Twins Sports Inc. President Jerry Bell made the announcement.
One of Pohlad's sons, Jim, who is chief executive officer of Twins Sports, said last March the family intends to own the franchise far into the future.
Pohlad served in the U.S. Army during World War II. He was an infantryman in Europe, earning three purple hearts and two bronze stars.
He came to Minneapolis in 1949 to run Marquette Bank after he and investment partners had bought Bank Shares Inc., the firm that owned Marquette. Marquette Bank grew after the war and in 1955, when an investment partner died, Pohlad became CEO and president of the bank, which later became U.S. Bancorp.
The late Calvin Griffith, sold the Twins to Pohlad in 1984 and under his guidance they won world championships in 1987 and 1991.
Pohlad was still president of Marquette Financial Cos., chairman of Mair Holdings Inc. and a director of Genmar Holdings Inc. He ranked 102nd on Forbes list of the 400 richest Americans, with an estimated net worth of $3.6 billion.