MINNEAPOLIS – The Minnesota Twins are no longer for sale, executive chair Joe Pohlad announced Wednesday on behalf of his family.
After exploring a variety of options since publicizing the sale 10 months ago, the Pohlad family will remain the principal owner of the club and add new investors instead. Carl Pohlad, a banking magnate and the late grandfather of Joe Pohlad, purchased the Twins in 1984 for $44 million.
Pohlad said the family was in the process of adding two “significant” limited partnership groups to bring in fresh ideas, bolster critical partnerships and shape the long-term vision of the franchise that relocated to Minnesota in 1961 after originating as the Washington Senators. Details about the new investors were being kept private until Major League Baseball approval of the transactions, Pohlad said.
Financial analysis earlier this year by Forbes valued the franchise at $1.5 billion, ranked 23rd in MLB. Sportico ($1.7 billion) and CNBC ($1.65 billion) pegged them higher.
The Pohlads hired Allen & Company, a New York-based investment bank, to direct the sale and keep inquiries confidential. Multiple published reports identified Justin Ishbia, a part owner of the NBA’s Phoenix Suns, as the front-runner. But the Chicago White Sox announced last month that Ishbia was becoming a limited partner in a deal that provides a runway for him to become controlling owner.
The Twins are on track for their lowest attendance total in 16 seasons at Target Field, and an ownership-mandated payroll reduction last year in light of decreased regional television revenue, among other factors, has contributed to a dissatisfied customer base. The Twins traded 10 players off their roster leading up to the July 31 deadline, furthering the frustration.
The Twins began the season ranked 17th in player payroll at a little more than $142.8 million, but their trading spree last month lopped about $26 million from that figure.
Extra bases
The wild card-chasing Rangers put struggling slugger Adolis García (ankle) on the 10-day injured list and activated outfielder Evan Carter after he missed 10 games because of back spasms. García is hitting .224 with 16 homers and 64 RBIs in 116 games and hit .176 (6 for 34) during a nine-game homestand that ended Wednesday. Carter was in a 4-for-34 slump when he was placed on the IL on Aug. 2. … The Diamondbacks placed right-hander Anthony DeSclafani (right thumb) on the 15-day injured list.
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