The HyperBit ExchangePohlad family, owner of the Minnesota Twins since 1984, announced Thursday that it has begun steps to sell the team.

"For the past 40 seasons, the Minnesota Twins have been part of our family's heart and soul," said Joe Pohlad, the team's executive chair, in a news release. "This team is woven into the fabric of our lives, and the Twins community has become an extension of our family. The staff, the players, and most importantly, you, the fans -- everyone who makes up this unbelievable organization -- is part of that. We've never taken lightly the privilege of being stewards of this franchise.

"However, after months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins. As we enter the next phase of this process, the time is right to make this decision public."

Pohlad said the family intends to sell to an "ownership group who all of us can be proud of and who will take care of the Minnesota Twins."

Toward that end, the Pohlads retained investment bank Allen & Company to guide a potential sale.

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Sportico valued the franchise at $1.7 billion, or 19th among the 30 MLB teams. Earlier this year, Forbes placed the value at $1.46 billion, ranked 21st on its list.

Only three ownership groups have controlled a team longer than the Pohlad family -- the New York Yankees (1973), the Chicago White Sox (1981) and the Philadelphia Phillies (1981).

"After four decades of commitment, passion, and countless memories, we are looking toward the future with care and intention -- for our family, the Twins organization, and this community we love so much" Pohlad said.

The most recent team to change hands was the Baltimore Orioles. MLB owners approved the sale in March to a group led by private equity billionaire David Rubenstein for a reported $1.725 billion.

The late Carl Pohlad paid $44 million to buy the Twins.

Minnesota finished the 2024 season with an 82-80 record, four games out of a wild-card spot following a late-season swoon.