Report: Twins' limited partners will help pay off debt; payroll impact unclear

The Pohlad family shocked the baseball world Wednesday when they announced their decision to take on minority investors while retaining control of the team, ending a 10-month process to sell the team.

According to The Athletic's Dan Hayes, the portion of the team that was sold ended up going for a higher valuation than the $1.7 billion figure that was frequently reported throughout the process.

Sportico initially provided a $1.7 billion valuation, and that was the reported asking price the Pohlad family was looking to get for the team.

It's unclear whether any interested group ever got near that figure over the past 10 months. Hayes reported that a Minnesota-based billionaire had, at one point, put forth a $1.5 billion offer, but that was deemed a non-starter.

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In reporting on the series of events that led to Tuesday's decision to retain control of the team, Hayes noted that, according to sources, the new investment received from the minority owners will be used to pay down the organization's significant debt.

It was revealed early on in the sales process that the Twins had around $425 million in debt, and that the Pohlads wanted that included in the sale. That figure, along with the Twins' current finances, were a "significant cause for concern" for "different interested groups," according to Hayes.

Who the new minority owners are, and how much of a say they will have in the operation of the team, is still unknown. The two groups — one from Minnesota, the other from the East Coast — will reportedly join the organization's board but the Pohlads will have final say on the team.

The decision Wednesday unsurprisingly irked many fans, while leaving those who were involved in the process shocked. Many fans had grown hopeful of new owners coming in and investing in the team, something that was promised when Target Field opened in 2010.

That promise has not been as consistently fulfilled, with Wednesday's news coming just weeks after an unprecedented fire sale that saw 10 players traded from the major league roster.