Twins Introduce New Minority Owners; Tom Pohlad Named Team's New Control Person

"Several months after the Pohlad family reversed course on its bid to sell the Twins, instead revealing the forthcoming addition of new minority owners, the Twins have formally announced a trio of new minority stakeholders in the organization - all of whom have been formally approved by Major League Baseball. Craig Leipold, owner of the NHL's Minnesota Wild; George G. Hicks, founder of Minnesota-based investment firm Varde Partners; and Glick Family Investors are the team's new limited partners."

"The Pohlad family will retain majority ownership of the Twins, but there's still changes on that front. Joe Pohlad, the team's executive chair, is ceding oversight of the organization to older brother Tom Pohlad. Per the Twins' press release, Tom will oversee the organization's operations and will also succeed his uncle, Jim Pohlad, as the team's official control person and liaison to the league."

"Details of the sale weren't disclosed by the team, but Dan Hayes of The Athletic reports that the Pohlad family sold more than 20% of the franchise at a valuation of $1.75 billion. The addition of the new minority stakeholders has helped to substantially clear a reported debt of nearly $500MM. Wiping that debt clean could aid the Pohlad family in any subsequent efforts to sell the franchise down the road."

The Pohlad family retained majority ownership of the Minnesota Twins while adding three MLB-approved minority stakeholders: Craig Leipold, George G. Hicks, and Glick Family Investors. Tom Pohlad will assume oversight of the organization and replace Jim Pohlad as the team's official control person and liaison to the league, while Joe Pohlad is stepping away from day-to-day responsibilities after a brief tenure as executive chair. More than 20% of the franchise was sold at a $1.75 billion valuation, and the new minority investments substantially cleared nearly $500 million of reported debt. Debt reduction could facilitate future sale efforts, though no decision has been announced.

Read at MLB Trade Rumors