Twins Owner, Northern Lights Backer Carl Pohlad Dies
January 6, 2009 at 5:10 AM (PT)
Condolences to family and friends of billionaire banker and MINNESOTA TWINS owner CARL POHLAD, who died MONDAY at 93 at his home in EDINA, MN. POHLAD, who bought the baseball franchise in 1994, and his family provided financial backing for STEVE WOODBURY's NORTHERN LIGHTS BROADCASTING, owner of Top 40/Rhythmic KTTB (B 96)/MINNEAPOLIS-ST PAUL. At the time of his death, POHLAD was the second richest MINNESOTA resident and 102nd richest American, according to FORBES magazine.
POHLAD made his fortune starting after dropping out of GONZAGA UNIVERSITY and working for his brother-in-law's finance company, later acquiring MARQUETTE BANK and then becoming a major investor in several companies. He sold the bank in 1992 for $230 million to what is now U.S. BANCORP, formed a new MARQUETTE BANK, and sold that version to WELLS FARGO for about $1 billion in 2001. His ownership of the TWINS was often criticized by fans for the team's low-budget operation and threats to move or fold during several attempts to get public financing for a new stadium, but the team managed to annually contend for the playoffs, developed star players like the present squad's JOE MAUER and JUSTIN MORNEAU, and finally got its new stadium, TARGET FIELD, scheduled for a 2010 opening. The family's POHLAD FOUNDATION donates over $10 million each year to charity.