Are the Pohlads Secretly Selling the Twins?

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 address the organization's significant debt while maintaining majority control. That decision eventually led to Tom Pohlad taking over as the team's chairman. At the end of the 2026 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.”

Things might not be so clear-cut, then, after all.

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 eliminated a significant portion of the franchise's roughly $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 $1.8 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 addressed some of those concerns. Now, the franchise could 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. If the Pohlads were able to sell the Twins for upwards of $2 billion (not long after failing to get $1.8 billion), the financial incentive would be enormous—especially after the family 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. The addition of minority partners was specifically structured to allow the Pohlads to remain in charge.

But Walters's report is difficult to ignore, particularly because Pohlad's vows to stick around for the long haul were a bit vague. If Värde is seriously discussing purchasing the Twins, the most important question isn't necessarily whether the Pohlads have secretly changed their minds. It's 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. 

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. If Värde is already sitting at the table, that offer might not have to travel very far.

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

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