual ownership change dangled in front of Twins fans like the proverbial carrot on a stick. Advertisement On Wednesday morning, that carrot fell to the floor with a thud in the form of a 247-word statement from executive chair Joe Pohlad announcing the team has been pulled off the market and the family 'will remain the principal owner.' In an effort to bring in more operating capital, and pay down a reported $425 million in debt the Pohlads have placed on the Twins' books, they're selling undisclosed minority shares of the franchise to 'two significant limited partnership groups.' Ultimately, it was just another cycle of the same empty promises, questionable business decisions and a focus on spending less rather than winning more that Twins fans have come to expect from four decades and three generations of Pohlad family ownership. A letter from the Pohlad family: — Minnesota Twins (@Twins) August 13, 2025 There's no planned path for the new minority owners to eventually become majority owners, like Marc Lore and Alex Rodriguez did in buying the Timberwolves from Glen Taylor over the course of several years. In fact, there is no promise of anything different, really. Just more empty platitudes and meaningless references to 'community' from the same billionaire family that has failed Twins fans decade after decade. Unable to find a taker for the whole thing at the high price tag they were seeking, Carl Pohlad's heirs are selling off chunks of the franchise he bought for $44 million in 1984. And what for? So they can continue running the Twins poorly, on and off the field, while giving fans even less reason to remain loyal to a team that has seemingly done everything it can to tank morale since the short-lived high of the 2023 playoffs. Target Field will likely set an all-time low for full-season attendance this year. Perhaps it was naive to assume new billionaires would have been any better, but at least there was some upside in the uncertainty. Sometimes choosing Door No. 2 makes sense, even without knowing what's behind it, because Door No. 1 is so unappealing. Advertisement But now it's back to stasis and the same (bad) business as usual, and even that might be kind after two years of payroll slashing that has left the Twins spending at Metrodome-era levels compared to the rest of the league. By shedding $25 million in salaries at the trade deadline, this season's payroll is down to roughly 77 percent of the MLB average. Last season's payroll was roughly 76 percent of the MLB average. It's a difference of around $40 million per year. Last time the Twins had a payroll below 80 percent of the league-wide average was 2009, the final season at the Metrodome, when they were at 74 percent. Combined from 2005-09, the final five seasons before moving into Target Field, the Twins' payroll was 77 percent of league average. It's hard not to think more payroll cuts are coming after the Twins dumped Carlos Correa's contract at the deadline and got their projected baseline payroll for 2026 down to $90 million. They had a $160 million payroll in 2023. That includes just two guaranteed salaries in Pablo López at $21.75 million and Byron Buxton at $15 million. Joe Ryan and several other players are also due sizable raises via the arbitration process. But if the Twins wanted to shed substantial payroll again, it wouldn't be difficult. If not for López's shoulder injury, he might already be gone. It's a worst-case scenario for Twins fans. Not only are the Pohlads not going anywhere, their financial situation is such that they need to bring in outside money. And their motivation to own the team is dubious after 10 months of failing to get what they deemed a big enough offer for it. Also #OTD in #Minnesota Sports History (1997) #MnTwins owner Carl Pohlad signs a letter of intent to sell the Twins to North Carolina nursing home mogul Don Beaver. — Dan WHENESOTA (@WHENESOTA) October 3, 2024 In the mid-1990s, the Pohlads tried to sell the Twins to a buyer planning to move them to North Carolina, but voters there stopped the deal by rejecting the costs of a new ballpark. In the early 2000s, the Pohlads agreed to allow the Twins to be contracted by MLB, for a reported $250 million buyout, but a Minnesota judge stopped the killing of a franchise. Advertisement Sadly, dark times are something Twins fans have gotten used to under this ownership. In this case, instead of moving or contracting the team, the Pohlads have removed the resources needed to build winning rosters and are now stripping the franchise for parts to pay off their debt. Twins fans have long deserved better, but the fear is they're about to get worse. Instead of blindly choosing Door No. 2 and taking their chances with new billionaires, Twins fans are stuck in the same room they've been in for the past 40 years, with no escape. It's a dark place and a helpless feeling. (Top photo of Joe Pohlad in February 2024: Brace Hemmelgarn / Minnesota Twins / Getty Images) Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
