‘Robust market’ could have new Twins owner in place by Opening Day: Source

Minnesota Twins ownership believes the club could be sold by Opening Day, an industry source briefed on the Twins’ sale process told The Athletic on Tuesday.

The source said the club has a “robust market” and is expected to be sold in full.

Owners of the Twins since 1984, the Pohlad family announced on Oct. 10 it would explore a sale of the franchise that Carl Pohlad purchased from Calvin Griffith for $44 million.

Last March, the Twins were estimated to be worth between $1.46 billion and $1.7 billion by Forbes and Sportico, respectively.

“We’ve been pleased with the level of interest, not surprisingly,” the source said. “The goal is to pick a winner before Opening Day.”

Once a deal is completed, the Twins would become only the sixth Major League Baseball club to be sold since 2012.

The most recent team purchased was the Baltimore Orioles, sold last March to David Rubenstein for $1.725 billion. The New York Mets, Kansas City Royals, Seattle Mariners and Miami Marlins all have been purchased since 2017.

New York City-based capital market company Allen & Company is facilitating the sale of the Twins.

Potential buyers have contacted the Twins over the past six weeks after signing non-disclosure agreements to gain access to the club’s confidential financial picture. MLB has already begun to vet potential owners and will take a deeper look at stronger candidates as the transaction nears a close.

“There’s a lot of people within geographic striking distance, whether they’re from the Twin Cities or not,” the source said of the potential market. “It’s a solid ballclub that frankly can be purchased at a price that is less than astronomical.”

The source believes it will be a complete sale of the Twins with an immediate takeover in control, unlike the Minnesota Timberwolves, who were purchased in 2021 by a group headed by former baseball star Alex Rodriguez and Marc Lore as part of a three-stage transaction with owner Glen Taylor. After several years of disputes, Taylor, Rodriguez and Lore began an arbitration case in November that is expected to determine who controls the franchise.

Though little is known about most of the parties looking to purchase the Twins, another industry source confirmed last month the interest of Justin Ishbia, a minority owner of the Phoenix Suns/Phoenix Mercury and Nashville Soccer Club.

Forbes estimated Ishbia, 47, has a net worth of $5.4 billion. He’s the founder and managing partner of Shore Capital Partners, a Chicago-based private equity firm, and according to Forbes also has a 22 percent stake in United Wholesale Mortgage, for which his brother Mat serves as CEO and chairman. The Suns’ controlling partner after purchasing the NBA club in December 2022, Mat would act as a minority investor in his older brother’s bid to buy the Twins.

The industry source briefed on their plans said the Ishbia brothers are very interested in purchasing the Twins and have held several meetings with local leaders.

Once a purchaser for the Twins is agreed upon, MLB’s owners would vote on whether to permit the club’s sale. A three-quarters vote of owners is required for approval.

After 40 years and three generations of ownership by the Pohlads, the club appears to be in need of fresh blood. Though the Twins have drawn three million fans in a season three times, including twice since moving into Target Field in 2010, the team has failed to hit the two-million mark in tickets sold since 2019 despite winning the American League Central in 2019, 2020 and 2023.

Fans were vocal about their disappointment with the Twins throughout the 2024 season. Whether it was a three-month carriage dispute that prevented nearly half the local market from watching the team’s games on television, the inability of others to stream games on a direct-to-consumer basis or ownership instructing the front office to slash payroll on the heels of a 2023 season that saw the franchise snap its nearly 21-year old playoff losing streak, fans were understandably upset.

Following a disastrous end to the 2024 season that saw the Twins drop out of the playoff picture over the final quarter of the season, the Pohlads announced their intention to sell.

“For the past 40 seasons, the Minnesota Twins have been part of our family’s heart and soul,” team owner Joe Pohlad said in a statement. “This team is woven into the fabric of our lives, and the Twins community has become an extension of our family. The staff, the players, and most importantly, you, the fans — everyone who makes up this unbelievable organization — is part of that. We’ve never taken lightly the privilege of being stewards of this franchise.

“However, after months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins. As we enter the next phase of this process, the time is right to make this decision public.”

GO DEEPER

Phoenix Suns minority owner Justin Ishbia emerges as bidder for Minnesota Twins: Source

GO DEEPER

The Twins are for sale: Pohlads, owners for 40 years and much fan discord, exploring deal

(Photo of Target Field: Adam Bettcher / Getty Images)

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