Offseason Twins news took a noticeable surge on Friday after business news experts Bloomberg reported that private equity billionaire Justin Ishbia, who co-owns the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury with his brother Mat, is considering a bid for the Twins.
“The 47-year-old has been meeting with local community leaders across the state to learn more about the community and the opportunity to carry on the Twins legacy, one person said,” Bloomberg reported.
Perhaps most encouragingly was this nugget announced by Dan Hayes of The Athletic, who said via social media that the Ishbia family have a “go big or go home” reputation.
Why is that important? Because if you’re going to keep up with the joneses in the high stakes game of monster free agent baseball salaries (see Juan Soto), then you better have some owners willing to spend money.
I want to believe that breaking out the calculator and slide rule and evaluating talent in the smartest way possible a la Bill James and Billy Beane is the best way to build a team — and they, of course, have shown that is very possible, given the past performances of the Oakland A’s and Tampa Bay Rays, for example.
But let’s face it: It also doesn’t hurt to have an owner willing to spend a shitload of cash. Maybe it’s not Steve Cohen, but the Ishbias certainly strike me as a step up from the Pohlad family, the current owner of the Twins. The Pohlads announced in October they were exploring a sale of the team.
More about the Ishbia brothers, according to Bloomberg.
“Justin Ishbia is the founder and managing partner of Chicago-based Shore Capital Partners, a middle market private equity firm focused on small business investment in areas including health care. His firm has about $11.5 billion of assets under management.
“Mat Ishbia took over the family business from their father, Jeff Ishbia, in 2013. Jeff founded the company that would become United Wholesale Mortgage. When it merged with a special purpose acquisition company in 2021, it was valued at more than $16 billion. Justin holds a 23% non-voting interest in the company.
“The family is from Michigan and both brothers attended Michigan State University. Justin and his wife, Kristen, recently donated $10 million to the university’s athletic department, earmarked for NIL payments and the basketball and baseball programs.”
Extra innings…
-And then, of course, there was the ridiculous salary news about Juan Soto’s deal with the New York Mets, which chimes in at $765 million over 15 seasons.
Some context:
-The cost to build Mall of America in Bloomington, which opened in 1992, was $650 million.
-Current owner Zygi Wilf and other partners paid $600 million for the Minnesota Vikings in 2005.
-The cost to build Target Field, which opened in downtown Minneapolis in 2010, was $555 million.
-Shortstop Carlos Correa’s deal with the Twins is $200 million over six years. We were aghast when that contract was announced, but next to Soto’s riches it looks like the bargain of the century.