According to a report in Bloomberg, Justin Ishbia, the founder of Chicago-based Shore Capital Partners, is exploring a bid to purchase the Minnesota Twins.
Ishbia, who is the part-owner and alternate Governor for both the Phoenix Suns and Mercury, has been meeting with local community members across the state to get a feel for the area. The report states the 47-year old, who's net worth is estimated at $5.4 billion, has had a long time interest in owning a Major League Baseball franchise.
"I think from the perspective of Twins fans, if they hear that last name, Ishbia, they'll be more receptive to them coming here because they know that they're willing to spend," says WCCO's evening sports host Henry Lake. "And we know that in baseball you got to spend a little bit of cash to eventually bring home a World Series."
In October, the Pohlad family, who has owned the team since 1984, announced they were exploring a sale of the franchise. The team was purchased for $44 million from Calvin Griffith who moved the Twins to Minnesota from Washington D.C.
There's no reported asking price that has been made public, but the value of the team is in the neighborhood of $1.7 billion according to reports. The Pohlads retained New York-based investment bank Allen & Co., known for sports and entertainment deals, to help put a deal together to sell the club.
"After months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins,” Joe Pohlad, the Twins’ executive chair, said in a statement. “We truly respect and cherish what the Twins mean to Minneapolis, St. Paul, the great state of Minnesota, and this entire region. Our goal is to be as informative as possible with the team, staff, and you, the fans.”
There are only two MLB clubs that have been under current ownership longer than the Twins: The New York Yankees by the Steinbrenner family, and the Chicago White Sox who are owned by Jerry Reinsdorf.