Minnesota Twins owners stop team sales and choose to keep the club in the family

The Minnesota Twins are no longer for sale, executive chairman Joe Pohlad announced on Wednesday on behalf of his family.

After exploring a variety of options since publishing the sale 10 months ago, the Pohlad family remains the most important owner of the club and adds new investors instead. Carl Pohlad, a bank magnate and the deceased grandfather of Joe Pohlad, bought the twins in 1984 for US $ 44 million.

“For more than four decades, our family has had the privilege of possessing the Minnesota twin. This franchise has become part of our family story, as it is for our employees, our players, this community and twin fans everywhere,” said Joe Pohlad in his announcement.

“In recent months we have investigated a wide range of possible investments and ownership options. Our focus is on what is best for the future in the long term of the twins. We are fully open to all possibilities.”

Pohlad said that the family was busy adding two ‘important’ limited partnership groups to bring in new ideas, to strengthen critical partnerships and to shape the long -term vision of the franchise that moved to Minnesota in 1961 after being originally as the senators of Washington. Details about the new investors were held privately to the Major League Baseball inspection of the transactions, said Pohlad.

Financial analysis earlier this year by Forbes approved the franchise at US $ 1.5 billion, ranked 23rd in MLB. Sportico (US $ 1.7 billion) and CNBC (US $ 1.65 billion) have linked them higher.

The Pohlads Allen & Company, an investment bank based in New York, hired to send the sale and ask to keep confidential.

Multiple published reports identified Justin Ishbia, a partial owner of the Phoenix Suns of the NBA, as a leader. But the Chicago White Sox announced last month that Ishbia became a limited partner in a deal that offers a runway to become the owner.

MLB commissioner Rob Manfred recognized during the All-Star Break, without calling him directly, that the decision of Ishbia set the trial aside.

“There will be a transaction,” said Manfred. “You just have to be patient while they rework.”

The twins are on schedule for their lowest attendance total in 16 seasons at Target Field, and a ownership of wage reduction last year in the light of reduced regional television income, has contributed to a dissatisfied customer base, among other things. The twins exchanged 10 players of their selection prior to the deadline of July 31, which promoted frustration.

The word that the Pohlads continue to exist, will certainly not help the moral of Minnesota -Honkbonbalfans, who have been waiting for another World Series title since 1991 and saw the investment in the schedule in 2023 in 2023.

“We see and hear the passion of our partners, the community and twins fans. That passion inspires us,” said Pohlad. “This property group is dedicated to building a winning team and culture for this region, a group for which Twins fans proudly encourage.”

The twins started the season in 17th place in player institutions in just more than US $ 142.8 million, but their trading weed last month spent around US $ 26 million of that figure. Shortstop Carlos Correa was sent to the Houston Astros in a pure salary dump that reunited the triple all-star with its original team, which US $ 70 million of the more than US $ 103 million that remained on his contract.

Pohlad said in an interview with the Minnesota Star Tribune immediately after the announcement that he understands the bad feelings of the fans and looks forward to rebuilding the brand and the schedule. He said that one of the investment groups consists of Minnesotans and the other is a family based on the east coast.

Pohlad also said that the exit of the schedule was not powered by a request of property to further reduce the costs.

“It certainly set us up for more flexibility, but they were mainly baseball decisions,” Pohlad said the Star Tribune.