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Report: Pohlads Rejecting Market Value Offers for MN Twins
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- Report: Pohlads Rejecting Market Value Offers for MN Twins
David Berding-Imagn Images David Berding-Imagn Images
If you thought the Minnesota Timberwolves sale was a mess because of Glen Taylor, the Pohlad family has done a wonderful job reminding you how bad it can be. The Minnesota Twins have been governed by the stingy group for years and they've tightened the player budget in recent seasons, before putting the team up for sale this offseason.
Billionaire Justin Ishbia originally showed interest in purchasing the club, before opting to pursue a larger ownership share with the Chicago White Sox, a team he already owned a minority stock in, instead of swapping AL Central allegiances.
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Pohlad family reject market value offers for Minnesota Twins
Credit: Jesse Johnson-Imagn Images
There has always been a level of skepticism as to whether or not the Pohlad's would sell the MN Twins at all, especially given their above market value asking price, which is reportedly in the $1.7-$1.8 billion range .
According to a new report out of The Athletic , the Minnesota Twins owners have rejected multiple offers at or around what Forbes deems market value, which is $1.5 billion. With no offers coming in near their asking price, though, the Pohlads won't even open negotiations.
Last Wednesday, the firm leading the sale process requested groups submit proposals with intent of interest, with multiple parties clearing that bar, those sources said. The Twins, in talks with one interested group, deemed a $1.5 billion valuation a non-starter.
By downright rejecting $1.5 billion offers, the Pohlad family is making it clear to interested parties that they are in no hurry to sell the team, if they aren't going to get the price they want. The Baltimore Orioles were sold one year ago for $1.725 billion . Darren Wolfson (KSTP) has made it clear for months that the Pohlads are looking for at least that.
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At the time of their sale, Forbes valued the Orioles at $1.73 billion , or 18th in baseball. Minnesota was valued at $1.46 billion in those same valuations, which checks in at 21st in the league. Did Forbes get it wrong? Did the Twins appreciate another $300 million in the last year or two… after a teardown of payroll ? The Pohlads seem to think so.
The Athletic is reporting the Minnesota Twins have accrued $425 million in debt, "which is one of the highest figures among MLB's 30 teams." Effectively, the Pohlad family is looking for a new owner to foot the bill. They'd also like to come out looking rosy when dividing the payment among interested parties.
Pohlads in no hurry…
The key definition of a potential Minnesota Twins sale this offseason was that they were "exploring" the possibility of a sale . If they didn't like what that exploration led them to, then there was never a guarantee that the franchise would be turned over.
"The Pohlads are not under pressure to sell. They are going to be deliberate about it. They really value the process and they want the process to play out in the fullest."
There are plenty of involved parties amongst the Pohlad family, as a whole. Joe took over for uncle Jim as the executive chair of the organization. The payday will involve multiple people that don't care about baseball, or the team, at all. The goal for those parties is the bottom dollar, period.
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Related: Two New Guys Make MN Twins Opening Day Roster
It's clear that any new ownership party won't be identified by Opening Day. A transition plan before the trade deadline would give the Minnesota Twins hope of some spending, assuming it would be greenlit by new ownership. But at this point, that's probably out the window as well.
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