Twins owners opt to halt sale, keep club in the family, adding new investors instead

The Minnesota Twins will no longer be put up for sale, as the Pohlad family has decided to remain as the principal owners of the club. This decision comes after exploring various options over the past 10 months since announcing the sale. Joe Pohlad, the executive chair, made the announcement on behalf of his family, expressing their commitment to the long-term future of the franchise.

The Pohlads have decided to bring in new investors to the club instead of selling it. They are in the process of adding two “significant” limited partnership groups to bring in fresh ideas, strengthen critical partnerships, and shape the long-term vision of the team. The details of the new investors are being kept private until Major League Baseball approves the transactions.

The Twins, who originally originated as the Washington Senators before moving to Minnesota in 1961, have been owned by the Pohlad family since 1984 when Carl Pohlad purchased the team for $44 million. The franchise has since become a part of the family’s story, as well as the community and fans everywhere.

Financial analysis earlier this year valued the Twins franchise at $1.5 billion, ranking 23rd in MLB. The Pohlads hired Allen & Company, a New York-based investment bank, to oversee the sale process and keep inquiries confidential. Despite reports identifying Justin Ishbia as a potential buyer, he recently became a limited partner in the Chicago White Sox, which sidetracked the sale process.

The decision to keep the team within the Pohlad family comes at a time when the Twins are experiencing a decrease in attendance and a payroll reduction, leading to frustration among fans. The team traded 10 players leading up to the July 31 deadline, further adding to the dissatisfaction.

Despite the challenges, Joe Pohlad expressed the ownership group’s commitment to building a winning team and culture that Twins fans can be proud of. The Twins began the season with a player payroll of over $142.8 million, but a trading spree last month reduced that figure by $26 million.

In an interview with the Minnesota Star Tribune, Pohlad acknowledged the fans’ frustrations and expressed his eagerness to rebuild the brand and the roster. He clarified that the roster teardown was primarily driven by baseball decisions and not a request from ownership to cut costs further.

Overall, the decision to keep the Twins within the Pohlad family signals a new chapter for the franchise, with a focus on building a competitive team and revitalizing the fan base. Fans can look forward to the continued presence of the Pohlads as the owners of their beloved team.