Latest news with #Pohlads
Yahoo
26-05-2025
- Business
- Yahoo
Report: Potential Minnesota Twins Buyers are Losing Interest
The Pohlad family put the Minnesota Twins on the market back in mid-August. At the time, we were lead to believe that the process of finding a buyer and completing the transaction was likely to happen fast. Supposedly, there was a ton of interest and the Pohlads were highly motivated to sell. So, they slapped a metaphorical (and somewhat inflated) $1.7 billion 'For Sale' sign on the front lawn of Target Field and waited for the calls to roll in. And initially, they did, even though the asking price was a bit higher than what potential buyers thought the Twins were worth. Advertisement The Pohlads were reportedly contacted by multiple interested parties, and the most serious offers were topping out at $1.4-$1.5 billion. But then, the Ishbia brothers rolled into town. That's when fans started to believe that something could happen fast. Related Headlines Related: New Minnesota Twins Forbes Valuation Won't Help Pohlads… or Fans Credit: Mark J. Rebilas-Imagn Images Unfortunately, the leader of that coalition, Justin Ishbia, bailed at some point late in the process, in exchange for a larger share of the Twins' AL Central rival Chicago White Sox, which he already owned a minority stake in. Since then, it's mostly been crickets on the Minnesota Twins sale front. In fact, since the Ishbias dropped out of the running months ago, we haven't heard of one seriously interested billionaire who's through with an offer near the Pohlads' bloated asking price, which they have refused to budge on, to this point. Minnesota Twins buyers losing interest and now we know why… And from the sounds of it, that won't be changing anytime soon. According to longtime local insider and former Twins pitcher, Charley Walters (Pioneer Press), the Pohlads cannot find another billionaire locally (or otherwise) who is interested/willing in taking the Minnesota Twins off their hands. Advertisement The problem? Walters talked to THREE local rich people who got far enough down the rabbit hole with the Pohlads, they were made privy to their financial books. And one glance at those financials literally scared all three of them away. Related: Matt Wallner Nearing Return to Minnesota Twins Lineup The Twins, as a business, is hundreds of millions in the hole and it continues to cost the Pohlads a lot more money year-over-year than it makes it back. These local businessmen claim that they'd need an investment group willing to fork over $25 million per year without immediate return, just to make operations viable. At least one potential local buyer, after recently reviewing the club's financial records, has lost interest based on the price, now believed to be $1.5 billion. The Twins reportedly are more than $400 million in debt, borrowing to pay bills. Another potential local buyer has confided he's not currently interested. Still another, after reviewing the books, described prospects for a sale as 'dismal.' The major obstacle for a sale of the Twins is cash flow. A majority buyer would need myriad limited investors to cash-flow the operation, which could cost at least $25 million a year. Charley Walters – Pioneer Press On the bright side, the future is not all doom and gloom. The Minnesota Twins' biggest cash flow problem right now is the lack of TV revenue, since dropping Bally Sports as their television distributor this season. Advertisement Money would be much less of a problem, if they still had the $50-$60 million per year that Bally had previously been paying for exclusive TV distributing rights. That's what the regional sports network was paying the Minnesota Twins every year, prior to the 2024 season, when Bally negotiated that price down. Credit: Bruce Kluckhohn-Imagn Images One year later, the Twins dropped Bally Sports North altogether, in favor of their own 'Twins TV' service. Until they build up that subscriber base, the revenue they make through will be a small fraction of what Bally once paid them. Pohlad family down to two options… So now, it appears the Pohlads are at a crossroads. They are not going to be able to sell the Minnesota Twins at the cost they originally intended. That leaves them two realistic options. Advertisement The Pohlad family can (a) retain ownership of the organization and take down the 'For Sale' sign at Target Field or (b) they can bring down the asking price and eat the two to three hundred million they've been holding out for. Oh, and a very possible strike after the 2026 MLB season looms large, too. The way it looks now, the Pohlad family will end up retaining ownership of the Minnesota Twins or selling at a price lower than initially anticipated. A major reason for the Twins' recent financial losses is local TV deals. That eventually will improve, though. Meanwhile, other major league owners would frown on the Pohlads taking a lesser price because it could diminish the value of their franchises. Also, after the 2026 season, complicated negotiations for a new labor agreement could lead to a work stoppage. Charley Walters – Pioneer Press Buckle up and say your prayers, Minnesota Twins fans, it appears we are on the brink of some very GOOD or very BAD news coming through. Either we are stuck with the Pohlads for the foreseeable future… or we could be rid of them once and for all. Related Headlines
Reuters
25-03-2025
- Business
- Reuters
Twins believed to be seeking $1.7B in sale of team
March 25 - Current owners of the Minnesota Twins, the Pohlad Family, are seeking at least $1.7 billion in a potential sale of the team, according to The Athletic. The Twins are renewing the sale process a month after billionaire Justin Ishbia spurned the Twins to increase his minority stake in the Chicago White Sox. The team's current debt complicates any possible deal. The Twins have more than $425 million in debt, according to The Athletic. Because of that debt, the Pohlads are motivated to ask for a higher sale price, which could limit the number of interested parties. Much of the team's debt was racked up since the start of the 2020 season, which coincided with the COVID-19 pandemic and the murder of George Floyd in Minneapolis. Also complicating matters is the limited number of potential investors with links to Minnesota. Additionally, it is believed that current executive chair Joe Pohlad would prefer to stay in control of the team, multiple sources told The Athletic. A sale of the team once seemed possible as soon as Opening Day, but now it likely won't happen any time in the immediate future. "The Pohlads are not under pressure to sell," a source told The Athletic. "They are going to be deliberate about it. They really value the process and they want the process to play out in the fullest." New York-based Allen & Company is handling the sale of the Twins. -Field Level Media
