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, the longtime owners of the Minnesota Twins 

 that several new “limited partners” have secured stakes in the franchise.

The Pohlad family will retain ownership control of the Twins and handle day-to-day operations — but there will be a change in leadership. The Twins said Wednesday that Tom Pohlad is succeeding his brother Joe in overseeing the team. He’ll also succeed his uncle Jim Pohlad as the Twins’ primary liaison to Major League Baseball, pending league approval.

Tom Pohlad said the decision to bring in investors was driven by financial pressures facing the organization.

“I think it was to stabilize the organization, financially speaking,” Pohlad said. “You’re all aware of the investment that we made over the last number of years, some of the challenges we faced with COVID and the changing landscape from a media standpoint, where we took a hit on the revenue side. And I think it got to a point where we needed to seek investors and find a way to put the team on better financial footing. And this allowed us to do that.”

Their new limited partners include Minnesota Wild owner Craig Leipold. Also joining the Twins’ ownership group are New York-based Glick Family Investments and Minnesota native George G. Hicks, founder of global investment firm Värde Partners, who are “investing alongside several prominent Minnesota business leaders,” the team announced.

The Twins said MLB has approved the new investors. 

“As a lifelong Twins fan, I am honored and excited to join the Pohlad family as a steward of this beloved franchise,” Hicks said in a news release from the team. “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.”

Neither the purchase prices or size of the stakes were disclosed. The Associated Press reported that 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.

“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,” Tom Pohlad said in a statement. “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.” 

 that they planned to sell the team, a decision reached “after months of thoughtful consideration.” There were 

 last winter, but any possible deals to sell the team never materialized.

 of the team, but were in the process of adding “two significant limited partnership groups.”

The team has undergone an offseason change in leadership on the field, too. The Twins 

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.

The Associated Press contributed to this report.

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Sarah Thamer

Four months after abandoning plans to sell the team, the longtime owners of the Minnesota Twins announced Wednesday that several new “limited partners” have secured stakes in the franchise. The new limited partners include Minnesota Wild owner Craig Leipold. 

Minnesota Twins announce additions to team's ownership group

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