In what will be taken by many Twins fans as disappointing news, the Pohlad family, owners of the team since 1984, announced in a public statement today that after nearly a year-long exploration of a sale of the team, it has decided to retain majority ownership and instead take on limited partners.

The clear winners in the outcome seem to be Joe Pohlad, executive chair of the team, who has devoted a least a decade of his professional life to the business and had been facing an involuntary career change, and newly installed team president Derek Falvey, who, along with manger Rocco Baldelli, were seen by the baseball punditry as especially vulnerable in an ownership change.

The no-sale announcement contained an intriguing element, that the team would be taking on (apparently) two limited partners, subject to MLB approval. The deals came together quickly, say sources, and had not been the family’s primary focus prior to mid-summer. Sources indicate the partners are individuals, not private equity concerns.

The Pohlad family’s motivation to sell has never been entirely clear, but this outcome lends credence to the idea that it was not motivated by mounting public criticism of the family’s stewardship of the team, but instead family financial dynamics. Limited partners will generate liquidity for the business that would help it pay down $400 million in debt reportedly accumulated during Covid (the Twins were one of the few sports franchises not to furlough any staff during two almost revenue-less years) and create financial flexibility for key family constituencies without divesting the asset.

The wording of the statement indicates the Pohlad family will remain the team’s controlling partner but would customarily establish a board of directors that includes limited-partner representation. The new partners will thus have a say in team governance and direction. It is impossible to know if the limited partners will have any impact on team payrolls. Insiders expect the partners to be identified after MLB approval, likely in September.

Early in the year it had been speculated that the Twins were negotiating a sale with Justin Ishbia, a limited partner in the Chicago White Sox, whose brother Mat is managing partner in the Phoenix Suns NBA team. In spring, Justin Ishbia pivoted to increasing his stake in the White Sox, executing an agreement for future control of the team. The Ishbias have been free spenders, which encouraged local fans and pundits who want to see Twins’ ownership invest in higher payrolls.

Media reports emerged during the spring that the Pohlads were asking $1.7 billion for the team but offers remained slightly below that. The Tampa Bay Rays have a purchase agreement for $1.7 billion, and the Twins would appear to be a more valuable franchise. Still, MLB teams are not appreciating at the rate of other pro leagues due to several factors, including unstable broadcast revenues and broad market inequities in team revenues due to payroll disparities.

MLB commissioner Rob Manfred’s stated goal is to increasingly nationalize MLB’s broadcast revenue as the NBA has done and negotiate a salary cap as other pro leagues maintain—to create more economic parity for owners, where large markets are not so disparately advantaged. Many expect this to drive a prolonged labor dispute after the current MLB player agreement expires in late 2026.

Sources say the Twins attracted substantial interest from outside parties, and despite the league’s problems, that MLB franchises are seen in the investment community as undervalued relative to other domestic leagues. Insiders also indicate the Twins fire sale of player talent on July 31 was not connected to the sale process.