Story by
Potential MN Twins Buyers SHOCKED by Pohlad Announcement
- Story by
- Potential MN Twins Buyers SHOCKED by Pohlad Announcement
Bruce Kluckhohn-Imagn Images Bruce Kluckhohn-Imagn Images
I would say that the Pohlad family has been a stain on the Minnesota Twins franchise throughout their 41 year ownership tenure, but that would be putting it lightly. After ten months with the team up for sale, they stunningly took them off the market on Wednesday morning.
It was a shocking change in direction, even for the Pohlads, and went against what MLB commissioner Rob Manfred told us one month ago. Instead of selling, the Pohlads will welcome two new minority investors, who are being brought in to help pay down the $400+ million the Twins have accrued in debt.
Credit: David Berding-Imagn Images
For months, the Minnesota Twins have sought a party willing to match their $1.7 billion asking price , even though their latest Forbes valuation says they're only worth $1.5 billion. Still, the word around insider baseball streets was that a deal was imminent.
Advertisement
Related Headlines
While that is above recent Forbes valuations , there was momentum to suggest someone may emerge. They took on minority owners instead. The team was pulled off the market, and interested parties were left flabbergasted. The Athletic's Dan Hayes and Britt Ghiroli have more.
Potential Minnesota Twins buyer shocked by Pohlads' decision
That's why it wasn't just fans who were shocked by yesterday's announcement. According to a report co-written at The Athletic by Dan Hayes and Britt Ghiroli, a potential buyer, who met as recently as last week to brainstorm ways to raise more capital, was "blindsided" by the Pohlads' decision to keep control of the Minnesota Twins.
The embattled Pohlad family reversed course on a nearly yearlong effort to sell the Minnesota Twins and declared themselves the right people to keep control of the debt-ridden franchise — a swift pivot in the face of festering fan discontent that sources said left one interested buyer "blindsided" as they worked to secure financing for the believed asking price of $1.7 billion.
It's unclear if that group, or any potential bidder, came even remotely close to meeting the family's asking price. But sources said the group had met as recently as Wednesday morning in their effort to raise capital. A few hours later, the Pohlads announced that not only would they retain control of the club
Revealed: Why Pohlads Cancelled MN Twins Sale + Details on New Investors
Advertisement
Rather than part ways with the team, the Pohlad family sold more than 20-percent of the franchise. Given that figure, it certainly seems like a family struggling to find competency in their business dealings took on investors willing to clear their $425 million or more in debt for an ownership stake.
Joe Pohlad made the rounds amongst different media outlets on Wednesday and tripped over himself at every opportunity. He told The Athletic , "We've owned this franchise for 40 years. It's a really difficult thing to part with. We feel we're the right people to lead this organization, to own this franchise."
Earlier in the day Wednesday, Pohlad went on record with the Star Tribune saying , "I don't think we could have imagined a better outcome than where we landed."
It's genuinely infuriating, but entirely predictable, that the Pohlad family would fail to close this deal, then act like that's what they wanted the entire time. "Business savvy" isn't exactly their middle name, after all.
Advertisement
Pohlad's clueless regarding perception of Twins sale
Ultimately it's the fans that lose in this entire situation because the status quo remains intact. Contrary to what Joe Pohlad is trying to sell on us, his family keeping control of the MN Twins is the worst possible outcome out of this < one year long sales process.
It doesn't help that Joe Pohlad can't talk his way out of a paper bag. He is the byproduct of inherited wealth putting people into positions they never earned. Many businesses have the same nepotism problem, but not all of them crash and burn publicly like Joe has since he took control of daily operations back in 2022.
When speaking with Miller at the Star Tribune about the Twins' massive debt, Pohlad reminded us just how unqualified he is for the very important job he holds. Everyone knows that $400+ million was a huge problem during this process. Yet, Joe gaslit the conversation anyway.
"As far as I'm aware, that debt was not a hindrance in this process, But with this transaction, we're going to be paying that debt down."
Related: MN Twins Ready to Move on From Former 1st Round Pick?
Advertisement
Hours after this quote went public, The Athletic reported that, "Two sources involved in the process from different interested groups said the Twins' finances were a significant cause for concern." I mean, does he think we are that stupid?
The front office went through an ownership-mandated selloff just two weeks ago. They traded top free agent acquisition Carlos Correa for nothing . The depths they went to in crushing the roster was unprecedented .
Then again, Joe Pohlad made it clear in his original statement yesterday morning that Minnesota Twins owners were not the ones who ordered any of that. Apparently he thinks we are gullible enough to believe that too.
Related Headlines
Advertisement
