Pohlads announce they will explore selling the Minnesota Twins

The Pohlad family announced their intention to explore selling the Minnesota Twins in a press release Thursday morning.

The news comes less than two weeks after the team collapsed down the stretch, losing 27 of its last 39 games and missing the postseason. After a “business decision” to cut payroll by $30 million before the 2024 season, an ownership group that has existed since Carl Pohlad bought the club in 1984 faced massive criticism from fans for contributing to it had the team unable to capitalize on the 2023 season in which the Twins won their first playoff series in 21 years.

“For the past 40 seasons, the Minnesota Twins have been part of the heart and soul of our family,” the statement said. “This team is an integral part of our lives and the Twins community has become an extension of our family. The staff, the players and most importantly you, the fans – everyone who makes up this incredible organization – are part of it. We have never taken lightly the privilege of being stewards of this franchise.

“However, after months of careful consideration, our family came to the decision this summer to consider selling the twins. As we enter the next phase of this process, it is time to make this decision public.

“We truly respect and appreciate what the Twins mean to Minneapolis, St. Paul, the great state of Minnesota and the entire region. Our goal is to be as informative as possible with the team, the staff and you, the fans. You deserve this because in many ways this team doesn't belong to one family – it belongs to all of you. Our goal is to find an ownership group that we can all be proud of and that cares about the Minnesota Twins.

“After four decades of dedication, passion and countless memories, we look to the future with care and intention – for our family, the Twins organization and this community we love so much.”

Earlier this week, Major League Baseball announced that it would take over production of the Twins' television broadcasts. The team was looking for a new broadcast partner after its one-year contract with Diamond Sports Group expired.

The shift to the MLB model, which finally allows customers to purchase subscriptions without having to be cable subscribers, is expected to take a significant hit to the club's short-term revenue. Although it was considered the worst TV deal in the league, the Twins' contract with Diamond, which expired after the 2023 season, paid up to $54 million per year for TV rights.

Carl Pohlad bought the Twins in 1984 for $44 million. His son Jim Pohlad was named chairman following Carl Pohlad's death in 2009 and served in that role until the 2022 season. Jim Pohlad's nephew Joe took over management of the club's day-to-day operations for the last two seasons.

According to Forbes' annual MLB valuation estimate, the Twins are now worth $1.46 billion, an increase of $70 million from 2023.

(Photo of Joe Pohlad in 2023: Brace Hemmelgarn / Minnesota Twins / Getty Images)