Twins Sale Process Making Progress: ‘There Is Momentum’

The Twins turnaround is in full swing.

Following a slow start to the season that included lackluster attendance, Minnesota is playing better baseball on the field and moving toward a sale that is expected to be at or near the Pohlad family’s asking price of $1.7 billion.

“There is momentum,” a source familiar with the process tells Front Office Sports.

There is truth to the idea that the sale process stalled earlier in the year due to complications that arose from Mat and Justin Ishbia’s ultimately dropped pursuit of the Twins, the source says. But the Ishbias are out of the fold—they reportedly chose to increase their stake in the White Sox instead of seeing the Twins process through—which has opened up the door for other suitors. 

“There’s been steady momentum since then,” the source tells FOS. And while no formal offers have been made yet, “it’s been picking up.”

The White Sox declined to comment on the size of the Ishbias’ stake, and the brothers did not immediately respond to requests for comment.

In recent weeks, several prospective suitors have traveled to Minnesota, toured Target Field, and met with the Pohlads, the source confirmed to FOS. The Star Tribune first reported that suitors were touring the stadium and meeting with the family.

Previous reports have indicated the Pohlads’ asking price of at least $1.7 billion was too high (others have reported that the asking price is $1.5 billion). But the source confirms to FOS that the family previously rejected a bid that was at a $1.5 billion valuation, and says there has been positive momentum on that front. “They’re not going to do a transaction at $1.5 billion,” the source says.

The sought-after $1.7 billion valuation is $50 million higher than the Twins’ valuation as calculated by CNBC, which last month said the Twins are worth $1.65 billion, 22nd out of the 30 MLB teams. The Pohlads are asking for a price that’s about in line with the value of the most recent MLB team sale; the Orioles were purchased last year by billionaire private-equity executive David Rubenstein at a valuation of $1.725 billion. 

The Pohlads bought the Twins for $44 million in 1984. The patriarch, Carl Pohlad, died in 2009, at which point his son Jim took over the team. In 2022, Jim’s nephew, Joe Pohlad, assumed primary administrative duties while Jim remained the controlling owner. 

The team was put up for sale in October and is working with Allen & Company on the process.

After starting the season 7–12, the Twins are now 30–24, good for second place in the American League Central division and fourth place overall in the American League. As the team’s play has picked up, so too has attendance at Target Field, which earlier in the year was dramatically down. As of mid-April, the Twins were averaging a little fewer than 18,000 fans per game, which was seventh worst in the league. Today, that average per-game attendance has risen to roughly 18,840. They have leapfrogged a few teams and now have the 18th-best average attendance in MLB.

Two significant roster pieces, center fielder Byron Buxton and right fielder Matt Wallner, are getting closer to returning from injuries. The pitching rotation has been strong—Twins pitchers have a collective ERA of 3.25, tied for fourth best in the league. Free-agent signings like Harrison Bader and Ty France are playing well.

Twins SVP of communications Dustin Morse declined to comment on the sale process, but he expressed enthusiasm about the team’s performance. 

“Good baseball right now,” Morse tells FOS. “The pitching staff has been near the best in the league, and both Buxton and Wallner are making progress.”