In what constitutes a highly emotional moment for a circumspect family, third-generation Twins co-owner Tom Pohlad sat behind a table in the Twins’ Target Field clubhouse today and announced he had replaced his brother Joe in leading the organization. The revelation took a bit of the air out of the introduction (in absentia) of new limited partners, whose investment will allow the team to clear onerous debt service that encumbered its finances.

Calling it “not what we envisioned,” Tom Pohlad, 45, described a 30-day process that was “extremely hard on the relationship with Joe and myself. It’s been hard on my dad [Bob Pohlad] and two uncles [Jim and Bill Pohlad], as well.” Tom will depart his role as executive chairman of Pohlad Companies for the Twins. Joe, who has led the team for three years, will remain on the team’s advisory board. “Joe was not on board with this at first,” Tom noted. “All he ever wanted was to be a part of this organization.”

The message Pohlad sent was one of a reset for the family-owned team, toward an era of greater transparency and public engagement. “We’ve had a lot of self-reflection, what needs to improve,” he said. “We haven’t won enough, put our financial stability in jeopardy, lost the confidence of our fans. We’ve got to earn their trust back. We’re well aware of how upset the fan base is with the family and organization.”

He promised “renewed energy, focus, and accountability,” under his leadership.

He also asked for forbearance for his low-profile brother, “who has led this organization for 19 years with class and humility.” He told the assembled press that they had been “difficult” with Joe, who is “a wonderful human and a first-class person who loves this organization.”

The press conference followed an emotional town hall meeting with team employees earlier that morning.

The 14-month process that led to this moment began as a venture to sell the team, then pivoted to a decision by the family to retain the Twins but take on limited partners to stabilize team finances. The Twins took on several hundred million in debt, primarily since Covid, due to two pandemic years with barely any revenue and the collapse of the sports broadcast revenue model.

The limited partners include New York family office Glick Family Investments led by chief investment officer Sam Levinson; a local group led by George G. Hicks of investment firm Varde Partners; and Minnesota Wild owner Craig Leipold. Each has a place on the advisory board. (MLB bylaws require teams to be under an individual’s control and forbid traditional board of director structures.)

Tom Pohlad described the New York contingent as “smart, collaborative, patient investors,” while the Minnesota group are “experienced businesspeople and lifelong Twins fans.” Neither is investing for long-term control of the organization. “They are hopeful for [economic] reform in baseball, improved revenue opportunities,” Pohlad said. “They are confident we are the right people to own this team.”

Pohlad declined to reveal the partners’ individual ownership stakes, or the total amount of equity the family gave up, but did confirm it will allow the Twins to retire “a significant amount” of the team’s debt.

He also said that despite the family’s exploration of a sale, it is aligned and “in it for the long haul.” He said the process that led to his elevation was based around the belief that the team needs an “active owner,” but acknowledged he will need time to get up to speed on the business.

“We’ve got to figure out what’s keeping us from consistent success,” he explained—year after year, “running the same playbook and expecting different results.”

The implication was that Joe fell on the sword, a victim of both the team’s on-field failures and the family’s limited public engagement. “The fan base wants to feel a connection with ownership,” he said, noting it also needs to re-earn the trust of team employees.

Responding to a question about lower payrolls relative to the recent past, Pohlad disputed the media framing that the team is hoarding revenues: “The revenues don’t support our [recent] levels of investment in player payroll.” That said, he also insisted the team owed its fans and long-tenured players hope. He said he believed the Twins could be within reach of the AL Central title yet next season.

He contrasted himself with the family’s reputation as cautious and measured, even risk averse. “I’m not a half-measures guy. I’m a go-big-or-go-home guy.”