Minnesota Twins' owners plan to sell the team
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Joe Pohlad during the Twins playoff series last fall. Photo: Brace Hemmelgarn/Minnesota Twins/Getty Images
After 40 years of owning the Minnesota Twins, the Pohlad family on Thursday announced they're exploring a sale of the team.
Why it matters: It's a historic moment of transition for a franchise that has essentially only had two owners during its 123-year history between Washington, D.C. and Minnesota.
Catch up quick: Earlier this year, executive chair Joe Pohlad insisted his family had no interest in selling the team.
Yes, but: It's been a rocky stretch since then, as the Twins lost out on millions of local TV money, cut payroll by $30 million and faced fan backlash and paltry attendance during a late-season collapse.
By the numbers: Joe's grandfather Carl Pohlad bought the team in 1984 for $44 million, and Forbes now values the franchise at $1.46 billion.
What they're saying: "It's our objective to find an ownership group who all of us can be proud of and who will take care of the Minnesota Twins," Pohlad said in a statement to media.
Zoom out: The announcement comes amid serious upheaval in MLB's revenue model as local cable television deals fall apart and teams migrate to the league's streaming app — a move certain to mean lower revenue, at least in the short term.
The big picture: The Pohlads, if they complete a sale, will be remembered as the only owners of a Minnesota men's pro sports team to win a championship. The Twins claimed World Series titles in 1987 and 1991.
- But they became one of the worst teams in baseball for the rest of the 1990s. In the 2000s they racked up division titles but couldn't win in the playoffs.
- At many points over the past 40 years, fans have been frustrated by their belief that the Pohlads spent too little on team payroll.
Flashback: Tension between Carl Pohlad and Twins fans peaked during Minnesota's stadium dramas of the late '90s.
- In 1997 — when it looked like the team might never escape the Metrodome — the Pohlads offered to sell the Twins to a businessman with plans to move the team. The deal fell apart after voters in North Carolina balked.
- In 2001, Pohlad offered to sell to MLB, which would have dissolved the franchise. A Hennepin County judge blocked the move, but it may have simply been a play for leverage in the stadium debate by MLB owners.
What we're watching: Who bids on the team. Baseball franchises sell more infrequently than other sports, so it's a rare luxury item for billionaires.
- The owners of the Baltimore Orioles agreed to sell for $1.725 billion in March.
- The Twins referred further questions to Steve Greenberg of Allen & Company, an investment bank that has sold several pro sports franchises.
Editor's note: This story has been updated with additional context about the Pohlads' ownership.