The Pohlad family said Wednesday it has taken the Minnesota Twins off the market, ending a 10-month effort to sell the Major League Baseball franchise. Instead, the family has reached agreements to sell "substantial" minority stakes to two investor groups—one based in Minnesota and the other in New York—while preserving its controlling interest. People familiar with the terms said the deal values the team in line with the roughly $1.7 billion price the Pohlads had sought for a full sale. The incoming partners will receive board seats but no path to a majority position, according to Front Office Sports. Proceeds are expected to help the club reduce an estimated $425 million debt load and bolster operations amid falling attendance and a disappointing season. The transactions require approval from Major League Baseball, which the team expects in the coming weeks. The Pohlads have owned the Twins since Carl Pohlad acquired them for $44 million in 1984. The family said retaining control, while adding fresh capital and expertise, is the best route "to strengthen the club in a rapidly evolving sports landscape."
Minnesota Twins won't be sold, will remain under control of Pohlad family https://t.co/A36jdSJUQE
The Pohlad family said Wednesday that it has decided to take the Twins off the market and instead sell significant minority stakes to two groups. @BenHorney discusses on today's show ⬇️ https://t.co/ipUSRhsevA
Twins owners opt to halt the sale and keep the club in the family, adding new investors instead https://t.co/0wY2sjmFjA https://t.co/DT9lNHnlKm