The embattled Pohlad family reversed course on a nearly yearlong effort to sell the Minnesota Twins and declared themselves the right people to keep control of the debt-ridden franchise — a swift pivot in the face of festering fan discontent that league sources said left one interested buyer “blindsided” as they worked to secure financing for the believed asking price of $1.7 billion.
It’s unclear if that group, or any potential bidder, came even remotely close to meeting the family’s asking price. But sources said the group had met as recently as Wednesday morning in an effort to raise capital. A few hours later, the Pohlads announced that not only would they retain control of the club, but also they had secured a needed cash infusion with the addition of two minority investors, which sources with knowledge of the negotiations said bought more than 20 percent of the franchise.
The announcement sent shock waves through the organization, fan base, and some interested parties, who were not made aware that the Pohlads were taking on minority partners. People with knowledge of the minority investor deal said the portion of the club that sold went for a higher valuation than the $1.7 billion franchise valuation provided by Sportico.
A letter from the Pohlad family: pic.twitter.com/s6ff66W5DU
— Minnesota Twins (@Twins) August 13, 2025
“When that right opportunity comes along, you take it,” Twins executive chair Joe Pohlad told The Athletic. “We found this was the best one, the right one for our family. When you find good people to work with, you want to do that. We’ve owned this franchise for 40 years. It’s a really difficult thing to part with. We feel we’re the right people to lead this organization, to own this franchise. With these two new partners, they’re going to add a lot to how we think about this organization, both in the short and long term.”
Both Pohlad and sources familiar with the sale process said the significant investment received would be used to pay down more than $425 million in debt accrued by the team, which is believed to be one of the higher income-to-debt ratios in baseball.
The deal, pending the approval of Major League Baseball, capped a 10-month sale process that had cast a pall over the franchise and had already been marred by billionaire Justin Ishbia abandoning his pursuit of the Twins to instead buy eventual control of the White Sox. All of it unfolded against the backdrop of yet another lost season on the field for the Twins, resulting in a trade deadline fire sale that further stoked fan frustration.
“The process felt like it truly was 10 years long,” Pohlad said. “Am I surprised to be here? I don’t know how to answer that. I’m glad to be here. I’m excited about it.”
Multiple people with knowledge of the deal said it materialized quickly. But it’s unclear when the Pohlad family, under the guidance of investment bankers Allen & Co., pivoted to favor more of a cash infusion while retaining team control.
Joe Pohlad said the family was introduced to the two parties earlier in the summer and developed a good relationship. The strong foundation allowed negotiations with those parties to move quickly.
A source with knowledge of the sales process called the agreement unusual because “significant” investors in a franchise typically want a path to controlling interest, which is not the case here. Pohlad described one of the two limited partnership groups as being from Minnesota and the other from the East Coast. Though both will be added to the team’s board of directors, how much of a say those groups will have is unclear, with the Pohlads ultimately remaining in control of the club. The franchise has been in the family since 1984, when Joe’s grandfather, Carl, bought the team for $44 million.
“All along we were open to any possible outcome,” Joe Pohlad said. “We still have some work to do. But it will help us pay down some debt and provide us with fresh thinking.”
Two sources involved in the process from different interested groups said the Twins’ finances were a significant cause for concern.
In March, The Athletic reported the Twins’ debt was a roadblock as the Pohlad family was initially asking interested parties to absorb that on top of the sale. A $1.5 billion valuation made by a group anchored by a local Minnesota billionaire was deemed a non-starter and that group was dropped from the process. There were several other groups with Minnesota ties interested, though none met the asking price. It’s unknown if any formal offers in that $1.7 billion vicinity ever emerged.
Byron Buxton is one of the Twins’ lone remaining stars after a trade deadline purge that saw 10 players dealt from the active roster. (Brad Rempel / Imagn Images)
Still, the Pohlads and MLB maintained optimism a buyer would be found.
Less than a month ago during All-Star Week festivities in Atlanta, MLB commissioner Rob Manfred confidently stated “there will be a transaction.” While he wasn’t wrong, it wasn’t what the public expected.
The two new minority groups, who were both referred to as limited partners, have not yet been revealed. But the financial infusion they’ll bring should make an impact. In that realm, paying off a considerable amount of debt immediately puts the organization in a healthier position, though the decision-makers remain unchanged.
The Pohlad family is now in their third generation of ownership. Joe Pohlad, one of seven grandchildren of Carl, runs the team on a day-to-day basis. His uncle, Jim Pohlad, one of three sons of Carl Pohlad, was formerly the team’s chairman and remains the control owner for MLB-level events.
The Pohlads may believe they’re the right people to continue operating the Twins, but many fans, business analysts and others in the industry beg to differ.
The Twins are on the verge of missing the playoffs for the fourth time in five seasons, an unsatisfying stretch that led to last month’s unprecedented trade deadline activity in which the front office traded 10 players off the major-league roster. Ticket sales are as bad as they’ve been since the team moved into Target Field in 2010, with the team on pace to bring approximately 1.8 million fans through the turnstiles this season. And, the team and league are struggling to secure a favorable media rights deal for the club. While the cash infusion may help the Twins short-term, the team could still have a problem generating future revenue.
“They only have one marquee player,” said another potential investor, “(Byron) Buxton. It’s hard to build a lot of buzz around that team.”
Fans remain angry about the team’s shocking November 2023 decision to slash last season’s payroll by $30 million in the aftermath of the club’s first playoff success in two decades. They’re also still absorbing the deadline sell-off, which prompted a Twins player to say: “No one wants to stay if they are selling like this.”
In the final four days of July, the front office traded multiple popular players, including closer Jhoan Duran and local flamethrower Louis Varland, as well as sending star Carlos Correa to Houston, a move done purely to dump salary. The Twins agreed to pay $33 million of the $102.5 million remaining on the shortstop’s $200 million contract to the Astros in exchange for a 26-year-old minor-league pitcher.
Though Pohlad acknowledged the trade deadline was a “difficult week” for the club and its fans, he believes the moves were good decisions for the organization’s short- and long-term health.
“We have some work to do,” Pohlad said about winning back the fan base. “But I think it starts with providing clarity on this front, and that’s what (Wednesday’s) for. We’ve got a great, young core of players. I think that’s a reason for fans to get excited. … Ultimately, fans want to see winning teams. I think over the years we’re going to put a winning team on the field. We’re committed to doing everything we can to make Target Field an exciting place to come during the summer.”
Anticipation of a sale has been high since the Pohlads issued their initial statement noting their intentions last October. A month earlier, in the throes of the Twins’ spectacular late-season collapse, fans began “Sell the team” chants in a half-empty stadium while another brazen patron displayed his “Defund the Pohlads” sign on the big screen at Target Field.
On the final day of the 2024 regular season, Pohlad defended slashing the team’s payroll as a “very difficult business decision,” which only incited more fan anger.
Tired of the team’s cost-conscious ways, vocal fans desperately hoped for a new ownership group with deep pocketbooks and a desire to win to come to their rescue.
Memories created by the two World Series titles won during the first generation of ownership in 1987 and 1991 are fuzzy now, long ago replaced by nightmares involving contraction, league-low payrolls, threats to move the team and unfulfilled promises of a new stadium creating the ability to consistently field competitive rosters.
(Top photo of Joe Pohlad in 2023: Brace Hemmelgarn / Minnesota Twins / Getty Images)
