I’m in the process of finalizing a $6 billion investment in a project in Kansas. During a recent conversation with the investment group, they mentioned they were also close—“at the 10-yard line”—to completing the sale of an American League baseball club. They declined to reveal which team, so I suggested the Minnesota Twins. They immediately responded that the Twins were a poor investment.
They laid out several reasons: too much debt, declining attendance, no meaningful TV deal, and Major League Baseball’s tendency to schedule early-season home games in April—often in cold weather—which depresses ticket sales. The only positive they mentioned was the outstanding ballpark.
That response hit home for me. I’m originally from Minot, North Dakota, and grew up a passionate Twins fan. I still remember the excitement of the 1965 World Series when our school principal played the games over the intercom. Owning the Twins has always been a dream of mine, but based on this feedback, I’d have difficulty assembling the right investment group if the team is seen as financially unsound. The Pohlad family would likely need to reduce the asking price and absorb some of the debt.
It seems Justin Ishbia was wise to walk away.
I now live about 50 miles west of Washington, D.C., and make the trip to Baltimore whenever the Twins visit the Orioles. Interestingly, the Twins’ average attendance over the past five years has been comparable to the Orioles’. Camden Yards is a beautiful stadium, but in my view, Target Field is even better.
This raises the question: how did the Orioles manage to sell 70% of the team for $1.725 billion while the Twins are considered a poor investment? There is much more to say, but let me know your opinion.