There Are Encouraging Updates on Minnesota Twins' Limited Partners

[Eric Blonigen]

Image courtesy of © Matt Blewett-Imagn Images

In mid-August, the Pohlad family announced they were no longer selling the team, and instead, would sell stakes in it to two limited partners. Then, for nearly four months, nothing.

On Saturday, Charley Walters of St. Paul Pioneer Press broke some news regarding the first of the two limited partner groups who will be purchasing part of the Twins.

“‘Look for Minneapolis-based Värde Partners, a worldwide multi-billion dollar credit investment corporation, to be announced soon as a limited partner with the Minnesota Twins," Walters wrote. "The firm is one of at least two limited partners expected to assist in diminishing the team’s reported $500-million debt.” 

Shortly after, Dustin Morse, the Twins Vice President of Communications and Content, told beat reporters that Walters’s reporting was inaccurate, but failed to elaborate. Cue the record scratch. That’s pretty significant news to get wrong—not quite to the level of “Dewey Defeats Truman”, but for Twins fans? Potentially huge. Also, $500 million in debt now? Yikes.

What should we make of this: the report, the rebuttal, and the refusal to say more? Let’s look at some bread crumbs, to better understands what we might expect. To be clear, before I get started, I’ll simply be working off quotes from Twins officials at the Winter Meetings, where Twins Daily’s own John Bonnes is at the scene searching for clues to this and myriad other topics that can inform the trajectory of the 2026 season and beyond.

Let's start with clues directly addressing the limited partnership news. Bonnes asked Derek Falvey on Monday whether he is in conversations with the limited partners currently, and if Värde Partners are in fact the first group.

“it’s a fair question,” Falvey replied, but Morse interjected: “It’s an inaccurate report.” The follow-up: How inaccurate? Falvey deferred to Morse.

“Yeah, we'll have this all wrapped up early next week. We'll put a release out with the names and the LPs that you guys can write," Morse said.

Based on that messaging, it seems as though both groups will be announced. That’s huge news, and will have potentially significant ramifications on the offseason.

For the first two months of the offseason (and really, dating back to the trade-deadline teardown), the assumption was the selloff would continue. Yet, Falvey was cagey about future plans, refusing to talk about a rebuild. Then, in yesterday’s presser, he added:

“I said this at GM Meetings, I was hoping to find a way to build around the core that we have. I think we have that ability now to try and navigate through that.”

When asked how sure Falvey was that he would be able to add pieces to the roster, he said:

“Now it involves a few more people that we get to talk to about it. I think that’s helpful to share some broader perspective around where we think our team is. I was hopeful, as I said at GM Meetings, that we’d get to this place … I think, at this stage, figuring a way to add to this group was clearly the best fit for all what we aligned around.”

Ok, great. Sounds like with the addition of the limited partners, there might be some payroll flexibility. How much, of course, remains to be seen. One of the major things we do not know (aside from the identity of the limited partners) is exactly how big a stake they are buying. Another crucial piece of missing information is how the cash will be used. Will it go toward eliminating the Pohlad family's debt, perhaps in its entirety? Or will it be used to buy out specific Pohlad family members, who are less interested in owning part of the asset? Perhaps a combination of both? The answer to these questions is needed to have a better sense of the financial landscape of the team.

However, it does sound as though Falvey truly considers the Twins’ window of contention to be open, after all. He reiterated this in an interview on MLB Radio.

“My job is to try and educate [ownership] in aggregate, around the current state of our team and what it could look like if we invest in it, what it looks like going into [20270], '28, '29, because you're never building for one year. You're always thinking multiple years ahead.”

At the Winter Meetings, Falvey also spoke to his role, adding additional context about how it shifts slightly in light of the new limited partners. When asked specifically about what it will look like for him to make meaningful additions to the team:

"I’ll still continue to work with ownership to position different opportunities to them, that these are the right fits for us right now and what does it afford us. Some of that’s an education process. There’s a little bit more education that’s on my shoulders now, to make sure that I’m sharing what this looks like, what it means for our short-term team, what it means for long term. And that’ll be a big part of my role, to inform.”

From that, it’s clear that Falvey sees it as part of his role to sell ownership on the viability of adding. It also sure sounds like he's working with someone new, rather than Joe Pohlad remaining essentially in charge. And, it sounds as though he sees that being successful, as Jeremy Zoll spoke to the types of players they are looking to pursue this offseason:

“Obviously, bullpen feels like the area that, after we went through what we did at the deadline, rebuilding that group and reinforcing in that space I think would give us a chance to push forward. And then on the offensive side, another bat or two with some thump, with some impact, to bolster a group that we’re excited about and that young core that we’re excited to keep growing with. That’s kind of the biggest opportunities and needs on our mind, trying to work for all that and making sure that we’re staying in sync with the market.”

So, we know the new limited partners will be announced next week; there’s some payroll flexibility; and the Twins intend to address the bullpen and potentially add (multiple?) impact bats. After the dark fall of our discontent, it seems there are reasons to be cautiously optimistic for the remainder of the offseason, and the 2026 season. Stay tuned.

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[SF Twins Fan]

How is Walters wrong so often?!?

[Nashvilletwin]

What else would you do if you were in Falvey’s shoes?  Of course, he’s trying to build a winner in the short-term. Unless you are completely secure in your job (which there is no chance he is), nobody wants to oversee a tear down and a multi year rebuild. Effecting that type of strategy often means bringing in a new broom.

So, Falvey convinces the Nephew et al to invest a few more bucks in this year’s team.  They then roll the dice on what clearly is a below average lineup buoyed by two strong starters and one oft-injured center fielder.  The cost of this is possibly losing peak trade value of the three/four players who have value and will not be here past ‘27.

But, hey, if things don’t look good by June/July, they can be moved then. Trade values might be higher, might be less. So, what the heck. Go for it, try hard, and, hopefully be able to be flexible if merited. 

[LastOnePicked]

39 minutes ago, Nashvilletwin said:

But, hey, if things don’t look good by June/July, they can be moved then.

They may be injured by then. You buy low and you sell high. That's how you build a winner if you can't buy a winner.

The Twins are not equipped for winning in 2026. Falvey has to understand this. And no new ownership partners are going to be able to change that. 

[mikelink45]

What a team - the big news (or rather the soap opera) is will they or won't they sell the team, who and who isn't buying in to the team ownership, and will they or won't they use the new investment to make the team better of just repair the Pohlad bottom line? 

I thought I was signed up to read about baseball, but instead it is the disfunction of Billionaires!

[The Great Hambino]

1 hour ago, Eric Blonigen said:

Let's start with clues directly addressing the limited partnership news. Bonnes asked Derek Falvey on Monday whether he is in conversations with the limited partners currently, and if Värde Partners are in fact the first group.

“it’s a fair question,” Falvey replied, but Morse interjected: “It’s an inaccurate report.” The follow-up: How inaccurate? Falvey deferred to Morse.

“Yeah, we'll have this all wrapped up early next week. We'll put a release out with the names and the LPs that you guys can write," Morse said.

 

 

I guess Morse is sick of listening to Falvey's word salad too

[nicksaviking]

“My job is to try and educate [ownership] in aggregate,"

"Some of that’s an education process. There’s a little bit more education that’s on my shoulders now,"

Wow, condescend the new bosses before they even get announced, go get 'em Dwight Schrute!

While I'm sure whippersnapper Joe Pohlad needed a good education, I'm thinking grown up billionaires and their egos don't tolerate an 'education' from their underlings. Derek better improve his corporate speak and start realizing he's 'advising' not 'educating'.

[Nashvilletwin]

16 minutes ago, LastOnePicked said:

They may be injured by then. You buy low and you sell high. That's how you build a winner if you can't buy a winner.

The Twins are not equipped for winning in 2026. Falvey has to understand this. And no new ownership partners are going to be able to change that. 

I agree 100%. Falvey selling a bill of goods.  There is a ton of risk not selling now.  There is very little likelihood that Buxton and Ryan go up in value.  Lopez might given his late season injury.  If the trade market were strong, I’d move them all except maybe Jeffers.

But that doesn’t appear to be the plan. 

[terrydactyls]

A great example of one person mansplaining to a group of billionaires.

[Blyleven2011]

Twins communication representative shoots down the information on minority owners is incorrect from the pioneer press

The twins continue to be so secretive and this all started when they hired falvine back in 2016,  does anyone believe we will be told next week who are the new minority owners  ???

[Nashvilletwin]

#3.  Couldn’t hold serve.  Really wanted Lebron at #2 at the worst. Looks like a high school SS prospect, oh well.  Not bad though.  Could’ve been worse. 

[USAFChief]

"Now it involves a few more people that we get to talk to about it. I think that’s helpful to share some broader perspective around where we think our team is. I was hopeful, as I said at GM Meetings, that we’d get to this place … I think, at this stage, figuring a way to add to this group was clearly the best fit for all what we aligned around.”

 

I'll have the word salad with a side order of dissembling, please.

[LeatherAntenna]

Lot of nice platitudes.  Says rebuild is a multi year process.  That means don’t be too disappointed about 2026.  
 

Also said rebuilding the bullpen, love his line:  “ Obviously, bullpen feels like the area that, after we went through what we did at the deadline, rebuilding that group and reinforcing in that space I think would give us a chance to push forward.”  ‘what we went through’ as if to say ‘we had no control over that, it happened spontaneously.’

[tony&rodney]

What I heard was exactly what was stated the last two offseasons. It's a threepeat. Did I miss something? Am I wrong?

[Parfigliano]

3 hours ago, mikelink45 said:

What a team - the big news (or rather the soap opera) is will they or won't they sell the team, who and who isn't buying in to the team ownership, and will they or won't they use the new investment to make the team better of just repair the Pohlad bottom line? 

I thought I was signed up to read about baseball, but instead it is the disfunction of Billionaires!

The way things are going the debt will be $540 mil by years end.  I'm betting new money goes to erase Pohlad debt.

[Doc Lenz]

Shocked at the negativity here this evening.

[gil4]

4 minutes ago, Doc Lenz said:

Shocked at the negativity here this evening.

?

Did you leave in Dec 2023 when they announced budget cuts and just drop in tonight for the first time since then?  
 

I'm usually the guy in August thinking all we need is a 15 game winning streak to get back to .500 and then we keep going from there, but even I am feeling a bit jaded by the state of affairs with the Twins.

[Vanimal46]

5 hours ago, SF Twins Fan said:

How is Walters wrong so often?!?

And continue to be employed? It’s amazing really. 

[Vanimal46]

Like I said in Cody Christie’s rumor post… Are we ever going to learn our lesson not to take Charley Walters seriously? He is the biggest hack writer in the state by a mile. If he’s the only person reporting something, it’s 100% wrong. 

[Doc Lenz]

17 minutes ago, gil4 said:

?

Did you leave in Dec 2023 when they announced budget cuts and just drop in tonight for the first time since then?  
 

I'm usually the guy in August thinking all we need is a 15 game winning streak to get back to .500 and then we keep going from there, but even I am feeling a bit jaded by the state of affairs with the Twins.

Trying to be positive and hoping against hope.

[Twinkies are for eating]

Which ss are we going to take at 3? And what position will he be moved to? Will the Pohlads have to bring in another limited partner to be able to sign the #3 pick?

[Woof Bronzer]

My favorite part in this soap opera is that every time the debt is mentioned in the media it has grown by $50m. 

 

 

 

[umterp23]

So I didn’t expect any of the twins leadership to say anything negative to date. Are we really expecting to say rebuild, we are making more trades, we are pinching Pennie’s, etc.? Pretty easy answer is No. You say that and you lose tickets sales, sponsorships, and the fan base. Actions speak louder than any words this time of year. He states he has the ability to build around the core veterans and make investments, We saw the same thing last year. Another year of dumpster diving for ‘building the team to be competitive” is whatever his definition of competitive is, which won’t be pretty.

[the_brute_squad]

$500 million? $500 million? How do the Pohlad's go $500 million in debt? I don't even care about the new ownership group. I want to know what you did to go that amount in debt. It's not like they head a government agency. 

[Fatbat]

1 hour ago, the_brute_squad said:

$500 million? $500 million? How do the Pohlad's go $500 million in debt? I don't even care about the new ownership group. I want to know what you did to go that amount in debt. It's not like they head a government agency. 

2 yrs ago they sold their car dealerships for $900M. They must have been $899M in debt in that business 😂

its absolutely true how the 3rd generation can spend generational wealth and end up broke. 
 

depending on the teams budget constraints, they could buy some star power, mix it in with 3-4 impact rookies then watch all the winning going on. Thats what Falvey is selling right now.

[TJSweens]

11 hours ago, Vanimal46 said:

And continue to be employed? It’s amazing really. 

I used to have an acquaintance who is a good friend of Walters. He admitted that Walters will just make stuff up to fill a column or try to create a self fulfilling prophecy. His best example of the latter was the constant Rick Majerus as the next Gophers coach rumors. The Gophers AD never talked to Majerus, but Walters kept pushing it with his trademarked "a little birdie says".

[Woof Bronzer]

2 hours ago, the_brute_squad said:

$500 million? $500 million? How do the Pohlad's go $500 million in debt? I don't even care about the new ownership group. I want to know what you did to go that amount in debt. It's not like they head a government agency. 

I'm starting to wonder if the Pohlad Companies as a whole are in trouble.  Like they're trying to shift other operating losses onto the Twins because they have no where else to hide it - they bankrupted their media portfolio, they sold off several other businesses to free up cash....And now their portfolio is the Twins and commercial real estate, with the losses piling up in the latter.  

That's why they couldn't sell and that's why the "limited partners" soap opera is dragging out.  

Wouldn't surprise me in the least.  But of course, just a theory.  

If only we had an actual journalist in this market who could get look into this...

[nicksaviking]

15 hours ago, USAFChief said:

"Now it involves a few more people that we get to talk to about it. I think that’s helpful to share some broader perspective around where we think our team is. I was hopeful, as I said at GM Meetings, that we’d get to this place … I think, at this stage, figuring a way to add to this group was clearly the best fit for all what we aligned around.”

 

I'll have the word salad with a side order of dissembling, please.

No, I can decipher that. He's saying there's too many cooks in the kitchen.

Of course most people view that as a negative where I guess here it's 'clearly the best fit for all'!

[jmlease1]

13 hours ago, Parfigliano said:

The way things are going the debt will be $540 mil by years end.  I'm betting new money goes to erase Pohlad debt.

Never believe anything pro sports owners say about money without access to their actual book and the presence of at least 2 independent forensic accountants.

In less than a year the supposed team debt has gone from $400M to $420M to $450M to now $500M. The number is whatever the Pohlad Family wants it to be on any given day. I certainly wouldn't trust Charley "Sid's Dead, So I'm the Biggest Shill in MN!" Walters for accurate info.

That said, I'm fairly certain that paying off the debt is where the biggest chunk of the new partner's money is going to go...but would I put it past the billionaire Pohlad Family to do a substantial disbursement to the family so that everyone gets some fresh cash for whatever they want to be doing, whether it's financing a new film or buying a winter home in FL? No, no I would not.

But if they are hemorrhaging cash to the point where they are actually adding $50M in debt annually...then their business aspects for the Twins are an utter disaster and Dave St. Peter needs to be sent to a farm upstate and kept very far away from even being an advisor. 

[Jeff K]

Of course you can't believe the Billionaires comments on money.  And Falvey is signing his termination if he thinks this team just needs tweeking to compete.