Neal: Interest in Twins purchase spans the nation

The Twins’ winter caravan starts Tuesday. The Diamond Awards take place a week from Thursday with TwinsFest following that weekend. Pitchers and catchers report to spring training in less than a month.

The new season is approaching.

That also means that, in coming weeks, there will be clarity on who the third owner in Minnesota Twins history will be.

After checking around with several sources with knowledge of the owner search, here’s how things stand as the search continues.

1. There have been double-digit inquiries about purchasing the Twins. Enough that there is confidence there will be a strong handful of bidders involved when the request for final offers comes. The interest is local and from as far away as California. Allen & Company, the investment firm handling the sale, has received calls from prospective owners and has reached out to potential owners to gauge their interest as well.

2. What’s the timetable looking like? Numbers, not final offers, will be kicked around in the coming weeks. Forbes has the Twins valued at $1.46 billion while Sportico has them at $1.7 billion. There will be at least another round of bidding after that. Due diligence is taking place at this moment to make sure the interested parties don’t bounce the check. Remember the contraction saga of 2001, when Donald Watkins wanted to buy the team but no one knew where his money was?

The sources believe that they can have a new owner — the winning bid — identified by Opening Day. That doesn’t mean the deal will be done then. There will be a final approval process conducted by MLB at that time that includes an extensive background check. The ownership committee then meets with the prospective owner to ask any additional questions. By the time the keys to the building are handed over, it could be late May or June. So more patience is needed.

3. Has anyone come forward with their intentions? The only one known is businessman and baseball fan Justin Ishbia, whose brother, Mat, owns the Phoenix Suns and Mercury. Mat Ishbia would be part of the group as well. That could excite Twins fans after the Pohlad family slashed payroll following the 2023 season — despite advancing to the second round of the playoffs — and not adding to it following last season. It was reported earlier this week that the Ishbias purchased a small stake in the White Sox in 2021. That would have to be sold before they take over the Twins, of course. The brothers also have a stake in Nashville SC of MLS.

4. What does this mean for the Twins? That is a positive reflection of the Twins' situation. They play in a modern ballpark. There’s a chance that the lease agreement will be extended from 2039 to 2059 if the Legislature agrees to convert the sales tax used to build Target Field — the remaining debt will be paid off this year — to pay for medical infrastructure and to keep the ballpark updated.

And, believe it or not, the Twins roster is good enough to win in the AL Central when they can keep their best players on the field.

But there is uncertainty over their television deal. Twins games will be handled by Major League Baseball in the short term, and the Twins are taking a financial hit. MLB will be unable to fully address its streaming future until 2028, when several teams have their local television deals expire. There’s also concern about a work stoppage once the current collective bargaining agreement ends in December 2026. Players are now signing $700 million contracts, and more owners realize the revenue disparity must be addressed.

But MLB teams aren’t for sale very often — there’s only 30 of them on the planet — and there are indications that there are bidders eager enough to join the exclusive club that they are willing to deal with some issues.

5. Expect a former Twin to be part of any ownership group as a limited partner. It won’t be similar to Tom Brady owning 5% of the Raiders and, reportedly, getting some operational control.

Fans will automatically assume that Joe Mauer would be a lock for such a position. But he might not be the only option. Justin Morneau comes to mind. And Torii Hunter has enjoyed success in the business world since retiring. A limited partnership in the Twins case could entail just 1% or 2% ownership.

5a. So, when should fans expect more spending on payroll? Until the new owner walks up to the podium for the introductory news conference, we won’t know for sure what his/her intentions will be. By then, they will have examined the books and should have a business plan prepared. There will be a new owner by midseason. We just don’t know what type of owner.