The Minnesota Twins are up for sale, but a concerning report has emerged indicating that nobody is particularly eager to purchase the franchise.
Eight months after putting the franchise up for sale, the Pohlad family is likely to have to lower their asking price due to a lack of interest, according to Charley Walters of the Pioneer Press. The Pohlads had hoped to fetch $1.7 billion for the team, but the price has fallen closer to $1.5 billion and may be adjusted further as interest continues to be low.
The Twins’ finances are a concern for potential owners. One potential bidder lost interest at the current asking price after viewing the club’s financial records, while another described the prospects of a sale as “dismal.” Reports have indicated that the team is over $400 million in debt.
The Twins play in a small market, limiting their cash flow. The team also left their broadcast deal with FanDuel Sports Network last year, eliminating a key source of income.
The Pohlad family cannot lower the price too much, even if they are looking for a way out. Fellow owners are unlikely to approve of the family selling at a lower price, as it would risk diminishing the values of the other 29 franchises.
The Pohlad family confirmed last October that they would listen to offers for the franchise, having owned the team since 1984. It is not particularly common that a professional sports franchise would struggle to find interested buyers, but seven months later, that is where the Twins find themselves.
