Are the Pohlads Secretly Selling the Twins?

[Cody Christie]

Image courtesy of Bruce Kluckhohn-Imagn Images

The Minnesota Twins aren't for sale. At least, that's what Tom Pohlad wants everyone to believe. After spending roughly 10 months exploring a sale of the franchise, the Pohlad family pulled the Twins off the market in August 2025. Rather than finding a new controlling owner, the family brought in several limited partners to help address the organization's significant debt while maintaining majority control.

That decision eventually led to Tom Pohlad taking over as the team's controlling owner. At the end of the 2025 season, he made it clear that the family had no plans to reopen the sale process.

“I can’t say that my enjoyment in the role is the sole reason for how long we intend to be owners, but I can tell you that we’re long-term oriented,” Pohlad said. “We’ve got big goals and a lot of work to do, and it’s going to take some time. We are in this for the long haul.”

Pohlad doubled down on that sentiment.

“We are reenergized, for sure,” he added. “After a trying two years and that sale process, I’m frankly surprised at how energized we are, to be honest with you.”

That sounds pretty definitive. Then came a report from Pioneer Press columnist Charley Walters.

“A sale of the Twins to the New York-based global investment firm Varde Partners, which has an office in Minneapolis and in 2025 became a Twins limited partner to help the franchise out of $500 million in debt, is said to be heating up. Varde Partners reportedly manages $15 billion in assets.”

Suddenly, the question isn't whether the Twins are for sale. It's whether the groundwork for another sale has already been laid.

Värde Is Already Inside the Building

There is an important distinction between what the Pohlad family did in 2025 and what Walters is now reporting. The family didn't simply abandon the sale process and walk away. It brought investors into the ownership group.

Värde Partners co-founder George Hicks became one of those limited partners. The ownership restructuring also included Glick Family Investments and Minnesota Wild owner Craig Leipold. The group took minority positions while the Pohlads retained control. Reports indicated the transaction valued the Twins at approximately $1.75 billion and helped eliminate a significant portion of the franchise's roughly $400 million to $500 million debt. That was presented as a way for the Pohlads to remain owners while putting the franchise on stronger financial footing. And, to be fair, that's exactly what it could have been.

But there is another way to look at it. Värde already has a financial interest in the franchise. Its co-founder is already part of the ownership group. The company understands the team's finances. It has relationships with the Pohlads. It knows Target Field. It knows the Minnesota market. If Värde eventually wanted to increase its investment and acquire control, it wouldn't be starting from scratch. That's a pretty significant advantage. It also makes the timing of a potential sale particularly interesting.

The Twins Are Suddenly Worth a Lot More

When the Pohlads explored selling the Twins, the reported asking price was $1.75 billion. That number doesn't look nearly as impressive today. The San Diego Padres were sold in 2026 for a reported $3.9 billion valuation. The Los Angeles Angels then surpassed that figure, with Stan Kroenke agreeing to purchase the franchise for an MLB-record $4 billion valuation. Obviously, every franchise is different. Los Angeles has a massive market, while San Diego offers its own unique advantages. The Twins aren't suddenly a $4 billion franchise simply because two other teams changed hands.

But MLB franchise valuations are clearly moving upward. And that's where the timing gets fascinating. If the Pohlads really wanted to sell, waiting until the market demonstrated that buyers were willing to spend $3.9 billion and $4 billion for MLB teams would be a pretty good strategy.

The family's previous sale attempt was complicated by the Twins' debt, declining local media revenue and questions about the organization's financial outlook. The limited-partner investment helped address some of those concerns. Now the franchise could potentially be presented to buyers with less debt, a new ownership structure and an MLB market that has established dramatically higher valuations. That's a much different sales pitch.

The Labor Fight Could Change Everything

There is another piece of this puzzle that could make a potential sale even more intriguing: baseball's economic system. MLB owners are scheduled to lock out players on December 1 if the two sides fail to reach a new collective bargaining agreement. The biggest sticking point is the league's push for a salary cap, something the MLB Players Association has repeatedly opposed. MLB has also proposed a salary floor as part of its economic system.

That could have a major impact on the Twins. A salary cap would limit the spending advantages of the richest organizations. But a salary floor would force teams near the bottom of the payroll rankings to spend considerably more. For a franchise that has spent recent years operating with one of the league's lower payrolls, that could result in more spending on the roster. 

It could also make the Twins more attractive to prospective buyers. If the new economic system guarantees a minimum level of spending across the league while providing greater cost certainty from revenue sharing, buyers could view MLB franchises as even more valuable assets.

And if the Pohlads were able to sell the Twins for substantially more than the $1.75 billion they reportedly sought previously, the financial incentive would be enormous. Especially after the family has already reduced the franchise's debt burden through minority investment.

So, Are the Pohlads Selling?

There isn't enough evidence to say that the Pohlads are secretly selling the Twins. In fact, the public evidence currently points the other direction. Tom Pohlad has repeatedly talked about being committed to the organization. The family retained control when it could have sold. Tom took over as controlling owner. And the addition of minority partners was specifically structured to allow the Pohlads to remain in charge.

But Walters' report is difficult to ignore. If Värde is seriously discussing purchasing the Twins, the most important question isn't necessarily whether the Pohlads have secretly changed their minds.

It is whether the family has discovered that owning the Twins might be worth considerably more than it was when they first decided to explore a sale. The Angels just sold for $4 billion. The Padres just sold for $3.9 billion. The Pohlads were previously looking for $1.75 billion. Those numbers make the decision to sell look very different than it did two years ago. 

Maybe the Pohlads really are in this for the long haul. Maybe Tom Pohlad genuinely is reenergized and wants to lead the Twins toward another championship. Or maybe the family has simply put itself in a much better position to sell the franchise whenever the right offer comes along. And if Värde is already sitting at the table, that offer might not have to travel very far.

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Will the Pohlads sell the Twins? Leave a comment and start the discussion. 

 

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[MackMan]

I think I can speak for ALL of us when I say this: SELL THE TEAM. Now am I being realistic when I ask are they actually on the market? No. I personally don't think they're on the market unless the right offer comes. Sadly, I don't think that $2.0 Billion is going to be enough to get it done. I'd think closer to $2.5-3.0 billion will get it done. 

But alas, we shall see what the off-season brings in terms of sales, acquisitions, and losses to see where we are prepared for 2027.

[Tovar12]

Please, please, make it happen

[Brandon27]

I think all the minority owners are going end up coming together to buy the team without the twins being on market 

[Coach Wheels]

Everything is for sale all the time. If the price is right, this team can get sold tomorrow. Personally, I look forward to the day the Pohlads are out of baseball.

[laloesch]

They wouldn't have been in that tight of a squeeze if they hadn't piled all their commercial real-estate debt on the Twins prior to the sale.  The collapse of their TV broadcasts and lack of a streaming platform hurt their revenues too.  This all complicated a potential sale and why they had to bring in other investors to prop the team up.  Simply put, the mismanagement of the Pohlads despite getting a new stadium had run the team into the ground.

The official narrative is that it was operating expenses since covid (they did keep staff on during covid) and scoreboard upgrades that caused most of that debt.  I don't buy that excuse at all.  A scoreboard upgrade and staff that by and large make less than 40k a year does not add up to 400 million in 3 or 4 years.  That's absurd.

[MackMan]

15 minutes ago, Coach Wheels said:

Everything is for sale all the time. If the price is right, this team can get sold tomorrow. Personally, I look forward to the day the Pohlads are out of baseball.

Yes. This is easily the best answer. If you throw enough money at a problem, 9 out of 10 times, it can usually be fixed or sold. And clearly the problem is the Twins ownership group refusing to field a competitive team since 2023 and before that 2009-2010. If this limited partnership turned into a whole purchase and we actually get an ownership group that cares about winning, this will be awesome. Sadly, the Pohlads win no matter what as they made a huge profit on their investment AND they no longer need the Twins to help fund their other affairs.

[Major League Ready]

I don't see it happening until the CBA is completed.  There looks to be a real push for significantly more revenue sharing.  Of course, this would significantly increase the value of the teams that are on the receiving end of that sharing.  If you are a seller, waiting it out could mean a much bigger payday. 

[LewFordLives]

"But Walters's report is difficult to ignore,...."

Interesting. Over time I've come to find it quite easy to ignore his reports.

[Cris E]

If they do sell it's not going to be directly to a PE firm. The ceiling on such ownership stakes is only 20%, and that was after a recent increase.  A sale would need an individual buyer to front things. That person has still not been seen, though I'm offering a welcoming hot dish in the hopes that'll draw out some candidates. 

MLB Raises Private Equity Ownership Limit to 20% https://frontofficesports.com/article/mlb-raises-private-equity-ownership-limit-to-up-to-20-percent/

[Twins GFP]

In a bubble, both can be true. Pohlad can be looking ahead and still looking to sell the team.

That being said, Pohlad's word means nothing...

I also agree nothing of consequence is going to happen until the CBA is resolved. Too many unknowns for all interested parties. I think that once the Pohlads pulled the team off the market a while back, the intention was to limp through the new CBA agreement and attempt to sell the team again.

I am cautiously optimistic this will happen. 

[tarheeltwinsfan]

18 minutes ago, Major League Ready said:

I don't see it happening until the CBA is completed.  There looks to be a real push for significantly more revenue sharing.  Of course, this would significantly increase the value of the teams that are on the receiving end of that sharing.  If you are a seller, waiting it out could mean a much bigger payday. 

At the same time, assuming that revenue sharing is going to increase significantly, and assuming that increased revenue sharing will increase the value of the Twins, then a savvy, interested buyer for the Twins, should make an immediate offer to buy the Twins at a price that is a guaranteed sale to the owner, but lower than the buyer thinks the future value will become shortly after this savvy buyer becomes a savvy owner.  Many times I have seen sellers start thinking of all the ways that they could spend this money, even though a sale price hasn't been yet agreed upon. A bird in the hand is worth two in the bush, so to speak. The Pohlads have already been willing to sell as recently as last year, so they have already crossed the thresh hold of "Do I want to sell or not?" I imagine that some of the Pohlads had already made plans on how to spend their sale proceeds last year. Now that they have had another year of turmoil and criticism, poor attendance,  and headaches, with nothing to show for it, they may be even more ready to sell, especially at a price higher than what was discussed last year. My advice to a savvy buyer is that now is the time to buy the Twins. Make an offer the owners can't refuse. 

[Whammy]

I know beggars can't be choosers but I'd rather a "Global Investment Firm" not be the owners of the Twins.

[SteveLV]

Does Leipold have enough money to buy the Twins, too?  I think he has done a pretty good job with the Wild--certainly better than the Twins are performing--and seems popular (not a huge Wild fan).

[MackMan]

5 minutes ago, SteveLV said:

Does Leipold have enough money to buy the Twins, too?  I think he has done a pretty good job with the Wild--certainly better than the Twins are performing--and seems popular (not a huge Wild fan).

Time to get the Wilf family involved to purchase the Twins. 

[Vanimal46]

13 minutes ago, Whammy said:

I know beggars can't be choosers but I'd rather a "Global Investment Firm" not be the owners of the Twins.

[MeleMouth]

RE what Tom Pohlad says: after the last couple of years, during which lying, self-dealing, and saying extreme things has become much more notable than quiet competence, long-term planning, and caring about others, I can't believe anyone treats what most CEOs or wealthy heirs say as the full and complete truth of what they are thinking today and about the future.

More specifically, after years of zig-zagging directions from the Twins, I can't believe anyone treats what Pohlad says as a reliable indicator of where things will be six months from now.

[Linus]

Two things I won’t count on: information from Charley Walters and a salary cap / floor. 

[MeleMouth]

27 minutes ago, Whammy said:

I know beggars can't be choosers but I'd rather a "Global Investment Firm" not be the owners of the Twins.

Please identify your models of the ideal owner. For example, the Wilfs have done most things how I'd want them to, but they haven't won much. OTOH, the Dodgers, Rays, and Warriors have basically been owned by people who made their money in private investment firms, and those teams have been pretty rewarding for their fans. 

[LastOnePicked]

My foolish best-case scenario is that Tom Pohlad actually has some pride. He's tired of his family name being linked to a chronically-underperforming team, and he's going bring this team from its current sorry state to an MLB powerhouse over the next decade. He's going to make something of himself - and this club - in the process. 

That's silly, I know. Let a guy dream.

Worst-case scenario is that the team gets owned by the kind of investment groups that have been buying up and ruining things like bowling alleys and veterinarian clinics across the country. As MLB owners of a mid-market team, they'll suckle off of increased revenue sharing while doing nothing for the long-term health of the team or the sport.

[terrydactyls]

28 minutes ago, SteveLV said:

Does Leipold have enough money to buy the Twins, too?  I think he has done a pretty good job with the Wild--certainly better than the Twins are performing--and seems popular (not a huge Wild fan).

Leopold brought in Bill Guerin to be the general manager.  If he took over the Twins, I would expect his first move would be to hire a Guerin-like baseball person to be the general manager.  That would be a major upgrade.

[rdehring]

48 minutes ago, SteveLV said:

Does Leipold have enough money to buy the Twins, too?  I think he has done a pretty good job with the Wild--certainly better than the Twins are performing--and seems popular (not a huge Wild fan).

Leipold?  Maybe, but probably not.  His wife is another story, she is part of Racine, WI Johnson Wax family.

Could the recent Timberwolves sale be what is happening?  A limited partner flipping his interest with the majority owner?

[TheLeviathan]

Secretly?  Everything they're doing is out in the open as "rebuilding" sale value.  The cheap beers, the tough talk about the budget, it's all "we'll spend 2 dollars to make $5 and sell the hell out of it to the fanbase"

 

[Twinsrtheworst]

2 hours ago, MackMan said:

I think I can speak for ALL of us when I say this: SELL THE TEAM. Now am I being realistic when I ask are they actually on the market? No. I personally don't think they're on the market unless the right offer comes. Sadly, I don't think that $2.0 Billion is going to be enough to get it done. I'd think closer to $2.5-3.0 billion will get it done. 

But alas, we shall see what the off-season brings in terms of sales, acquisitions, and losses to see where we are prepared for 2027.

Sell it and relocte, do it right and the value increases and a new fan base would be ideal.

[MackMan]

Just now, Twinsrtheworst said:

Sell it and relocte, do it right and the value increases and a new fan base would be ideal.

I mean, I hate the whole idea of relocating the club, but this is probably the inevitability of it. Probably to a much higher hub of traffic and sports. New Orleans, Nashville, Indianapolis, or either of the Carolinas could be a few possible destinations. Just looking at where baseball might end up being very popular especially when other sports seasons are done for the year. Plus, those would be slightly better place geographically and weather wise.

[Parfigliano]

2 hours ago, Cris E said:

If they do sell it's not going to be directly to a PE firm. The ceiling on such ownership stakes is only 20%, and that was after a recent increase.  A sale would need an individual buyer to front things. That person has still not been seen, though I'm offering a welcoming hot dish in the hopes that'll draw out some candidates. 

MLB Raises Private Equity Ownership Limit to 20% https://frontofficesports.com/article/mlb-raises-private-equity-ownership-limit-to-up-to-20-percent/

I prefer casserole.

[1985Fan]

Be careful what you wish for. New owner spending big money doesn’t always translate to a well run, winning organization. Lots of examples like Arte Moreno buying the Angels from Gene Autry. They had just won their only WS and Moreno took that org from that high to where they are today. He spent a lot of money though. How about Steve Cohen with the Mets? Great job there, and he spends lots of money as well. The local example of the Wilfs is laughable. They’re no closer to the SB now than when they bought the team. And we the taxpayers gave them a billion dollar stadium that costs a fortune for tickets. 
I’ve worked with and for companies bought out by investment firms. Not once did I see or experience improvements. It’s usually followed by cost cutting and major changes to extract a quick profit from the business, to the detriment of the customers and employees. 
Truthfully, every owner has to make money from their investment or at least not lose money. All the talk about the greedy Pohlads is the truth for every other baseball owner. New owners won’t change that. I’ll duck for cover now for all the expected rocks thrown my way 😁

[Parfigliano]

1 hour ago, Whammy said:

I know beggars can't be choosers but I'd rather a "Global Investment Firm" not be the owners of the Twins.

They're vultures.

[D.C Twins]

Wait... you're telling me that the Pohlads may not mean what they say and that they have been slashing payroll/cost in preparation for a sale?!?!  

Shocking I tell you... absolutely shocking!

(Narrator's Voice): This has been obvious for 2 years

[Road trip]

“I can’t say that my enjoyment in the role is the sole reason for how long we intend to be owners, but I can tell you that we’re long-term oriented,” Pohlad said. “We’ve got big goals and a lot of work to do, and it’s going to take some time. We are in this for the long haul.”

 

One thing I have learned from my years on earth:  When extremely wealthy individuals say "A", it is frequently a smokescreen because they are actually planning for "B".  This is exactly the kind of thing an owner would say to drive up the price and extract an extra 100 million from the sale of an asset.