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Justin Ishbia Bailing on Twins Purchase for More White Sox Stock
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- Justin Ishbia Bailing on Twins Purchase for More White Sox Stock
Mark J. Rebilas-Imagn Images Mark J. Rebilas-Imagn Images
For whatever reason, the Minnesota Twins like to engage in significant news drops as the evening wears on. AFter a slow Friday news day, where the most notable item was Manuel Margot signing a minor league deal with the Milwaukee Brewers , a late-night bomb was dropped..
Justin Ishbia emerged as a source of hope for Minnesota Twins fans. He and his billionaire brother Mat Ishbia have been praised for their dealings with the Phoenix Suns. They won't be taking over for the Pohlad's though.
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Justin Ishbia chooses more White Sox ownership over Minnesota Twins
There was no team worse in Major League Baseball last season than the Chicago White Sox. In fact, there has never been a team in history worse. Still, before the Minnesota Twins played their first spring training game , the division rival has swiped their new owner right from underneath them.
Credit: Mark J. Rebilas-Imagn Images
The Athletic's Jon Greenberg is reporting that not only is Justin Ishbia out on the Minnesota Twins, but he is increasing his ownership stake in the Chicago White Sox. Ishbia reportedly began talks with current White Sox owner Jerry Reinsdorf, after his interest in the Twins was made public.
"Chicago-area billionaire Justin Ishbia has dropped his pursuit of the Minnesota Twins, The Athletic has learned, and will instead buy more shares from other limited partners to increase his existing minority stake in the Chicago White Sox.
The development shocked the Twins, with some officials believing that their ownership situation might be resolved by Opening Day. Now, they've been left to scramble in their search for a new owner. The news couldn't be worse for Twins fans, who dreamed Ishbia would bring a deep wallet and competitive fire to an organization in need, only to see him stay with a division rival."
Judging based on the reaction coming out of Minnesota Twins headquarters, Ishbia was clearly the buyer that the Pohlad family thought they had lined up to purchase the team. So much so that Twins reporters were floating a handshake deal announced before Opening Day.
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That said, the Pohlad's have reportedly sat on a lofty asking price and may have overplayed their hand. Suggestions that Ishbia, who is local to the Chicago area, could be using Minnesota for leverage were there. An announcement of the sale prior to Opening Day the hope, but that doesn't appear to be the case any longer.
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"White Sox limited partners were recently informed that an investor wanted to buy their shares at a franchise valuation around $1.8 billion, according to people briefed on the discussions who were not authorized to speak publicly. While they aren't required to sell, their stakes would be diluted by this new investor."
This makes for one less interested billionaire in purchasing the Minnesota Twins , but how did we get here? And now what? Before we look forward, let's look back. Should we have seen this coming when Reinsdorf first announced he was interested in selling the White Sox? After all, he did already own a minority stake in our AL Central rival.
Did Justin Ishbia use the Minnesota Twins?
Well in fact, there was some whispering around Major League Baseball insider circles, at that time, wondering whether Ishbia might be using his Twins bid as leverage to buy the White Sox. Local insider Darren "Doogie" Wolfson (KSTP) has talked about this a few times during his bi-weekly appearances on the Mackey & Judd Show (SKOR North) .
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Doogie's most recent mention of this conspiracy theory-turned-reality came back on January 14 , when the longtime local insider reported that Ishbia seemed focused on his bid to purchase the Minnesota Twins… but instead of pointing to what Ishbia wanted, he mentioned Reinsdorf's seriousness about selling.
"With [Justin] Ishbia being there in Chicago, it would make logical sense to try and buy the White Sox. I do wonder deep down, is Jerry Reinsdorf truly ready to sell? Is he? If he is, Justin Ishbia purchasing the White Sox makes all sorts of sense. Talking to Twins officials, they don't have any reason to believe that this is a leverage ploy. The interest, from everything I can gather, Ishbia buying the Twins is legit."
It's disappointing to think that may have been the intention. The more likely reality is that Ishbia was approached and sees a path to an eventual takeover for Reinsdorf with the White Sox. In that reality his asset is in his own backyard, and he gets to purchase the franchise in incremental amounts.
Sometimes the best laid plans of mice and men often go awry. Maybe the Twins believed Ishbia was closing in on the dotted line. Maybe Ishbia intended to from the outset. Now it's only Minnesota that will be seeking additional options.
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Now what for the MN Twins?
We will soon see how silly the idea that a new owner may be in process by Opening Day. Whether or not the plan was for Ishbia to be that guy or not, Minnesota not vetting additional bidders or backup plans would be catastrophic.
The Twins certainly aren't going to comment on any business deals they may have screwed up. That said, the quickness in which the Pohlad family can both find a new owner, and generate a level of purchasing power they hoped for remains to be seen.
Credit: Bruce Kluckhohn-USA TODAY Sports
Glen Taylor had been initially floated as a name of interest , but he had been locked up in the arbitration case with new Timberwolves ownership. Now he will soon have nothing to call his , but a takeover there would certainly be met with disgust by Minnesota fans.
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The Twins probably still have a level of time on their side. This process was never going to be quick. The home run option resulting in a bases loaded strikeout hurts though.
