It’s a whole new ballgame as Pohlad family restructures Twins leadership, adds limited partners

The Twins’ four-month mystery ended with a big surprise.

As the team made the long-awaited announcement of their minority investors Wednesday, they also revealed a major change in leadership.

Tom Pohlad is succeeding his brother Joe as the family member overseeing the Twins organization. And, pending Major League Baseball approval, Tom will replace his uncle Jim as the franchise’s control person to serve as the primary liaison to MLB.

Joe Pohlad shared the news to Twins employees that he was stepping away from the organization during a staff town hall event, which Tom Pohlad described as emotional. Joe, who had been executive chair since 2022, wanted to stay in his role, Tom said, but the family thought a change was in the best interest of the organization.

The principal minority investors are Glick Family Investments and George G. Hicks. Craig Leipold, who is the majority owner of the Wild, is joining independently as a limited partner.

“It’s been hard on our family,” Tom Pohlad said. “This decision to make a transition within our family has been extremely difficult. It’s been hard on the relationship between Joe and myself. It’s been especially hard on my dad and my two uncles.”

Carl Pohlad, the family patriarch, purchased the Twins for $44 million in 1984 from former owner Calvin Griffith, and the franchise was inherited by his three sons — Jim, Bill, and Tom’s father Bob — and their seven children upon his death in 2009.

Joe Pohlad, who will remain on the ownership advisory board, was named the executive chairman of the Twins in November 2022, inheriting the day-to-day responsibilities from his uncle Jim.

“All [Joe] ever wanted was to be a part of this organization and to lead it and to help this franchise win a world championship,” Tom Pohlad said. “Things change. We had to make a decision as a family. He understands. He has been graceful, kind and believes that whatever is in the best interests of the organization is best.”

The Pohlad family explored a sale for 10 months before deciding to keep the team in August once they secured minority investors.

“We’re in it for the long haul,” said Tom Pohlad, adding that the MLB approval process led the delay before Wednesday’s minority ownership reveal.

The Pohlad family accumulated $500 million in debt, about a third of the team’s market value, while running the Twins that swelled over the past five years. The two biggest culprits in declining revenues were ticket sales, particularly during the COVID-affected seasons from 2020 to 2021, and they lost their regional sports network TV deal, which netted them $54.8 million in 2023.

The sale process, Tom Pohlad said, led to a lot of self-reflection among family members about what needs to change with how they run the organization.

“It’s undeniable that we haven’t won enough baseball games, the financial health of the club has been put in jeopardy, and we’ve got a fan base that has lost trust in us as owners — and, as a result, this organization and the direction it’s headed,” Tom Pohlad said.

“With the conclusion of the transaction, now is the time to put new leadership in place and to have a renewed sense of energy, a renewed sense of focus, a different level of accountability, and ultimately a clear direction on where we’re taking this organization.”

Tom Pohlad says he is committed to repairing the fractured relationship between the Pohlad family and Twins fans.

The Twins have missed the playoffs in four of the last five seasons and fired manager Rocco Baldelli when last season ended, replacing him with Derek Shelton.

This past July, when the Twins had a losing record after the All-Star break, they traded 10 major league players off their roster.

“We’ve got to do a better job of telling fans where we’re going, how we’re going to get there and why we’re doing the things we’re doing,” Tom Pohlad said. “I commit to that going forward.”

The Twins currently hold an estimated payroll of $100 million with about two months before the start of spring training. It’s $30 million lower than where they ended last season and a $60 million decrease from their peak in 2023.

Tom Pohlad, who said he didn’t have a role in the trade deadline fire sale, said the ownership group will remain flexible to additions this winter. There is still an expectation payroll will remain much lower than it was last season.

“I don’t think the landscape, what I see right now, that we should put a significant investment into the team of [adding] $50-60 million [to the payroll], but I don’t think we’re far off from that,” he said. “The hard work in front of us is getting fans to buy into that we are committed to a championship-caliber investment and team. I would tell you that Rome wasn’t built in a day.

The minority investors acquired non-controlling, minority stakes in the Twins while the Pohlad family retains control of the ownership group and remains responsible for the day-to-day operations. Tom Pohlad led the sale process on behalf of the family, building relationships with all the minority investors, which the team said includes “several prominent Minnesota business leaders” who remain unidentified.

The Glick Family, which started a New York-based diamond trading business in 1945, will sit on an ownership advisory board with Leipold and Hicks, a 72-year-old Pipestone, Minn., native. That board will also include Tom and Joe Pohlad; their father, Bob; and uncle Jim Pohlad, who used to run the Twins.

“I view that board as a place to help push us as a family on how we get to where we want to go,” Tom Pohlad said. “I think it’ll be a healthy sense of accountability for us as owners.”

Leipold purchased the Wild for $250 million in 2008.

Hicks was one of three former Cargill financial executives who launched Värde Partners, a hedge fund company, in 1993. He stepped down as CEO in 2022.

Tom Pohlad envisions himself as an active owner, particularly on the business side.

“When I talk about reconnecting this community to Twins baseball, we’ve got to find a way,” he said. “People care deeply about this organization and about this team, and we’ve got to find a way to market our players, their personalities and their brands better. We’ve got to create better connections with the community.”