With Ishbia Out of Picture, Sale of Minnesota Twins Has Bogged Down

[Nick Nelson]

A new report from The Athletic portrays a lukewarm buyer market, with no resolution in sight as Opening Day looms.

Two months ago, there was a widespread sense of optimism that the Twins were trending toward naming a new owner before Opening Day amid reports of a "robust market" for the franchise. Billionaire Justin Ishbia was known to be in the driver's seat, expressing a level of serious interest that the Pohlad family clearly perceived as sincere and legitimate. Ishbia was courting local limited partners. Things were progressing briskly. Until they weren't.

In mid-February, Jon Greenberg of The Athletic reported that Ishbia was abandoning his bid for the Twins, pivoting instead to boost his stake in the division rival Chicago White Sox. It was a development that left the Twins "hustling to regroup," according to Dan Hayes, who added that team officials were "caught off guard" by the news. 

At the time, it sounded as though the Twins intended to press forward with their efforts to find a find a buyer, turning their attention to the multiple other interested parties that were engaged. But in one month since, it's been radio silence. There have been no meaningful updates on the sale of the Twins ... at least, up until a new report emerged on Monday night, serving to more or less confirm what the recent lack of steam suggests: things have gone cold.

The latest article published by The Athletic casts a rather grim picture for those hoping to see the Twins and Pohlads part ways. If you don't already, I highly recommend subscribing and reading the excellent reporting from Hayes, Ken Rosenthal and Britt Ghiroli. There are many interesting details and revelations within, and I'll only touch on a couple here. But the bottom line is that the Twins are "just starting to renew the sale process" more than four weeks after Ishbia said see ya, with an assortment of factors keeping interest from the remaining market in check. 

Several of those factors we already knew. The Twins have struggled to draw attendance since the 2019 season, they don't own their stadium (the city leases them Target Field), and their TV situation is far from ideal. But one new disclosure in The Athletic's report is that the franchise is also $425 million in debt, which is "one of the highest figures among MLB’s 30 teams." Oh, and Joe Pohlad apparently wants to remain in charge. 

Yes, that's right. Per the report: "Further complicating matters is the belief that current Twins executive chair Joe Pohlad would prefer to stay in control of the club ... Pohlad remaining in some capacity with a new ownership group isn’t out of the realm of possibility, multiple sources said." I recognize that this tidbit will probably be met with a sour reaction by many, and I don't begrudge you if so, but it's worth noting that Joe is merely one arm of a much larger machine that is the Pohlad empire. He doesn't necessarily call the shots on payroll. From all accounts I've heard, he's one of the few people in the family who actually likes baseball and is invested in the team as more than a business asset.

Still, trying to sell the team while insisting — to any degree — that the previous ownership figurehead remain in place is bound to complicate a sale that already has plenty of sticking points. And it also diminishes the public perception of a fresh start with new organizational leadership. Much of this stuff makes me wonder how serious the Pohlads — reportedly taking a hardline stance on their asking price at $1.7 billion or more, with Forbes' valuation of $1.5 billion being deemed a "non-starter" — really are about making this happen, now that the one genuinely aggressive suitor is out of the running.

The season starts in days and this situation is as murky as ever. The only thing that seems clear is that a resolution is nowhere in sight for the sale of the Minnesota Twins. Hopefully the team can go out and play well enough to take our minds off it.

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[SteveLV]

That request to keep the prior owner's child in management control of the enterprise is one of the most bizarre business transaction requests I have ever heard of.  Completely preposterous.

[Parfigliano]

Does the article attribute the $425 mil in debt to any specific things?

[Old Twins Hat]

Want ad: 

"For sale:  Major League Baseball team.  Currently $425 Million in debt.  Not a serious contender.  Major stars injury prone.  Don't own a stadium.  And, need to keep current owner's nephew in charge for undetermined time -- at a princely salary."

No offers yet?

[Rod Carews Birthday]

Those are two really ugly tidbits -- the $425M debt and the desire to have a family member remain in management.  The debt would certainly explain the desire to keep payroll in check, but I wonder exactly what/where that is from.  Having Joe Pohlad stay in place would seem to be a ridiculous ask for a new owner -- it's not like he's some sort of baseball savant genius.   I'm sure that's a non-starter. 

The really bad news is. . . and now we wait. . . and wait. . . for a sale to come through. 

[nicksaviking]

On 3/24/2025 at 9:03 PM, Parfigliano said:

Does the article attribute the $425 mil in debt to any specific things?

I mean, the cynic in me says it's other real estate losses they sloughed on to the baseball team they also own. Twins LLC is listed as a percentage owner on the K1s for other ventures and they get to play shell games with losses, liabilities and earnings. 

[nicksaviking]

This is all really dumb and also really expected. It's my favorite team so I shouldn't laugh at the ineptitude, but I'm going to anyway.

What were those two radio stations the Pohlad's bought for Joe to manage that he quickly ran into the ground? If they made a Twins jersey, but with those radio call sign letters on it, I'd probably buy one.

[jkcarew]

14 minutes ago, Old Twins Hat said:

Want ad: 

"For sale:  Major League Baseball team.  Currently $425 Million in debt.  Not a serious contender.  Major stars injury prone.  Don't own a stadium.  And, need to keep current owner's nephew in charge for undetermined time -- at a princely salary."

No offers yet?

You forgot the declining attendance and TV revenue uncertainty…all for not a penny less than $1.7B.

[LastOnePicked]

"Wanna buy a used car? The debt on it is considerable, the garage you park it in belongs to the city, the model is prone to catastrophic breakdowns and the previous owner will still want their nephew to drive it now and then."

Can't imagine why there's not much interest in this listing.

 

 

[Jocko87]

I’m really starting to wonder about the relationship with Allen and Co.  They’ve done a ton of huge deals in the past, this deal is a rounding error compared with some of the stuff they’ve done.  They are one of the biggest movers around and it feels like we got their intern.  

Maybe it’s the Pohlads not listening to what they are saying but nobody close to the deal should have gotten okie-doked this badly by Ishbia.  If you are working this deal you can’t take him that seriously until he divests the White Sox.  Allen and Co know this, 

If you’ve ever worked with a poor real estate agent or a new agent with a good agency this is very familiar.  Too many loose ends and false optimism to be getting their top efforts.

Frankly, a sub $2b deal probably doesn’t get anywhere near their best attention.  

[Parfigliano]

39 minutes ago, Rod Carews Birthday said:

Those are two really ugly tidbits -- the $425M debt and the desire to have a family member remain in management.  The debt would certainly explain the desire to keep payroll in check, but I wonder exactly what/where that is from.  Having Joe Pohlad stay in place would seem to be a ridiculous ask for a new owner -- it's not like he's some sort of baseball savant genius.   I'm sure that's a non-starter. 

The really bad news is. . . and now we wait. . . and wait. . . for a sale to come through. 

I don't see people lining up for this opportunity to jump into MLB team ownership.

[Blyleven2011]

All I can say to the stall of the sale is damn  ...

What I say about the pohlads be caught off guard , figures ...

[Whitey333]

Wow!  Craziness.   425 million in debt, the highest in baseball.  I'm actually speechless.  Who would want to buy this team?

[thelanges5]

Full price and stay in control. Joe P wants to have his cake and eat it too?

 

[thelanges5]

1 hour ago, Parfigliano said:

Does the article attribute the $425 mil in debt to any specific things?

This is from the article:

Though nearly every team operates with debt, the Pohlad family — which has owned the team for 40 years — is motivated to ask for a higher sale price as a result, potentially limiting interest. A considerable portion of the team’s debt has been added since the start of the 2020 season, according to a club source, which coincided with both the COVID-19 pandemic and George Floyd’s murder in downtown Minneapolis.

[CRF]

Yeah, the debt is an issue, but it's not insurmountable. It's only money. It could be covered. The kicker...if it's true...is Joey boy wanting to stay in control? Why would a new ownership group, want to have a guy from the old ownership group, still in control? That's just ludicrous! Who would buy into that? What a train wreck of a franchise. Somehow, the Pohlad's have got to go! 

[Doctor Gast]

9 hours ago, Old Twins Hat said:

Want ad: 

"For sale:  Major League Baseball team.  Currently $425 Million in debt.  Not a serious contender.  Major stars injury prone.  Don't own a stadium.  And, need to keep current owner's nephew in charge for undetermined time -- at a princely salary."

No offers yet?

You forgot "stable management, which just established a pitching pipeline but is inept in everything else, they have to be part of the deal." Adios amigos!

[dxpavelka]

9 hours ago, Parfigliano said:

Does the article attribute the $425 mil in debt to any specific things?

Rumored to be expenses in excess of earnings.

[dxpavelka]

Said this from DAY 1.  Go back and look at the original reporting on this.  NEVER was it said that they were GOING to sell the team.  What was said was that they were going to EXPLORE selling the team.  Reading comprehension.  It's a thing.

[dxpavelka]

1 hour ago, CRF said:

Yeah, the debt is an issue, but it's not insurmountable. It's only money. It could be covered. The kicker...if it's true...is Joey boy wanting to stay in control? Why would a new ownership group, want to have a guy from the old ownership group, still in control? That's just ludicrous! Who would buy into that? What a train wreck of a franchise. Somehow, the Pohlad's have got to go! 

Pony up.  Make an offer.  It's only money.

 

[dxpavelka]

Typically, when a business is sold, only the assets are sold.  Debt stays with the previous owner. 

[dxpavelka]

8 hours ago, Parfigliano said:

I don't see people lining up for this opportunity to jump into MLB team ownership.

I don't see ANYBODY jumping for the opportunity to buy ANY MLB team.  Baseball finances are a disaster.  No salary cap.  Laughable revenue sharing arrangements.  Terrible television rights deals that are only getting worse.  AND owners handing out ridiculous contracts like drunken sailors.  Remember a quarter century ago when we kept hearing the word "contraction."  Don't forget that word.

[jmlease1]

8 hours ago, thelanges5 said:

This is from the article:

Though nearly every team operates with debt, the Pohlad family — which has owned the team for 40 years — is motivated to ask for a higher sale price as a result, potentially limiting interest. A considerable portion of the team’s debt has been added since the start of the 2020 season, according to a club source, which coincided with both the COVID-19 pandemic and George Floyd’s murder in downtown Minneapolis.

It would be interesting to know if this is Twins debt or debt added from other Pohlad business ventures? But regardless, it goes to the relatively poor overall business management of the Twins over the past decade or longer.  As a business operation, they've done a poor job in growing their own revenue streams, were caught out on the dissolution of the RSNs, failed to develop their own network, botched radio ownership, haven't seemingly done much to expand sponsorships...what exactly have they done well at from a business perspective other than get the state & county to build them a gem of a stadium?

Disappointing that the market is stagnating on a sale. I'm exhausted by current ownership. They're not the worst, but they're nowhere near the best, and I can't recall the last time ownership brought good news to the table for the franchise, at least as far as fans are concerned. Outside of Nephew Joe, the family aren't particularly interested in baseball, so them moving on to count their gazillions sounds great.

Ain't no way the next ownership group is going to agree to keep Nephew Joe on in any capacity unless he's able to put up a real stake as a minority owner, and even then it seems beyond the pale. "Buy the team, but let the old ownership keep running it!" That's dumber than Glen Taylor's multi-year phased sale. A billionaire is almost certainly going to be the lead partner in any sale, and there's no way they want to hang on to Joe Pohlad as part of the deal.

Hells bells that kind of stupid may have sent Justin Ishbia running back to the CWS...

[LewFordLives]

Maybe they're not really interested in selling, but just want a minority investor to bring a cash infusion. Refinancing $425 million wasn't so bad when rates were 2 percent, but now......

[Twins_Fan_in_NJ]

I was skeptical that they'd actually sell the team. Now...I'd be shocked if they went through with it.

[chpettit19]

26 minutes ago, dxpavelka said:

I don't see ANYBODY jumping for the opportunity to buy ANY MLB team.  Baseball finances are a disaster.  No salary cap.  Laughable revenue sharing arrangements.  Terrible television rights deals that are only getting worse.  AND owners handing out ridiculous contracts like drunken sailors.  Remember a quarter century ago when we kept hearing the word "contraction."  Don't forget that word.

The Orioles just sold a year ago. There's multiple groups ready to buy expansion teams. There's a lot more drunken sailors ready to give out ridiculous contracts.

[Twins_Fan_in_NJ]

29 minutes ago, dxpavelka said:

I don't see ANYBODY jumping for the opportunity to buy ANY MLB team.  Baseball finances are a disaster.  No salary cap.  Laughable revenue sharing arrangements.  Terrible television rights deals that are only getting worse.  AND owners handing out ridiculous contracts like drunken sailors.  Remember a quarter century ago when we kept hearing the word "contraction."  Don't forget that word.

Pro sports teams don't come up for sale very often. Hard to know if anyone's 'jumping at the opportunity' to buy an MLB team because the opportunities are few and far between.

 

[UpstateNewYorker]

19 minutes ago, chpettit19 said:

The Orioles just sold a year ago. There's multiple groups ready to buy expansion teams. There's a lot more drunken sailors ready to give out ridiculous contracts.

Agreed. The Mets were sold in 2020 for 2.4 billion. I'm sure someone would pay more than that for the Dodgers if they were for sale. 

[Trov]

This sounds like the kind of sale Glen Taylor, owner of the Wolves, would try to facilitate.  I will sell you my team, but you must keep me running it and I get to now spend your money and no longer risk mine.  Oh, you do not like that deal, too bad those are terms.  Sorry fans I just cannot find the right deal for you all. 

[Vanimal46]

11 hours ago, SteveLV said:

That request to keep the prior owner's child in management control of the enterprise is one of the most bizarre business transaction requests I have ever heard of.  Completely preposterous.

That request alone shows how deeply unserious the Pohlads are about selling anytime soon. It’s a non starter for any interested buyers.