Current owners of the Minnesota Twins, the Pohlad Family, are seeking at least $1.7 billion in a potential sale of the team, according to The Athletic.
The Twins are renewing the sale process a month after billionaire Justin Ishbia spurned the Twins to increase his minority stake in the Chicago White Sox.
The team’s current debt complicates any possible deal. The Twins have more than $425 million in debt, according to The Athletic.
Because of that debt, the Pohlads are motivated to ask for a higher sale price, which could limit the number of interested parties. Much of the team’s debt was racked up since the start of the 2020 season, which coincided with the COVID-19 pandemic and the murder of George Floyd in Minneapolis.
Also complicating matters is the limited number of potential investors with links to Minnesota. Additionally, it is believed that current executive chair Joe Pohlad would prefer to stay in control of the team, multiple sources told The Athletic.
A sale of the team once seemed possible as soon as Opening Day, but now it likely won’t happen any time in the immediate future.
“The Pohlads are not under pressure to sell,” a source told The Athletic. “They are going to be deliberate about it. They really value the process and they want the process to play out in the fullest.”
New York-based Allen & Company is handling the sale of the Twins.
-Field Level Media
Comments