MLB Trade Rumors

Pohlad Family To Explore Sale Of Twins

Twins owner Joe Pohlad announced this week that his family is exploring a sale of the franchise after 40 years. Read more at MLB Trade Rumors.

Twins owner Joe Pohlad, grandson of longtime owner Carl Pohlad and nephew of successor Jim Pohlad, announced that his family will begin exploring a sale of the team. The Pohlad family has owned the Twins since 1984 — the third-longest tenure of any ownership group in the sport behind only the Steinbrenner family (Yankees) and Jerry Reinsdorf (White Sox).

That’s a great franchise to buy.

Pohlad Family No Longer Pursuing Sale Of Twins - MLB Trade Rumors

The Twins have effectively been for sale for the better part of the past year, but it seems the current ownership group is instead embarking on a new path. Executive chair Joe Pohlad announced in a press release this morning that his family is no longer pursuing a sale of the majority stake in the franchise.

“Over the past several months, we explored a wide range of potential investment and ownership opportunities. Our focus throughout has been on what’s best for the long-term future of the Twins. We have been fully open to all possibilities,” Pohlad said in a prepared statement. “After a detailed and robust process, our family will remain the principal owner of the Minnesota Twins. To strengthen the club in a rapidly evolving sports landscape – one that demands strong partnerships, fresh ideas, and long-term vision – we are in the process of adding two significant limited partnership groups, each of whom will bring a wealth of experience and share our family values.”

Pohlads Discuss Previous Sale Exploration, Club Finances - MLB Trade Rumors

The Pohlad family decided to maintain its controlling stake in the Minnesota Twins when new investors emerged and gave the club a chance to pay down a significant amount of the team’s $500MM debt. That’s according to two members of the Pohlad family, executive chair Joe Pohlad and his brother Tom, who spoke to Bill Lukitsch of the Minnesota Star Tribune.

“That was really the driver,” Joe said, then revealing the $500MM number. Previous reporting had mentioned a debt of around $400MM or $425MM but it seems it was actually notable higher than those numbers.

The exact identities of the minority investors are currently unknown, as the Pohlads have not disclosed details, pending approval of the partnership by the league. The piece does mention that the investors are from Minnesota and the East Coast, though little is known beyond that. Once approved, Lukitsch notes that the deal will clear some of the debt and give the Pohlads more room to invest in payroll and stadium upgrades.