Justin Ishbia, the billionaire businessman and private investor, has notified the team that he will not continue to pursue ownership of the Minnesota Twins.
Instead, Ishbia will be, according to The Athletic’s Jon Greenberg, “buying more shares from other limited partners to increase his existing minority stake in the Chicago White Sox.”
The report also indicates that Ishbia may allowed to take control of the White Sox in the future by buying shares from long-time White Sox owner Jerry Reinsdorf.
Twins ownership believed that the team would be sold before Opening Day. Now, the search for a new owner will continue.
That said, reports over the last couple of months noted that there was a “robust market” for potential suitors.
A source told Greenberg that while Ishbia was pursuing the Twins, the Reinsdorfs talked to him about increasing his share of the White Sox. Ishbia and his brother Mat (owner of the Phoenix Suns) had bought a minority stake in the White Sox four years ago.
It is noteworthy that, at this time, Justin Ishbia has declined comment.
For Twins fans, this news is crushing. When news came out at the Winter Meetings that the 47-year-old who lives just outside of Chicago was interested in buying the Twins, fans got excited.
He and his brother spent immediately on improving the Phoenix Suns, famously taking ownership and OKing a trade to bring in All-Star Kevin Durant.
Twins fans began to dream about having an owner who might push the budget envelope and allow Twins fans to dream. Tonight’s news certainly darkens that optimism.
Then again, it is certain that the Pohlad family would like to sell, and they appear to be eager to sell quickly if a deal can be made.
If there were other potential ownership groups snooping around in December and January, there certainly will be again in February and March. Unfortunately, it means that there will not be an ownership transfer by Opening Day.
Maybe the All-Star break can be the next goal.
And now, Twins fans have Reason #4,728 to hate the Chicago White Sox!
