In an unexpected turn of events, the Joe Pohlad family announced their intention to sell the Minnesota Twins on Thursday. A team they’ve owned for an impressive four decades. This news comes hot on the heels of a rough finish to the season, where the Twins stumbled. 

They lost 27 of their final 39 games and missed the postseason. It’s definitely a big shift for a family that’s been such a big part of the Twins’ story. But the Pohlad family is ready to hand over the reins. Fans are sure to have mixed feelings, but it opens up the possibility for fresh ideas and new energy.  

Why is the Pohlad family letting go?

After a “business decision” to cut payroll by $30 million for the 2024 season, the Pohlad family’s third-generation ownership—who’s been at the helm since Carl Pohlad bought the team in 1984—faced significant backlash. Many fans are frustrated, especially considering the Twins finally broke a 21-year playoff drought and won their first playoff series this year. The timing of the cuts has left several people wondering how the team plans to build on that success moving forward. New York City-based capital markets firm Allen & Company is stepping in to help facilitate the sale. 

Team owner Joe Pohlad made an emotional message, mentioning, “For the past 40 seasons, the Minnesota Twins have been part of our family’s heart and soul. This team is woven into the fabric of our lives, and the Twins community has become an extension of our family.”

An industry source notes that this announcement shouldn’t be a shock, especially considering the trends we’ve seen with past sales of professional sports franchises. It’s becoming more common for owners to explore new opportunities.  

The twins’ legacy with the Pohlad family  

After buying the Twins from Calvin Griffith in 1984 for $44 million, Carl Pohlad led the team for 25 years. Following Carl’s demise in 2009, Jim Pohlad, his son, assumed the company’s leadership. Just 23 months ago, Joe Pohlad assumed the daily team management, while Jim still has a say in ownership. The Twins had a youthful, promising core when the Pohlads acquired them from Griffith in 1984.

Kirby Puckett, Kent Hrbek, and Frank Viola—who would later win the Cy Young Award—were among them. In 1987, the Twins astonished baseball fans by winning a dramatic seven-game World Series against the St. Louis Cardinals, despite having the fourth-lowest payroll out of 26 clubs at the time. They were still very successful when they sold three million tickets in 1988. Eventually, the team increased its salary for the next seasons.

The Twins are in an intriguing situation as they prepare for their 16th season in Target Field – a contemporary stadium still thought to be among the best in the game. This year, the team’s valuation was assessed by both Sportico and Forbes to be in the region of $1.46 billion to $1.7 billion. It will be fascinating to see who steps up as a prospective buyer.

Given the high asking price, do you think they could have for the Twins’ future?