The sale process of the Minnesota Twins has been one of the most exciting developments in recent seasons. The Pollard family has become a black mark on the franchise and has drawn the ire of fans for years. There was no greater cause for celebration than when it was announced last offseason that the team would be moving on.
Unfortunately, the franchise absorbed a large amount of debt due to the current surviving family members not knowing how to manage their wealth. That made the sale of the twins untenable and instead turned the deal into one of absorbing debt in exchange for equity.
Photo credit: Bruce Kluckhohn-Imagn Images
We’ve been following a pair of minority partners for months, but their identities have been questioned. With the winter meetings kicking off this week and reports that Minnesota will be building around their existing star players, the announcement makes sense.
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Minneapolis-based Twins partners announced
The Pollard family announced they would retain control of the Minnesota Twins, but were joined by two minority owners. The only information we have so far is that one group is local and one is East Coast. Pioneer Press columnist Charlie Walters has now taken the Minnesota entity public.
Minneapolis-based Varde Partners, a multibillion-dollar global credit investment firm, is set to announce it will become a limited partner of the Minnesota Twins. The firm is one of at least two limited partners expected to help reduce the team’s reported $500 million in debt.
Charlie Walters – Pioneer Press
Varde Partners is described as a global credit and investment firm. They are based in Minneapolis and appear to be deeply rooted in the local economy. Managing partners include Brad Bauer, Francisco Milone and Tim Mooney.
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Considering the shape and success of their current business, it’s hard to believe they aren’t more business savvy than the current Pohlads. Reports show that they manage $16-17 billion in assets and have more than 300 employees worldwide.
It remains to be seen what impact these minority partners will have on the Minnesota Twins. Their cash inflow is expected to reduce Poraz’s debt and hopefully more motivated individuals pay for competitive resources in the future.
It’s now possible that one of the two partners will be announced, and we’ll hear about the second entity soon.
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