MINNEAPOLIS (AP) — Minnesota Twins ownership has finalized the purchase of portions of the franchise by three different investors, limited partnerships the Pohlad family sought for a fresh infusion of cash and strategy after deciding earlier this year to retain control of the club.
The Twins also announced Wednesday a plan to make Tom Pohlad the controlling owner and primary liaison to the league in place of his younger brother, Joe Pohlad, as part of a new executive leadership structure coinciding with the new investors.
Major League Baseball approved the acquisition of non-controlling minority interests in the Twins by Glick Family Investments, a multi-generational New York venture capital firm; a group of Minnesota business leaders spearheaded by George Hicks; and Minnesota Wild owner Craig Leipold.
Neither the purchase prices or size of the stakes were disclosed. Financial analysis earlier this year by Forbes valued the franchise at $1.5 billion, ranked 23rd in MLB. Sportico ($1.7 billion) and CNBC ($1.65 billion) pegged the Twins a bit higher.
Joe Pohlad, 43, served as executive chair for three years. Tom Pohlad, 45, has never had a role with the baseball club before, previously serving as executive chairman of Pohlad Companies in overseeing the family’s diverse portfolio of businesses. Their uncle, Jim Pohlad, was chairman of the Twins until 2022. Their grandfather, Carl Pohlad, built his fortune in banking and bought the Twins in 1984 from Calvin Griffith for $44 million. He died in 2009.
MLB must approve Tom Pohlad becoming control person.
“It is a profound honor to have the opportunity to continue a legacy that has been part of my family — and this community — for the past 40 years,” said Tom Pohlad said in a statement distributed by the Twins. “My uncle and my brother have led this organization with integrity, dedication, and a genuine love for the game. As I assume my new role, I do so with great respect for our history and a clear focus on the future — one defined by accountability and stewardship in our relentless pursuit of a championship.”
The Pohlad family announced last year the exploration of a sale, a declaration that largely delighted a fan base frustrated by the level of investment in the player payroll. The primary driver of the decision was a debt load that hit $500 million this year, with the loss of crowds during the pandemic and the collapse of their regional television contract weighing heavily on the financial operation.
The Twins won the World Series in 1987 and 1991, but they have only reached the American League Championship Series once since then, in 2002.
In 2023, they ended an 18-game postseason losing streak, a North American professional sports record. They went 70-92 in 2025 and fired manager Rocco Baldelli, replacing him with Derek Shelton.
Hicks is a native of Minnesota, a former executive of Cargill Financial who co-founded Varde Partners, a startup in 1993 that has grown into a global investment firm.
“As a lifelong Twins fan, I am honored and excited to join the Pohlad family as a steward of this beloved franchise,” Hicks said. “Like many in the state, some of my favorite memories are of times spent watching and cheering for the Twins. The leaders I represent share these values and recognize the importance of Twins baseball to our communities. This is the opportunity of a lifetime and one we view as a true privilege and responsibility.”
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