The large groan you heard came from the fans of the Minnesota Twins upon hearing that the longtime owners of the team, the Pohlad family, have halted the franchise sale. This is a stunning reversal after almost a year of speculation regarding who the new ownership team will be and what their ability to fund the team to keep them competitive would be.
According to the announcement from the team, the Pohlads will retain majority interest in the Twins while also bringing in two wealthy investors to join the ownership team. The identity of the potential new partners, if there are any, has not been disclosed publicly. For fans of a team that suffered a historic September meltdown in 2024 and who traded away 40% of their players at the trade deadline this summer, this is a complete bummer.
Pohlad Family Make Stunning Announcement
In a stunning statement today, the Pohlad family announced.
“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 open to all possibilities,” a letter from the family reads. “After a detailed and robust process, our family will remain the principal owner of the Minnesota Twins.”
The family claims that after an intensive search, they have agreements with two wealthy limited partnerships to assist the Pohlad family in the operation of the team. Just a few weeks ago at the All-Star break, Major League Baseball Commissioner Rob Manfred said he was “confident that the sale would go through.” There was even a rumor from a local sports writer that the Pohlads had lowered the asking price for the team from $1.7 billion to $1.5 billion.
What a Long, Strange Trip it’s Been
Shortly after the Pohlad family announced at the end of the 2024 season their intention to sell the Twins, they hired Allen & Company, a New-York capital market company, to facilitate the sale of the franchise. And in December of last year, Justin Ishbia stepped forward to say that he was interested in purchasing the team.
But the Chicago White Sox beat the Twins to the punch. The Southsiders agreed to increase Ishbias’ existing stake in the team by 30% and current owner Jerry Reinsdorf gave the go-ahead to Ishbias’ ascension to majority ownership within five years. And in the announcement today, there was no mention of the resolution of the $425 million debt load the team incurred in the Pohlad era. The deficit, caused by improvements to the team and Target Field, has been a major stumbling block in the Pohlad Family’s ability to attract a buyer for the franchise.
So, Where Are We At?
Again, there has been no announcement regarding the individuals involved in the partnerships to buy minority shares in the Twins. And the question always resurfaces, “Were the Pohlads too greedy in sticking with the $1.7 billion sale price tag. After all, the patriarch of the family, Carl, purchased the franchise from Calvin Griffith in 1984 for the now minuscule price of $44 million. But leave it to current Twins Executive Chair Joe Pohlad to try and put a sweet spin on the story.
“I don’t think we could have imagined a better outcome than where we landed. We found two great partners and have already developed some pretty solid relationships with them. There is alignment on how we see the Twins moving forward, and also in our belief in the future of baseball in Minnesota. So I feel happy that this [sale process] has come to an end, and thrilled with the partners we have brought on.”
Joe, ain’t nobody in Minnesota buying that mularkey.
