Minnesota Twins owner Joe Pohlad announced on Thursday that his family will begin exploring a sale of the team. The Pohlad family has owned the Twins since 1984, making them the fourth-longest tenured owners in baseball behind the New York Yankees (1973), Chicago White Sox (1981), and Philadelphia Phillies (1981). Three generations of the Pohlad family have owned the franchise since Carl Pohlad bought the team from former owner Calvin Griffith for $44 million 40 years ago. His grandson, Joe Pohlad, took over as the Twins control person two years ago.
The Pohlad family’s statement on today’s news: pic.twitter.com/bHyTEAkLsL
— Minnesota Twins (@Twins) October 10, 2024
This exploration comes after the Twins failed to make the postseason for the third time in the last four years. Minnesota has since parted ways with general manager Thad Levine as well as hitting coaches David Popkins and Rudy Hernandez. Assistant coaches Derek Shomon and Tony Diaz were relieved from their duties as well. Despite falling out of contention just days before the regular season ended, Twins manager Rocco Baldelli will return next year.
Pohlad Family Exploring Sale of the Minnesota Twins
Minnesota won two World Series titles under the Pohlad family, one in 1987 and the second in 1991. The Twins had just one postseason series win in the 30 years since before ending that drought last season. After falling short in the Division Series, the Pohlad family cut the team’s payroll by around $30 million this past winter. The fallout with Diamond Sports Group not renewing their broadcasting contract during their ongoing bankruptcy proceedings certainly influenced their decision. However, the Twins have not ranked in the top half of the league in player payroll since 2012.
According to Sportico, the Pohlad family has retained investment bank Allen & Company to explore the possibility of selling the franchise. Sportico values the Twins franchise at $1.7 billion, which ranks 19th in the 30-team league. Minnesota brought in $309 million in revenue last season, which was the tenth lowest in the majors.
Earlier this year, the Baltimore Orioles were sold to a private equity group led by David Rubenstein for $1.725 billion. Still, team transactions have become rare, with only five control stake sales since the Los Angeles Dodgers were sold for $2.15 billion in 2012. It is also worth noting that exploring a sale does not always lead to a sale being finalized. Angels owner Arte Moreno and Nationals owner Mark Lerner have both explored selling their teams but ultimately changed their minds. But if the Pohlad family receives an offer at the right price, the Minnesota Twins could soon embark on a new era with new owners.
Photo Credit: © Matt Blewett-Imagn Images
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