New Details Emerge in Twins Minority Sale

[Cody Christie]

The Minnesota Twins appear close to formally announcing a partial sale that does not change who runs the franchise but meaningfully changes the math behind it. By selling just over 20% of the club at a reported valuation of $1.75 billion, the Pohlad family is positioning the organization to finally address debt that has lingered since the pandemic while also improving the team’s standing should a larger sale ever come back into focus.

The structure of the deal matters. This is not a handoff of power or a succession plan in disguise. According to Dan Hayes, the new investors are limited partners with no path to control and no mechanism to force decisions. The Pohlad family remains firmly in charge, with league sources indicating Tom Pohlad will take on a larger role alongside Joe Pohlad. Three new seats will be added to the ownership advisory board, but the family’s authority remains intact.

Where the change is real is on the balance sheet. Multiple sources have described the debt reduction tied to this deal as significant, and that word has been repeated intentionally. The Twins accumulated substantial debt over the last five seasons, driven by a combination of COVID disruptions, flat attendance and revenue losses tied to their television situation. Unlike many clubs, the Twins continued paying employees and minor league players during the shutdown, a decision that was laudable but expensive. The debt came on quickly and never truly came off.

Attendance trends underline the problem. Target Field has not returned to its pre-pandemic levels despite a division title and multiple playoff appearances. Payroll reductions only intensified fan frustration, further limiting gate revenue. At the same time, the collapse of the regional sports network model cost the Twins tens of millions annually. Twins TV keeps games accessible, but it does not replace what was lost financially.

That context helps explain why this deal took longer than expected and why interest grew rather than faded. Once the franchise made clear it was open to minority investment, more groups stepped forward. Instead of two limited partnerships, three ultimately formed, each purchasing smaller slices that required additional league approval. From the team’s perspective, more interest meant better terms and a cleaner exit from debt.

The longer view is where this becomes more interesting. A Twins franchise with manageable debt looks very different to potential buyers in the late 2020s than one weighed down by pandemic era obligations. New national television deals arrive in 2029. Any labor uncertainty from the next collective bargaining agreement should be resolved. Franchise values almost certainly continue to rise.

That future upside likely explains why none of the new investors demanded a roadmap to control. The appeal is growth, not governance. For now, the Pohlad family insists it is committed to owning the team, and several third generation members have expressed interest in staying involved. Still, this deal quietly restores optionality.

Whether the Twins are ever sold outright remains an open question. What is clear is that the franchise has taken an important step toward financial stability, one that could eventually ripple onto the field.

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[old nurse]

The only thing really new is they are giving Tom Pohlad a job 

[MileHighTwinsFan]

Another blow to the doomsayers.  The owners are addressing their debt and positioning themselves for financial stability and along with that a return to competing for division titles.  I don’t expect spending to skyrocket anytime soon.  But if the team remains competitive this season, they may be willing to add at the trade deadline, rather than stand pat or sell.

[TNtwins85]

When are we gonna start hearing from the doomsayers? Where is the “baseball is broken”, “they need a cap/floor system”, “fire Rocco, Falvey, the front office, the Pohlads!” Crowd? Anything yet? Oh, I think I hear them coming. 

[stringer bell]

Upbeat take on the news. I hope this eventually helps the product on the field.

It seems that the Pohlad are here for the immediate future. I’m not crazy about that, but if they are amenable to paying competitive salaries with the debt paid off. I am not sure I believe most of the debt came from paying people during COVID, but I guess we’ll see as the offseason progresses. 

[SF Twins Fan]

Wild owner Craig Leipold is one of the buyers according to Michael Russo.

 

[arby58]

This is a somewhat different debt story from what I have seen elsewhere, which is that the debt was largely from non-baseball real estate losses (albeit tied to COVID). As a finance professional, this seems more plausible - if the $300-$500 million debt is accurate, it would be hard to rack that up because of 'continuing to pay players and staff' during COVID. Yes, the lost TV revenue was an issue, but they also reduced payroll in the aftermath. I'm still betting a lot of the debt is non-baseball-related businesses.

[Vanimal46]

2 hours ago, MileHighTwinsFan said:

The owners are addressing their debt and positioning themselves for financial stability

They're positioning themselves to sell the team man. 

[The Great Hambino]

This deal would clear the debt if it goes through, but it doesn't address any of the reasons that caused the debt to balloon in the first place.   Excuse me for not taking victory laps over an arrangement where the only effective change to the decision-making process is putting another Pohlad grandson in charge

8 hours ago, Cody Christie said:

The structure of the deal matters. This is not a handoff of power or a succession plan in disguise. According to Dan Hayes, the new investors are limited partners with no path to control and no mechanism to force decisions. The Pohlad family remains firmly in charge, with league sources indicating Tom Pohlad will take on a larger role alongside Joe Pohlad. Three new seats will be added to the ownership advisory board, but the family’s authority remains intact.

 

 

[Blyleven2011]

Pohlads came out smelling like a rose if this is correct and i interpreted it right  , what 3 investors would spend almost 1.1 billion for 20% of the team when they could have bought the whole team for 1.8 billion , if this is true nothing in sports makes sense these days ...

[tarheeltwinsfan]

11 hours ago, Blyleven2011 said:

Pohlads came out smelling like a rose if this is correct and i interpreted it right  , what 3 investors would spend almost 1.1 billion for 20% of the team when they could have bought the whole team for 1.8 billion , if this is true nothing in sports makes sense these days ...

Bly, the 20 per cent of the $1.75 billion "valuation" which the investors bought would be $350 million total. The valuation figure is using the estimated value of the franchise at $1.75 billion. Since there were 3 investment groups buying, if each bought a third of the $350 million value (which they each may have bought different values to add up to the $350 million) then each of the 3 investment groups would have paid $116,666,667 and each of the three investment groups would then own 6.67 per cent of the franchise.  6.67 per cent x 3 = 20 percent. 20 per cent of $1.75 billion equals $350 million.

[Blyleven2011]

46 minutes ago, tarheeltwinsfan said:

Bly, the 20 per cent of the $1.75 billion "valuation" which the investors bought would be $350 million total. The valuation figure is using the estimated value of the franchise at $1.75 billion. Since there were 3 investment groups buying, if each bought a third of the $350 million value (which they each may have bought different values to add up to the $350 million) then each of the 3 investment groups would have paid $116,666,667 and each of the three investment groups would then own 6.67 per cent of the franchise.  6.67 per cent x 3 = 20 percent. 20 per cent of $1.75 billion equals $350 million.

Thanks for clarifying that , it was late and I was tired and thought the 3 investors were paying 1 & 3/4 billion for the 20%  ...

[tarheeltwinsfan]

5 minutes ago, Blyleven2011 said:

Thanks for clarifying that , it was late and I was tired and thought the 3 investors were paying 1 & 3/4 billion for the 20%  ...

Bly, you are one of my favorite posters. I have a feeling you and I would enjoy watching a Twins game together while talking about baseball and life and enjoying some Killebrew root beers. 

[Vanimal46]

And like that, Joe will never be heard from again. 

[SF Twins Fan]

1 minute ago, Vanimal46 said:

And like that, Joe will never be heard from again. 

That might be the best news of all the changes.  So, he was basically forced out, so his brother could step in and take over.  Woof - Christmas is going to be awkward. 

[Vanimal46]

5 minutes ago, SF Twins Fan said:

That might be the best news of all the changes.  So, he was basically forced out, so his brother could step in and take over.  Woof - Christmas is going to be awkward. 

Joe was the one who constantly said he doesn't want to sell, and even stupidly said he wanted to be involved after the sale of the team. 

Pushing him out indicates to me the Pohlads intend to sell and fully move on from the Twins.

[nicksaviking]

26 minutes ago, Vanimal46 said:

Joe was the one who constantly said he doesn't want to sell, and even stupidly said he wanted to be involved after the sale of the team. 

Pushing him out indicates to me the Pohlads intend to sell and fully move on from the Twins.

So Joe did push payroll to it's all time high in his first offseason, but then promptly dropped it after that. He was never, ever in any way qualified for the job. Seemed like the family was just letting the excited kid have his fun while they were trying to sell. So I'm guessing he got to play emperor but the rest of the family was actually making the decisions and letting him do the speaking.

And he spoke some really, really boneheaded things. So that's my guess as to the switch. The new investors want the face of the Twins to stop running his mouth at the worst possible times. I'd guess we don't hear much from Tom until the team is about to be sold for real.

[Vanimal46]

Pictured: Derek Falvey now that his dearest friend Joe was pushed out of his role

[Woof Bronzer]

24 minutes ago, SF Twins Fan said:

That might be the best news of all the changes.  

I'd be a bit cautious in celebrating.  Here's what Tommy Boy said a couple months ago. Nothing screams "we are committed to turning things around" like making excuses for the market, crying poverty, lying about the source of your debt, and then blaming fans who dare question the commitment of an ownership group who took the most successful Twins playoff run in decades and decided to "rightsize" the team down to one of the worst teams in MLB.  

 

Tom Pohlad pointed to what he said is an unfavorable economic model for small- and middle-market MLB teams like the Twins. In such markets, revenues “don’t necessarily support” amenities like a first-class ballpark at Target Field or consistently putting a high-performing team together.

He said the family has repeatedly chosen to invest beyond what the Twins’ revenues can support in an effort to field a competitive team.

“The fans are totally justified to think it’s unacceptable. You want to question the wisdom of our investment? Great. But don’t question [our] commitment to investing in the Twins.”

[nicksaviking]

26 minutes ago, Woof Bronzer said:

I'd be a bit cautious in celebrating.  Here's what Tommy Boy said a couple months ago. Nothing screams "we are committed to turning things around" like making excuses for the market, crying poverty, lying about the source of your debt, and then blaming fans who dare question the commitment of an ownership group who took the most successful Twins playoff run in decades and decided to "rightsize" the team down to one of the worst teams in MLB.  

 

Tom Pohlad pointed to what he said is an unfavorable economic model for small- and middle-market MLB teams like the Twins. In such markets, revenues “don’t necessarily support” amenities like a first-class ballpark at Target Field or consistently putting a high-performing team together.

He said the family has repeatedly chosen to invest beyond what the Twins’ revenues can support in an effort to field a competitive team.

“The fans are totally justified to think it’s unacceptable. You want to question the wisdom of our investment? Great. But don’t question [our] commitment to investing in the Twins.”

Well if you're still trying to sell the team, saying all of this is probably worse than all the stupid things Joe said. Sign me up and take my 2B please!!!!

Which makes me think the owners already know how they are going to work the CBA to make it uber profitable. They will absolutely attempt to screw the players over, TBD if that means we'll actually have a competitive model where the Yankees, Mets and Dodgers no longer have an insurmountable competitive advantage. The fans will win if there is a middle ground; a salary ceiling within reasonable distance to a salary floor.

[Jim H]

I would think the only way minority owners would buy into the Twins is that there is a path forward to becoming majority owner.  Buying in but not having any say in how things are run, doesn't seem like something anybody would do. Especially if the people running things have run up big debts. 

I have to believe that there are going to be undisclosed agreements in this deal.

[Twins_Fan_in_NJ]

15 hours ago, stringer bell said:

Upbeat take on the news. I hope this eventually helps the product on the field.

It seems that the Pohlad are here for the immediate future. I’m not crazy about that, but if they are amenable to paying competitive salaries with the debt paid off. I am not sure I believe most of the debt came from paying people during COVID, but I guess we’ll see as the offseason progresses. 

I'm highly skeptical about that part of it...

[Woof Bronzer]

20 minutes ago, Jim H said:

  Buying in but not having any say in how things are run, doesn't seem like something anybody would do. 

 

Unless the business is so inherently profitable, and franchise values never ever decrease, that it doesn't matter who is running things.    

The investors don't want to win baseball games or become long term owners.  They want to make fast profit and get out.  

[The Great Hambino]

The following passage was sent out to season ticket holders this morning.  Enjoy Tom's take on the Pohlad family delicacy: the Word Salad

As we welcome our limited partners and begin moving the Minnesota Twins forward in new and meaningful ways, I want to speak to you, our fans, directly.

 

The last two years have brought uncertainty, frustration and disappointment. You are the heartbeat of this team, and you deserve a product on the field that reflects your level of passion and commitment to the Twins. You also deserve clarity, consistency, and accountability—especially when expectations are not met. We recognize we need to earn back your trust, and we intend to do so through our actions and our decisions moving forward.

 

As part of this transition, I will assume the role of Principal Owner. My promise to you and all Twins fans is to lead with accountability, strategic curiosity, clarity of vision, and a relentless focus on winning. These values will guide every decision we make as we shape the future of this organization.

 

I want to address the difficult roster decisions made at last year’s trade deadline. They were the result of an honest assessment that our team, as constructed, was not consistently winning at a high enough level. If our aspiration is truly to build a team capable of winning the World Series—not simply contending for a division title—then we must make decisions with a long-term competitive horizon in mind. These changes, while tough, strengthen our foundation and better position us for sustained success. Our top focus is on building a championship-caliber organization.

 

I also recognize that your time at Target Field matters—and enhancing your fan experience will remain a key focus. From the atmosphere in the ballpark, to the service you receive, to the energy we create together, we are committed to making every visit special. Target Field is one of the very best ballparks in baseball because of you, and we intend to make it an even more exceptional place to watch the Twins and gather as a community.

 

In the months ahead, I look forward to sharing more about our direction and listening closely to what you expect from us. Your voice matters, and your passion will continue to shape the standards we hold ourselves to—on and off the field.

 

Thank you for continuing to stand with us—through joys and disappointments, through transition and growth, and now into a future filled with purpose and promise. Our players inspire us, but you give us purpose.

 

Tom Pohlad

Executive Chair

Minnesota Twins

[Twins_Fan_in_NJ]

2 minutes ago, The Great Hambino said:

The following passage was sent out to season ticket holders this morning.  Enjoy Tom's take on the Pohlad family delicacy: the Word Salad

As we welcome our limited partners and begin moving the Minnesota Twins forward in new and meaningful ways, I want to speak to you, our fans, directly.

 

The last two years have brought uncertainty, frustration and disappointment. You are the heartbeat of this team, and you deserve a product on the field that reflects your level of passion and commitment to the Twins. You also deserve clarity, consistency, and accountability—especially when expectations are not met. We recognize we need to earn back your trust, and we intend to do so through our actions and our decisions moving forward.

 

As part of this transition, I will assume the role of Principal Owner. My promise to you and all Twins fans is to lead with accountability, strategic curiosity, clarity of vision, and a relentless focus on winning. These values will guide every decision we make as we shape the future of this organization.

 

I want to address the difficult roster decisions made at last year’s trade deadline. They were the result of an honest assessment that our team, as constructed, was not consistently winning at a high enough level. If our aspiration is truly to build a team capable of winning the World Series—not simply contending for a division title—then we must make decisions with a long-term competitive horizon in mind. These changes, while tough, strengthen our foundation and better position us for sustained success. Our top focus is on building a championship-caliber organization.

 

I also recognize that your time at Target Field matters—and enhancing your fan experience will remain a key focus. From the atmosphere in the ballpark, to the service you receive, to the energy we create together, we are committed to making every visit special. Target Field is one of the very best ballparks in baseball because of you, and we intend to make it an even more exceptional place to watch the Twins and gather as a community.

 

In the months ahead, I look forward to sharing more about our direction and listening closely to what you expect from us. Your voice matters, and your passion will continue to shape the standards we hold ourselves to—on and off the field.

 

Thank you for continuing to stand with us—through joys and disappointments, through transition and growth, and now into a future filled with purpose and promise. Our players inspire us, but you give us purpose.

 

Tom Pohlad

Executive Chair

Minnesota Twins

 

That really is one gigantic word salad!

[Vanimal46]

5 minutes ago, The Great Hambino said:

My promise to you and all Twins fans is to lead with accountability, strategic curiosity, clarity of vision, and a relentless focus on winning.

What does strategic curiosity mean? Relentless focus on winning? 

[The Great Hambino]

2 minutes ago, Vanimal46 said:

What does strategic curiosity mean? Relentless focus on winning? 

I like the part where he justifies the fire sale as being done with a "long-term competitive horizon in mind", but they still think they can compete this year so they're sitting on their most valuable assets, and they addressed their stated need for "right-handed thump" by blowing a third of their apparent free agency budget on a switch-hitting 1B that can neither hit from the right side nor field, and they still don't have a bullpen

[Mike Sixel]

2 minutes ago, The Great Hambino said:

I like the part where he justifies the fire sale as being done with a "long-term competitive horizon in mind", but they still think they can compete this year so they're sitting on their most valuable assets, and they addressed their stated need for "right-handed thump" by blowing a third of their apparent free agency budget on a switch-hitting 1B that can neither hit from the right side nor field, and they still don't have a bullpen

That was my first thought also. The bullpen was NOT what kept this "core" from competing......

I'm glad we now have the new owners announced. But talk, like the Pohlad's, is cheap. Let's see what they do to relentlessly focus on winning (like signing a mediocre first baseman/DH).

[Vanimal46]

4 minutes ago, The Great Hambino said:

I like the part where he justifies the fire sale as being done with a "long-term competitive horizon in mind", but they still think they can compete this year so they're sitting on their most valuable assets, and they addressed their stated need for "right-handed thump" by blowing a third of their apparent free agency budget on a switch-hitting 1B that can neither hit from the right side nor field, and they still don't have a bullpen

"Surely this Pohlad with a three letter first name won't yank the football away."

- Charlie Brown Gullible Twins fans

[nicksaviking]

Disagree with all of you, Tom's AI chat bot sounds WAAAAY more mature than Joe's AI chat bot.

This part is the most annoying to me though:

I also recognize that your time at Target Field matters—and enhancing your fan experience will remain a key focus. From the atmosphere in the ballpark, to the service you receive, to the energy we create together, we are committed to making every visit special. Target Field is one of the very best ballparks in baseball because of you, and we intend to make it an even more exceptional place to watch the Twins and gather as a community.

When are these owners going to realize that people aren't drawn to the stadium because they have a bigger jumbotron than the Royals, or because they have deep fried lamb kabobs or because they have more statues in the plaza, people are drawn to the stadium because you put a winning team on the field. Stop with the 'fan experience'. Go spend money on better players instead.