The Pohlad family, previously embroiled in a year-long effort to sell the Minnesota Twins, has made a surprising decision to retain control of the financially troubled franchise. This abrupt turnaround comes as a response to growing discontent among fans, with league sources indicating that one potential buyer was “blindsided” by the announcement while trying to arrange financing for the expected sale price of $1.7 billion.
While it remains uncertain whether any interested party was close to meeting the Pohlad family's asking price, sources reveal that a group was actively working to raise capital just hours before the announcement. The Pohlads disclosed that they not only plan to maintain control of the team but have also secured a much-needed cash infusion by bringing in two minority investors who collectively acquired over 20% of the franchise. This unexpected move sent shock waves throughout the organization and fan base, as many were unaware of the negotiations involving minority partners.
According to insiders, the valuation for the minority stake exceeded the $1.7 billion figure estimated by Sportico. Joe Pohlad, the executive chair of the Twins, expressed his contentment with the new partnership, stating, “When that right opportunity comes along, you take it. We’ve owned this franchise for 40 years. It’s a really difficult thing to part with.”
The substantial investment from the new partners is expected to significantly reduce the franchise's debt, which currently exceeds $425 million. This level of debt is considered one of the highest income-to-debt ratios in Major League Baseball. The recent deal, pending approval from Major League Baseball, concludes a 10-month sales process that had cast a shadow over the franchise, especially after billionaire Justin Ishbia shifted his focus to acquiring the Chicago White Sox.
Joe Pohlad remarked on the lengthy sales process, saying, “The process felt like it truly was 10 years long. Am I surprised to be here? I don’t know how to answer that. I’m glad to be here. I’m excited about it.” Despite the rapid emergence of this new ownership structure, it remains unclear when the decision was made to pursue minority partners rather than a full sale.
The new minority investors include one group from Minnesota and another from the East Coast. While both will join the team’s board of directors, the extent of their influence in decision-making remains uncertain, as the Pohlads continue to hold the reins of the franchise. Since 1984, when Joe's grandfather, Carl Pohlad, purchased the team for $44 million, the Pohlad family has been synonymous with Twins baseball.
Even though the Pohlads are optimistic about their ability to lead the organization, many fans, business analysts, and industry insiders are skeptical. With the team on the brink of missing the playoffs for the fourth time in five seasons, fan frustration has peaked. Recent trade deadline moves, including the trading of ten players from the major-league roster, prompted severe backlash from the fan base.
Ticket sales have plummeted to their lowest levels since the opening of Target Field in 2010, with projections of only 1.8 million fans attending games this season. Additionally, the team faces challenges in securing a lucrative media rights deal, complicating their efforts to generate future revenue. As one potential investor noted, the team’s reliance on a single marquee player, Byron Buxton, makes it difficult to create excitement among fans.
Moreover, the Pohlads' decision to slash last season’s payroll by $30 million after the team’s first playoff success in two decades has left fans deeply dissatisfied. They are still processing the impact of the recent trades, where key players, including closer Jhoan Duran and star shortstop Carlos Correa, were dealt away, with the latter trade involving the Twins covering a significant portion of his contract.
Despite acknowledging the difficulties posed by recent decisions, Joe Pohlad insists that the moves were strategically sound for the organization’s future. “We have some work to do,” Pohlad stated regarding efforts to regain fan trust. “But I think it starts with providing clarity on this front. We’ve got a great, young core of players.”
The anticipation surrounding a potential sale had been palpable since the Pohlads first expressed their intentions last October, especially amidst fan chants of “Sell the team” during a disappointing season. As the Twins navigate these turbulent waters, the Pohlads remain committed to revitalizing the franchise and creating a competitive team that draws fans back to Target Field.
