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  1. #1
    Burley81 is offline Asst. Coach
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    Dec 1969

    Details of proposed sale emerge at hearing

    ST. PAUL - Minnesota's government should get $7 million to $12 million when the Vikings change hands, and a state senator said Thursday he might try to put the windfall toward construction of a new stadium.

    The state's tax take from the pending team sale was revealed by Vikings tax lawyer Bill Busch. He appeared before the Senate Taxes Committee to fight a bill that would impose a special tax on the transaction. The committee didn't vote on the bill, but it didn't rule out future consideration either.

    Still, the sponsor, Senate Minority Leader Dick Day saw the hearing as a success because the Vikings offered a peek into the deal between owner Red McCombs and prospective buyer Reggie Fowler, an Arizona businessman who has reportedly agreed to pay $625 million for the franchise. The NFL has yet to approve the sale.

    "Asking him to make a small donation on his way out of town only seemed fair to me," Day, R-Owatonna, said of McCombs.

    Day said any tax money the state receives from the sale could be earmarked toward a new stadium, which the Vikings have been after for years.

    His bill would impose a 7 percent tax on McCombs profit, which Day estimated would bring in $25 million to $30 million. McCombs paid $250 million for the Vikings in 1998.

    Day said Minnesotans contributed to the added value of the Vikings because the team plays in a taxpayer-funded stadium and loyal fans have sold out games during McCombs' tenure as owner.

    But Busch, a Minneapolis attorney, said state law already forces McCombs to pay tax on the sale, just as any other business owner selling a company would. Busch said the fact McCombs lives and does most of his business in Texas won't allow him to escape Minnesota taxes.

    Busch said the exact amount of the state's take wouldn't be known until the sale and all of its accompanying expenses was finalized. He did not disclose McCombs' asking price.

    He added that the proposed new tax could be unconstitutional, Busch said. The tax, he said, "singles out a single industry and, indeed, a single transaction."

    The NFL also came out against the bill in the form of a letter from executive vice president Joe Browne.

    "A new tax that is unusual and that, as a practical matter, singles out one individual (and perhaps similarly situated individuals in the future) is particularly problematic," Browne wrote. "The proposed legislation would disturb the stable and predictable tax system that an investor needs."

    Day said he would abandon his bill if further investigation shows McCombs can't shelter the sale from tax collectors. "If I'm wrong and he pays his fair share, I'm going to be totally happy."

  2. #2
    DarrinNelsonguy's Avatar
    DarrinNelsonguy is offline Team Alumni
    Join Date
    Dec 1969

    Re: Details of proposed sale emerge at hearing

    Let's all go get shovels, drive out to Blaine, and break ground for Bud Grant stadium! Someone can take pictures and post them on the website. lol
    "Hard work beats talent, when talent doesn t work hard."

  3. #3
    jackyl's Avatar
    jackyl is offline Hall of Famer
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    Dec 1969

    Re: Details of proposed sale emerge at hearing

    Got it here.

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