Twin proprietors decide against selling their Major League Baseball team, regarding it as an integral part of their family heritage.
The Minnesota Twins, a team that has been part of the Pohlad family for over four decades, will continue to be under their ownership. In a turn of events, Commissioner Rob Manfred's hint at a potential sale last month has been put to rest, as the Twins will not be sold.
The decision to retain control was made after a detailed and robust exploration process that lasted approximately 10 months. The Pohlad family, inspired by the passion of the fans and the community ties, viewed the Twins as an integral part of their family legacy since buying the team in 1984.
In an effort to strengthen the Twins in the rapidly evolving sports landscape, the Pohlad family has decided to add two significant limited partnership groups to the franchise. These groups will bring a wealth of experience and share the Pohlad family's values, aiming to help shape the team's long-term future.
The move comes as the Twins are currently 56-63 and 7 1⁄2 games behind the third wild card spot, barreling toward their second straight postseason-less season. The team ran a franchise-record $167 million payroll in 2023, but payroll was slashed to $133 million in 2024 and is projected to fall into the $136 million range following the 2024 trade deadline fire sale.
Notable players such as Carlos Correa were traded back to the Houston Astros, with the Twins agreeing to pay $33 million of the remaining $104 million on his contract to facilitate the trade. The focus of the Pohlad family during the exploration process was on what's best for the long-term future of the Twins.
The Pohlad family is committed to building a winning team and culture for the region that Twins fans are proud to cheer for. They are determined to address their considerable family debt and have raised around $500 million from new investors to pay down over $400 million of their debt without giving up ownership.
Justin Ishbia, an owner of the Phoenix Suns, was initially favoured to purchase the Twins earlier this year, but instead increased his stake in the Chicago White Sox. Forbes valued the Minnesota Twins at $1.5 billion in March 2023. The Twins have traded several players, including Harrison Bader, Willi Castro, Danny Coulombe, Ty France, Chris Paddack, Jhoan Duran, Griffin Jax, Brock Stewart, and Louie Varland.
In summary, the Pohlad family retained control because they valued keeping the team's legacy within the family, sought to manage financial challenges through minority stakes rather than a full sale, and believed this was the best path to support the Twins’ future competitiveness and culture. The addition of new limited partners is expected to bring fresh ideas and financial goals, helping the Twins navigate the evolving sports landscape and continue to provide entertainment for their loyal fans.
References: 1. Star Tribune 2. MLB.com 3. ESPN 4. Twins Daily 5. Athletic
- Despite Commissioner Rob Manfred's initial hint at a potential sale, the Minnesota Twins will remain under the Pohlad family's ownership, a decision made after a 10-month exploration process.
- Underwhelmed by the Twins' current 56-63 record, 7 1⁄2 games behind the third wild card spot, the Pohlad family is aiming to strengthen the team and improve its long-term future.
- To achieve this, the Pohlad family has decided to bring two significant limited partnership groups into the Twins franchise, groups that share their values and bring a wealth of experience.
- Notably, the Twins have traded several players this season, including Carlos Correa, with the team reportedly paying $33 million of the remaining $104 million on his contract.
- The Pohlad family is determined to address their debt and has raised around $500 million from new investors, Rsulting in a paydown of over $400 million of their debt without giving up ownership.
- Amidst these changes, the Pohlad family is committed to building a winning team and culture for the Twins, as well as providing entertainment for the team's dedicated fans, who will closely follow the team's progress in the MLB news.
