Justin Ishbia, who co-owns the NBA’s Phoenix Suns with his brother Mat, is planning to lead a bid to purchase the Minnesota Twins, according to someone with knowledge the process.
Ishbia’s offer could include Mat and other investors, the source said, and the multi-billionaire has spent time in Minneapolis in recent weeks scoping out the area.
If he is successful in his attempt to purchase the Twins, it would give the family’s growing sports empire a foothold in Minnesota. The 47-year-old is already the alternate governor of the NBA’s Suns, WNBA’s Phoenix Mercury and MLS club Nashville SC, in which he has a minority stake.
His brother Mat is a prolific donor to his alma mater Michigan State as well as a co-majority owner of the Suns and Mercury.
The siblings are each worth more than $4 billion, according to Forbes, having made their money in financial services and private equity. They have previously shown interest in buying the NFL’s Denver Broncos and Washington Commanders, and the NBA’s Milwaukee Bucks.
A representative for Justin Ishbia declined to comment. A representative for the Twins didn’t immediately respond to a request. Bloomberg first reported his interest.
The Twins’ current ownership group put the club on the market in October, with the controlling Pohlad family retaining investment bank Allen & Company to facilitate an exit and informing employees of the plan on Oct. 10. The Pohlad family has overseen the Twins for four decades after banking magnate Carl Pohlad bought them for $44 million in 1984.
“After months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins,” the franchise wrote in an October statement announcing the exploration of a deal. “As we enter the next phase of this process, the time is right to make this decision public.”
The potential sale comes amid rising MLB valuations—the average franchise appreciated 12% from 2023 to 2024, according to Sportico‘s numbers—but also a lot of uncertainty in local media, traditionally a critical revenue stream for MLB teams. The Twins are one of a handful of franchises whose local rights were assumed by Major League Baseball amid the unwinding of their contract with Diamond Sports Group’s RSN business.
Minnesota averaged approximately $40 million per season in its deal with Diamond, which expired at the end of the 2023 campaign. Going forward, MLB will negotiate all cable and satellite distribution agreements for the Twins.
Only one MLB team has sold a control stake in the past three years—the Baltimore Orioles, which were acquired by a group led by billionaire David Rubenstein for $1.73 billion. Prior to that, the previous two sales were the New York Mets to Steve Cohen and the Kansas City Royals to John Sherman, both in 2020.
(This has been updated in the ninth paragraph to clarify the Twins are unwinding their contract with Diamond Sports Group.)