Minnesota Twins Ownership Change: The End of an Era and the Dawn of a New One
In a shocking announcement on October 10, 2024, the Minnesota Twins revealed that they are seeking new ownership, potentially marking the end of one of Major League Baseball’s longest-standing proprietorships. The Pohlad family, prominent owners of the team since their initial purchase in 1984 for $44 million, has enlisted the services of Allen & Company, an investment banking firm renowned for facilitating sports franchise sales. Current valuations estimate the Twins’ worth to be in the ballpark of $1.5 billion to $2 billion.
A Family Legacy Coming to an End
“After much deliberation, our family arrived at the decision this summer to consider selling the Twins,” the team’s public statement read. “As we embark on this new journey, we believe it’s the right time to share this decision with the public.”
Since their relocation from Washington, D.C., in 1961, the Twins have been under the ownership of only two entities, Calvin Griffith and the Pohlad family. The Pohlad patriarch, Carl, initially acquired the team and passed it down to his son, Jim, with control eventually being handed to his grandson, Joe.
Their ownership duration is surpassed only by the New York Yankees, Chicago White Sox, and Philadelphia Phillies. The Pohlads witnessed significant triumphs early on, including World Series victories in 1987 and 1991.
Challenges and Triumphs
However, by 2001, the team faced the threat of contraction alongside the Montreal Expos due to financial turbulence within the sport. This plan, however, gradually dissipated. Despite regular-season successes in the 21st century, with 10 postseason appearances out of 25 attempts, the Twins have not progressed beyond the division series since 2002. Following a lackluster 82-80 season with a 9-18 downfall in September, they were excluded from the postseason.
Comparative Franchise Sales
The most recent sale of a Major League Baseball team was the Baltimore Orioles, which David Rubenstein acquired for $1.725 billion during the summer. Previously, Steve Cohen purchased the New York Mets in 2020 for a staggering $2.4 billion. Both the Los Angeles Angels and Washington Nationals have considered sales but eventually retracted their teams from the market.
The Impact of Regional Sports Networks
The dissolution of a significant number of regional sports networks, previously a substantial source of annual revenue for the industry, has caused financial instability within the sport. The Twins, along with other teams, have been affected by this shift, leading MLB to take over production and broadcasting of Twins games next season.
