Credit: Peter Aiken-Imagn Images
The sale process for the Minnesota Twins was among the most exciting developments to take place in recent seasons. The Pohlad family has become a stain on the franchise, and drawn ire from the fanbase for years. There was nothing more celebrated when it was announced last offseason that the group would move on.
Unfortunately, because the current living members of the family have little idea how to manage their wealth, the franchise absorbed a considerable amount of debt. That made a sale of the Twins untenable, and instead turned the deal into an absorption of debt in exchange for equity.
Credit: Bruce Kluckhohn-Imagn Images
We have head about a pair of minority partners for months now, but their identities have been in question. With the Winter Meetings kicking off this week, and reports suggesting that Minnesota will build around their current stars, an announcement of news made sense.
Minneapolis-based Twins partner has been unveiled
The Pohlad family announced they would remain in control of the Minnesota Twins, but that two minority partners were joining them. To this point the only information we had was that one group was local, and one was based on the east coast. Pioneer Press columnist Charley Walters has now made the Minnesota entity public.
Look for Minneapolis-based Varde Partners, a worldwide multi-billion dollar credit investment corporation, to be announced soon as a limited partner with the Minnesota Twins. The firm is one of at least two limited partners expected to assist in diminishing the team’s reported $500 million debt.
Charley Walters – Pioneer Press
Varde Partners is described as a global credit and investment firm. They are based in Minneapolis and would seemingly be rooted in the local economy. Managing partners include Brad Bauer, Francisco Milone, and Tim Mooney.
Given the landscape and success of their current business, it’d be hard to believe they don’t have more business acumen than the current iteration of Pohlads. Reports suggest they manage between $16-17 billion in assets and have over 300 global employees.
How the impact of these minority partners hits the Minnesota Twins remains to be seen. Their influx of cash should be expected to lop off the Pohlads debt, and hopefully there are more motivated individuals to pay for competitive resources in the future.
It’s possible with one of the two partners now unveiled, we hear about the second entity in short order as well.
Mentioned in this article: Varde Partners
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