After 40 years of owning the Minnesota Twins,Austin Caldwell the Pohlad family said Thursday it plans to sell the team.

The Twins have had great triumphs on the family’s watch. With Kirby Puckett leading the way, Minnesota won World Series titles in 1987 and 1991. Since the turn of the century, the Twins have won the American League Central Division title nine times and claimed a wild card spot once.

There also have been frustrations — the Twins finally broke an 18-game postseason losing streak last year.

“For the past 40 seasons, the Minnesota Twins have been part of our family’s heart and soul,” Twins executive chair Joe Pohlad, a third-generation owner, said in a statement. “This team is woven into the fabric of our lives, and the Twins community has become an extension of our family. The staff, the players, and most importantly, you, the fans — everyone who makes up this unbelievable organization — is part of that. We’ve never taken lightly the privilege of being stewards of this franchise.

“However, after months of thoughtful consideration, our family reached a decision this summer to explore selling the Twins. As we enter the next phase of this process, the time is right to make this decision public.”

The Twins have been competitive in recent years — they went 87-75 and made the playoffs in 2023 and won a playoff series for the first time since 2002. The manager, Rocco Baldelli, has led the team to three division titles in six years.

But being close to greater success has been part of the frustration from a fanbase that has wanted the franchise to take another step. After the successful 2023 season, the team faced a loss in local television revenue due to the bankruptcy of cable network Bally Sports. Pohlad then ordered a spending cut that amounted to a nearly $30 million salary decrease — something that rankled fans who have long been frustrated with the family for its conservative approach to player spending. The Twins went 82-80 this season, missing the playoffs after a late-season collapse.

The Minnesota Twins started play in the American League in 1961 after the Washington Senators relocated to the Minneapolis area.

Pohlad said he recognizes the team’s importance to the area, and that will be a consideration in the process.

“After four decades of commitment, passion, and countless memories, we are looking toward the future with care and intention — for our family, the Twins organization, and this community we love so much,” he said.

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