Major League Baseball’s Minnesota Twins are up for sale, the Pohlad family announced on Thursday, less than two weeks after missing the playoffs for the third time in four seasons.
The Twins, owned by the family since 1984 when billionaire banker Carl Pohlad bought the club for about $44 million, were valued at $1.46 billion by Forbes magazine in March, ranking them 21st among 30 MLB teams.
A family statement issued by Twins chair Joe Pohlad revealed the decision.
“For the past 40 seasons, the Minnesota Twins have been part of our family’s heart and soul,” the statement said. “We’ve never taken lightly the privilege of being stewards of this franchise.
“However, after months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins. As we enter the next phase of this process, the time is right to make this decision public.”
Saying they respect what the team means to the Minneapolis region and the entire state of Minnesota, the family said, “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.
“After four decades of commitment, passion, and countless memories, we are looking toward the future with care and intention –- for our family, the Twins organization, and this community we love so much.”
The Twins thrived in the early days of the family’s ownership, winning the 1987 and 1991 World Series titles in dramatic seven-game showdowns.
But the team missed the playoffs from 1992-2001 and Minnesota’s wild card series triumph last year over Toronto was the Twins’ first post-season series victory since 2002, snapping a nine-series losing skid.
Only the New York Yankees, Chicago White Sox and Philadelphia Phillies have remained under the same MLB ownership longer than the Twins.
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