The Latest on Minnesota Twins' Evolving Ownership Situation

[Cody Christie]

Image courtesy of Twins Daily

The Minnesota Twins have spent the last three seasons in a whirlwind, from playoff team to multiple collapses. Yet as another winter begins, the most significant questions once again have little to do with roster construction or player development. Instead, all eyes are on the owners’ suite, and the future of a franchise is still stuck in the limbo of a half-completed ownership restructure.

Commissioner Rob Manfred recently offered the first public update in months, confirming that the Pohlad family’s push to sell minority stakes is still underway.

“Those non-control interest sales are in process—on track and in process,” Manfred said, sharing no further details.

His comment was brief but telling, a reminder that nothing has been finalized and that the process is dragging into its second offseason. For a front office already asked to navigate shrinking margins, the uncertainty does not help.

The Slow Burn of a Sale That Wasn’t
In mid-August, the Pohlads abruptly pulled the Twins off the market after nearly a year of shopping the entire franchise. Instead of a complete sale, the club announced the addition of two minority investment groups. Details were scarce then, and they remain scarce now. Fans still do not know who is involved in either group, and the deal is not complete, though indications are that the incoming investors will hold roughly 20 percent of the team once approved.

The intended purpose of the sale was equally significant. After failing to find a buyer at their targeted valuation (around $1.7 billion), the Pohlads elected to take on minority partners to pay down over $400 million in existing debt. Redirecting even a portion of that financial relief into baseball operations would signal commitment not only to the president of baseball operations, Derek Falvey, but also to a fan base weary of mixed messages. So far, that reinvestment remains a hope, rather than a reality.

A Front Office Waiting for a Number
While the ownership transition drags on, the baseball operations department is left working without a clear payroll budget for 2026. That uncertainty creates an impossible task for a front office trying to balance the possibility of adding with the reality that they may be told to subtract, instead. According to multiple reports, ownership has not communicated a target number for next season, leaving the baseball side to prepare for every scenario. The difference between an $85 million payroll and a $115 million payroll is substantial, and both figures appear to be in play as potential ceilings.

This is why recent comments from Falvey carry a different tone. He emphasized three separate times that his focus is on adding to the roster, not breaking it down. He then noted that achieving that outcome depends on what “we” are allowed to do. In a vacuum, this might seem like standard front office language. Given the situation, however, it feels like Falvey is subtly drawing a line between his own intentions and whatever ownership ultimately decides.

Players Notice What Is Happening
Fans are not the only ones paying attention. Byron Buxton made it clear that he appreciates the stability of playing under the Pohlad family, noting that their presence makes future conversations easier. But even that loyalty has limits. Reporting from The Athletic suggests that Buxton wants to play for a winner and may reconsider his stance if the roster teardown continues—especially if pitchers like Joe Ryan or Pablo López are moved.

Players watch the franchise's direction as closely as fans do. They know when a team is pushing forward, and they know when ownership is forcing a retreat. If uncertainty persists deep into this winter, it is not unreasonable to expect more players to ask questions about where the organization is heading. 

A Story Bigger Than a Single Offseason
The latest frustration stems from a familiar theme. When ownership hesitates or defers major decisions, the baseball operations department is left to absorb the fallout. The Pohlads have earned a reputation for slow decision-making in financial matters, and this prolonged minority sale only reinforces that perception. The team cannot fully rebuild or fully compete until ownership clarifies its plan. For now, the Twins are stuck straddling two potential tracks, neither of which leads to sustained success.

So, where do things go from here? As fans wait for action, the truth is that the next move belongs to ownership. Once the minority sale is complete, the Pohlads must communicate a payroll direction and allow the baseball operations group to act accordingly. Until then, every rumor—whether involving López, Ryan, or any other player—will continue to feel like guesswork.

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What do you think the Twins should do once the minority sale is finalized? Do you trust the Pohlads to provide a clear direction? And how much patience do you have left for an ownership group that continues to leave the front office and the fan base in limbo? Leave a comment and start the discussion. 

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[Whitey333]

It's hard to take anything Manfred says about the Twins ownership seriously or believe it's in process of completion.  He indicated the sale was happening soon back in July.  Twins ownership remains a joke and it doesn't look like it is getting any better.  Im anticipating a very small payroll at around 90 mil.

[CRF]

Dysfunction at it's finest! We've got the market cornered on ineptness. 

[Old Twins Hat]

I don't think there's much mystery here.

On the financial side, paying down debt means a company is reducing expenses.  Reducing expenses means there is more flexibility in deploying cash.  That's plain, and in theory, the Twins organization has more flexibility financially at this point.

On the ownership side, they now have two competing parties for the eventual purchase of the team.  This will allow the Twins organization to assess what they have in the new ownership groups and, over time, figure out which one of them seems most ideal to come forward as long-time owners.

I know there's been a bunch of skepticism about this arrangement, and I suppose it could still turn out badly for all concerned.  However, at this point, it look to me -- and remember we are talking about a $1.7 B sale, that this process should allow consistent improvement of financials for the team, while working at the eventual sale by assessing what they've got in terms of partners.

But then, I am an optimist.

[Nashvilletwin]

It’s really hard to sell a declining asset/business. You always want to sell when the asset/business is on the upswing - because then you can sell the hope/upside.  The story is way easier and plausible to sell.

Once the asset/business starts to decline in value/performance, the story in the eyes of potential buyers that needs to be disproved changes to “how low can it go?”.  That’s very difficult to do - who wants to catch a falling knife?

So, if there is a reasonable, implementable plan to turn the business around, then it’s a reasonable risk to take it to rebuild value. This is where the Twins/Pohlads are now.

So what’s the plan?  Threefold:

1. Improve financial performance.  Reduce debt (by bringing in the minority investors) and improve operating profits (mostly by reducing costs). But this is not nearly enough…..

2. Capitalize on improving industry conditions.  At the moment, the team is facing two strong industry headwinds - a looming lockout and tv revenue chaos.  In addition, the smaller market teams face the notable competitive disadvantages of a non-salary cap league.  It’s a reasonable bet that these issues will be resolved quite significantly in the Twins favor sometime in ‘27. But the business itself still needs a story of how it can grow…..

3. Build a story of how the team can compete in the future.  This needs to be based on a plan that can reasonably expected to be achievable.  The Twins do not have that yet - not even close.  They have not committed to either a full rebuild ala the Astros or going more all in with the current SP core.  The current plan seems to be mired in the “condemned to sub mediocrity” middle,  Moreover, there should be no expectation that any potential buyer would have confidence in the current management of this business: the Nephew, Falvey and Shelton have not proven that they can build that compelling story of team upside.  Until they pick a lane and achieve results, even post the new CBA it will be hard to get top dollar, let alone sell.

With respect to #3, the story of the complete rebuild is much easier to sell even if results on the field haven’t translated yet.  But it’s still risky. Trying to win with the current core is very difficult because there is no cash available to augment that core (proven to be non-competitive) via free agency.

So, do you hope that somehow the team can perform this year with the same strategy but with even less financial resources than the past failing teams have had? Or do you trade your top assets to build a more compelling story for the post lockout world?  That’s basically the choice Twins are facing. Personally, to maximize the potential sale price, I’d select the later. Go all in on the rebuild - you can market the young players to the fans and keep costs low in the meantime, But the apparently “safer” choice appears to be the former and that is the path I predict the Twins will follow.

 

[rv78]

It's pretty clear to me....... The Pohlads don't want to spend money on the team. Win with less. There is nothing wrong with that. The problem is right in front of their nose. It is named Falvey. They have loosened the purse strings at times and he's spent on players that aren't difference makers. Poor choices. Falvey wants to add. I have no faith in him adding correctly. All he's done so far is the opposite. From over-pays like Donaldson, Gallo and Correa to total flops like Garlick, Margot, an endless number of 1 year wonders for the bullpen, too many situational players that don't change anything, and injury prone players that return nothing. It takes a lot of money to cover up mistakes. The Pohlads aren't going to give Falvey enough of it for him to succeed because he makes too many mistakes. 

[Peter]

Twins will be just fine!!! We must must must support our twins no matter what win or lose especially now!!! Pohlads do want to win and twins are headed in right direction-perfect buy low candidate!!! Remember we are a small town team that aren’t supposed to beat the big city teams!!! We have lots of kids on team that have never played in big cities let alone MLB!!! It’s going to be exciting intense action packed upcoming season!!! Go twins!!! 

[USAFChief]

I'll believe there's 2 groups willing to dump ~$200M each into the Twins for only a 10% stake when it happens.

 

[Peter]

12 minutes ago, USAFChief said:

I'll believe there's 2 groups willing to dump ~$200M each into the Twins for only a 10% stake when it happens.

 

New ownership group is former twins 

[Gamblerssoftball]

The further we get into the off season, the less we know about the future. Regardless of our opinions on Falvey, it looks like he is going to be sitting on his hands for a while. That isn't a good situation for us fans. What a messed up organization 😕 

Edited November 26, 2025 by Gamblerssoftball

[EGFTShaw]

They can just invest into payroll 50% of the revenue sharing schemes MLB pays out to the teams.

It is estimated they received $210-$215M this past year.

It is their choice of course to decide what to do with this bonus money, just don't pretend you care about winning if you keep it all to yourselfish Pohlads.

[old nurse]

2 hours ago, Nashvilletwin said:

It’s really hard to sell a declining asset/business. You always want to sell when the asset/business is on the upswing - because then you can sell the hope/upside.  The story is way easier and plausible to sell.

Once the asset/business starts to decline in value/performance, the story in the eyes of potential buyers that needs to be disproved changes to “how low can it go?”.  That’s very difficult to do - who wants to catch a falling knife?

So, if there is a reasonable, implementable plan to turn the business around, then it’s a reasonable risk to take it to rebuild value. This is where the Twins/Pohlads are now.

So what’s the plan?  Threefold:

1. Improve financial performance.  Reduce debt (by bringing in the minority investors) and improve operating profits (mostly by reducing costs). But this is not nearly enough…..

2. Capitalize on improving industry conditions.  At the moment, the team is facing two strong industry headwinds - a looming lockout and tv revenue chaos.  In addition, the smaller market teams face the notable competitive disadvantages of a non-salary cap league.  It’s a reasonable bet that these issues will be resolved quite significantly in the Twins favor sometime in ‘27. But the business itself still needs a story of how it can grow…..

3. Build a story of how the team can compete in the future.  This needs to be based on a plan that can reasonably expected to be achievable.  The Twins do not have that yet - not even close.  They have not committed to either a full rebuild ala the Astros or going more all in with the current SP core.  The current plan seems to be mired in the “condemned to sub mediocrity” middle,  Moreover, there should be no expectation that any potential buyer would have confidence in the current management of this business: the Nephew, Falvey and Shelton have not proven that they can build that compelling story of team upside.  Until they pick a lane and achieve results, even post the new CBA it will be hard to get top dollar, let alone sell.

With respect to #3, the story of the complete rebuild is much easier to sell even if results on the field haven’t translated yet.  But it’s still risky. Trying to win with the current core is very difficult because there is no cash available to augment that core (proven to be non-competitive) via free agency.

So, do you hope that somehow the team can perform this year with the same strategy but with even less financial resources than the past failing teams have had? Or do you trade your top assets to build a more compelling story for the post lockout world?  That’s basically the choice Twins are facing. Personally, to maximize the potential sale price, I’d select the later. Go all in on the rebuild - you can market the young players to the fans and keep costs low in the meantime, But the apparently “safer” choice appears to be the former and that is the path I predict the Twins will follow.

 

The value of the club is not appreciably changed by the won loss record. In recent years the difference in fan revenue winning or losing is not that large of difference in the total revenue 

[PatPfund]

What we all know is... nothing. Not who, not how much (some are assuming the amount of the debt, but if it was the full amount you'd be paying off, not paying down), not the family situation within the Pohlads (including any financial strains from the non-baseball side or how many family members want out of baseball), not what all of that non-knowledge means for the future of the team. We don't even know that Falvey doesn't have a budget already, we just know he hasn't told us what it might be.

Personally, I'm fairly sure Falvey DOES have a budget, because this is a business, though there may be a bit of flex for any finalized minority sale. I'm also assuming we won't get direct information until/unless it serves the team, or is revealed in trades at the Jeffers/Ryan/Lopez/Buxton level.

[Blyleven2011]

Frustration  , Frustration  and more Frustration  ...

The owners are still the voice of the team and the minority owners should have no reflection on the direction the organization should go ...

Excuses  , excuses  and more excuses  ...

Falvey says he wants to add , that maybe so but if he does add it will be cheap minor league deals with maybe a average player from free agency , thats all I can speculate ...

Crazy how ownership can not know what the payroll can be , they know , it's more purging and trading away salaries of Lopez, Ryan ,  jeffers and Buxton  , this is just speculation on my part because I'm not in the loop  , it's because of what they have done to this organization of the years they have owned it ...

The pohlads are the cause along with FO that we are in a total system failure and they have no respect for the fans ...

I wish I could be thankful on Thanksgiving for a organization ( twins ) that has pride and wants to win , ( NOT ) ...

[LA Vikes Fan]

I don't have any more information than anyone else, but I still have a prediction as to what the Twins will do this offseason based on what we've seen so far. The answer is almost nothing. I predict they will trade Larnach for either (1) another team's arb salary conundrum like Spencer Steer (my hope) or Ryan Mountcastle, maybe even in a 3-way trade where the Reds/Orioles get prospects and a third team gets Larnach, (2) an averageish  middle reliever, or (3) prospects at the AA or lower level. They will sign one or two veteran relievers who cost $3m a year or less. That's it. 

I think we are looking at the 2026 Twins roster with the changes above. Payroll around $100 million. Get ready for a boring off season. Oh, and by the way, unless we're going to spend real money on a younger, quality free agent (seems unlikely), I'm fine with this approach. I think we have enough to be average/competitive IF we keep our current starting pitching, shore up the BP, and see real improvement from 3-4 guys.  Let's see if the younger players can play for half the season. Maybe we catch lightning in a bottle, maybe we fall flat on our face. If we are out of it in July, that's the time to trade starting pitching. 

[D.C Twins]

[D.C Twins]

1 hour ago, Gamblerssoftball said:

The further we get into the off season, the less we know about the future. Regardless of our opinions on Falvey, it looks like he is going to be sitting on his hands for a while. That isn't a good situation for us fans. What a messed up organization 😕 

Well.... not TOTALLY sitting on his hands... he'll still be CASHIN' THEM CHECKS!

[Linus]

Did this article cover anything new?

[D.C Twins]

2 hours ago, rv78 said:

It's pretty clear to me....... The Pohlads don't want to spend money on the team. Win with less. There is nothing wrong with that. The problem is right in front of their nose. It is named Falvey. They have loosened the purse strings at times and he's spent on players that aren't difference makers. Poor choices. Falvey wants to add. I have no faith in him adding correctly. All he's done so far is the opposite. From over-pays like Donaldson, Gallo and Correa to total flops like Garlick, Margot, an endless number of 1 year wonders for the bullpen, too many situational players that don't change anything, and injury prone players that return nothing. It takes a lot of money to cover up mistakes. The Pohlads aren't going to give Falvey enough of it for him to succeed because he makes too many mistakes. 

Sounds to me like you are describing someone who should have been fired already!

[Omardog]

These grifting silver spoon Pohlads are the absolute worst--they have no business acumen, they inherited a gem of a franchise they can neither manage nor afford.  Memo to the Pohlads:  GET OUT NOW.

[Dawgzilla]

This team is becoming irrelevant with the payrolls and selloffs!  I wouldn't blame any player from jumping to another team.  This team has become a major league team feeder for teams that spend, developing players, then taking them when they become desirable.  

 

Lastly, Minnesota has many things to do in the summer, outside dropping hundreds to take a family to a game, for a team that guarantees a sub .500 season....and 1% chance of sniffing playoffs.  The state basically gave the Pohlads the stadium, and this is what we get!!!!  MLB has a huge "have" and "have nots" disparity problem!  Don't give me this "it is the atmosphere or game experience" garbage either, that no longer works.  Oh, my bad, great marketing too:  make watching them on tv more expensive, if you can get them at all...great idea!!!!!!!!!

[Woof Bronzer]

3 hours ago, Nashvilletwin said:

It’s really hard to sell a declining asset/business. You always want to sell when the asset/business is on the upswing - because then you can sell the hope/upside.  The story is way easier and plausible to sell.

In a normal market, yes, but this is MLB, closer to a socialist model than a capitalist one.  Franchise valuation goes upward independent of business performance.  The Twins are guaranteed about $200m in revenue share and likely $50+ more from their ESPN deal.  A guaranteed $250m/year in revenue even if you are the worst run business on earth, plus your valuation increases by about $40 mil/year even if you are the worst run business on earth.... I think it's really, really easy to sell this model - if you can somehow manage to spend less than a quarter billion dollars ever year, you'll rake in profits.  I think most people here would be willing to take on that risk!  

[Woof Bronzer]

31 minutes ago, Linus said:

Did this article cover anything new?

Did your comment?

[SkyBlueWaters]

When we heard of how much debt the Pohlads had accrued since the pandemic, i had some empathy for them. (Except for debt accrued turning Target Field into a garish amusement ride of swirling flashing lights, where I’m confused & looking around for the stats I want.)

But since then, I’ve thought the way to assess the owners is by looking at all 30 MLB ownership groups—or indeed all major sports owners.

Don’t many of them enjoy their teams like a hobby they invest in? Don’t many of them write off the red ink as part of the pleasure of owning a team? Considering the appreciation in value since Carl bought the Twins from Calvin, is Pohlad red ink for owning a sports team worse than other MLB ownership groups?

[HerbieFan]

Cody you're using the word "evolving" pretty loosely...lol

[Linus]

24 minutes ago, Woof Bronzer said:

Did your comment?

Simply wondering. But thanks for the jerk response. 

[rv78]

Want to know how to turn the Twins into a perrenial contender? Spend the money. In 1988 the Twins attendance was over 3 million fans. Last year it was 1.7 million. A difference of 1.3 million. Now I don't know if Target Field could accomodate 3 million fans over 81 home games, but 1,3 million more fans, who have shown in the past they will turn out to watch a winner, at just $80 per fan would equate into $104 million dollars of more revenue. Add that $104 million dollars to payroll, spent correctly, and this team could be a winner, especially in the ALCentral, each and every year. The formula is there. The fans would cover the increased payroll if the owners and FO would just do it. It wouldn't even take $104 million more to make the difference. Half or two-thirds of that, spent wisely, would pay huge dividends. A smart business owner would know this.

[mikelink45]

From contraction to confusion - the Twins have managed two WS in 38 years.  We have gotten periods of hope dashed with frustration.  Ownership has offered no solace to the Twins fans from broadcast rights to free agents.  “Without a question, the television situation is having an impact on our business. But beyond that, we’re also just trying to right-size our business.” — Joe Pohlad.

We were told that we could not play outdoor baseball in MN and needed a dome - good bye Metropolitan Stadium, then we were told that we could not win in the dome (although we did) and we needed a different outdoor stadium - good-bye Humphrey Metro Dome

The sportsbusinessjournal has this 2001 quote, Carl (pohlad) believes owning a major market sports franchise that has proven to be around a 10% increase of asset value year over year is quote “a burden for the family”

Minnpost had this quote after the firing of Terry Ryan, "“Obviously, we need a general manager willing to make tough, smart baseball decisions,” said Pohlad. “At the same time, we want him to be big and burly, like a lumberjack.” 

“You know, we’ve taken a lot of potshots over being old-school and ignoring the analytics revolution,” said Pohlad. “And I’ll be honest, some of those are warranted. But if we can find someone who uses sabermetrics, has a base of traditional baseball knowledge, and has immense forearms with wood shavings on them? We’d be very interested.”

Joe has tried to confuse us as he accepts the ownership mantle with quotes like this when we traded Correa, “Those were truly primarily baseball decisions. It certainly set us up for more [financial] flexibility, but they were primarily baseball decisions.”

And when they pulled the sale and were getting these minority angels to buy in we got this quote, “I don’t think we could have imagined a better outcome than where we landed.” 

And then I roll my eyes when I read this in Sports Illustrated:  

“And I would say to those fans: It’s my job and this new ownership group’s new job to do everything we can to set this organization up for success, hopefully in the short- and long-term both," he said.

"Our fans are passionate," Pohlad added. "Our fans want to win. We have that in common — we want to win, too. I’d rather have passionate fans than fans who are disengaged."

If that is the case Joe, quit doing and saying everything you can to get us disengaged.

 

[old nurse]

45 minutes ago, rv78 said:

Want to know how to turn the Twins into a perrenial contender? Spend the money. In 1988 the Twins attendance was over 3 million fans. Last year it was 1.7 million. A difference of 1.3 million. Now I don't know if Target Field could accomodate 3 million fans over 81 home games, but 1,3 million more fans, who have shown in the past they will turn out to watch a winner, at just $80 per fan would equate into $104 million dollars of more revenue. Add that $104 million dollars to payroll, spent correctly, and this team could be a winner, especially in the ALCentral, each and every year. The formula is there. The fans would cover the increased payroll if the owners and FO would just do it. It wouldn't even take $104 million more to make the difference. Half or two-thirds of that, spent wisely, would pay huge dividends. A smart business owner would know this.

Forbes says Twins et 50 per fan. 48%of that goes into revenue sharing. The Twins drew about 2.2 million while winning 101. Games.  3 million came out only after winning a WS and the opening of a new ballpark 

[old nurse]

45 minutes ago, mikelink45 said:

From contraction to confusion - the Twins have managed two WS in 38 years.  We have gotten periods of hope dashed with frustration.  Ownership has offered no solace to the Twins fans from broadcast rights to free agents.  “Without a question, the television situation is having an impact on our business. But beyond that, we’re also just trying to right-size our business.” — Joe Pohlad.

We were told that we could not play outdoor baseball in MN and needed a dome - good bye Metropolitan Stadium, then we were told that we could not win in the dome (although we did) and we needed a different outdoor stadium - good-bye Humphrey Metro Dome

The sportsbusinessjournal has this 2001 quote, Carl (pohlad) believes owning a major market sports franchise that has proven to be around a 10% increase of asset value year over year is quote “a burden for the family”

Minnpost had this quote after the firing of Terry Ryan, "“Obviously, we need a general manager willing to make tough, smart baseball decisions,” said Pohlad. “At the same time, we want him to be big and burly, like a lumberjack.” 

“You know, we’ve taken a lot of potshots over being old-school and ignoring the analytics revolution,” said Pohlad. “And I’ll be honest, some of those are warranted. But if we can find someone who uses sabermetrics, has a base of traditional baseball knowledge, and has immense forearms with wood shavings on them? We’d be very interested.”

Joe has tried to confuse us as he accepts the ownership mantle with quotes like this when we traded Correa, “Those were truly primarily baseball decisions. It certainly set us up for more [financial] flexibility, but they were primarily baseball decisions.”

And when they pulled the sale and were getting these minority angels to buy in we got this quote, “I don’t think we could have imagined a better outcome than where we landed.” 

And then I roll my eyes when I read this in Sports Illustrated:  

“And I would say to those fans: It’s my job and this new ownership group’s new job to do everything we can to set this organization up for success, hopefully in the short- and long-term both," he said.

"Our fans are passionate," Pohlad added. "Our fans want to win. We have that in common — we want to win, too. I’d rather have passionate fans than fans who are disengaged."

If that is the case Joe, quit doing and saying everything you can to get us disengaged.

 

Jim Pohlad controls the money.