Thread: Vikings sale
08-27-2004, 12:52 PM #1
Just saw a new article about the vikes pending sale/move talk :study:
(taken from cbs.sportsline.com)
The NFL is watching the Vikings' ownership situation with a microscope.
The Vikings, NFL research shows, along with the Green Bay Packers, Washington Redskins, Dallas Cowboys and Oakland Raiders, have the greatest fan affinity among the league's 32 teams. Commissioner Paul Tagliabue clearly wants the Vikings to remain in Minnesota with a new stadium.
Some people believe Arizona businessman Reggie Fowler, whose ownership group is rumored to include investors from Gateway Inc., the computer manufacturer, could make a bid to buy the Vikings from Red McCombs, then have it matched by Timberwolves owner Glen Taylor. It has long been known that state legislators do not favor approval of a new Vikings stadium if the team is under out-of-state ownership.
There also is a chance that Fowler, with financial assistance from the NFL, could buy the Vikings, with the understanding that Taylor could buy the team from Fowler if that's what it took to get a new stadium approved. Contrary to a report elsewhere, the NFL requires that team owners possess one-third, not 51 percent, of a team's purchase price.
08-27-2004, 01:16 PM #2
cant find the article
08-27-2004, 01:37 PM #3
where did you see that about the vikings nfl research?
08-27-2004, 02:16 PM #4
go to sportsline.com, then under nfl, go to teams, click on the vikes and its on the left side of the page. you might have to sign up for a free trial to read the article. you get 14 days free but i just keep signing up over and over to get the inside scoop for FREE
08-27-2004, 08:54 PM #5
08-27-2004, 10:46 PM #6
Arizona group hasn't made offer for Vikings
Kevin Seifert, Star Tribune
August 27, 2004 VSID0827
An investment group led by an Arizona entrepreneur has yet to make a formal offer to purchase the Vikings, team President Gary Woods said Thursday, and the group has given no clear indication whether it intends to continue pursuing the franchise.
"People will always show interest because an NFL team is a very desired asset," Woods said. "If someone decides to make a move, something could happen very quickly. But as of now, nothing like that has happened, and I don't see anything that's going to happen based on what we know today."
Reggie Fowler, founder of Arizona-based Spiral Inc., has been inspecting the Vikings' financial information for about two months. Representatives for both sides met in San Antonio earlier this month.
Several groups have gone through the same process, but Fowler and Timberwolves owner Glen Taylor are the only potential investors whose names have emerged publicly since owner Red McCombs put the team up for sale in May 2002. Woods said the Vikings have not heard from Taylor since Fowler's candidacy became known.
Meanwhile, Woods acknowledged the possibility that the Vikings will cease their five-year lobbying effort to build a new stadium. The team has made behind-the-scenes progress and has received an attractive offer from Anoka County officials to help build the facility, but state legislators did not put the matter up for a vote during the most recent session.
Patrick Reusse: Red's sale rhetoric masking his greed
Patrick Reusse, Star Tribune
August 28, 2004 PATR0828
Followers of the Vikings might want to pause on Tuesday to take note of the fifth anniversary of this: Owner Red McCombs telling a downtown Minneapolis breakfast club that the team would be gone if it was not occupying a new stadium within five years.
"We are OK financially now, and we will probably be OK next year," McCombs told the Dunkers Club. "But in three years, we will really be in trouble if we didn't have a new stadium planned."
According to McCombs' timetable, the trouble -- meaning financial -- would have arrived in 2001. According to Forbes Magazine's well-researched estimate, McCombs' operating profit with the Vikings during the 2002 season was $35.2 million.
As you are aware, Purple Faithful, this was attained with the Vikings still playing in the Metrodome. There has never been a stadium bill voted through a committee and come to a floor vote in a chamber of the Minnesota Legislature.
And yet, McCombs has stacked the millions neck-high since telling those lies to the downtown business people five years ago, including:
"What I'm saying is that the Vikings can't exist in that facility."
The reality is that McCombs borrowed the $210 million he spent to buy the team in the summer of 1998, and he has made the annual debt payment through the team's profits. Those profits always have been huge, and there's also the combined $46 million in expansion fees from Cleveland and Houston that have landed in McCombs' lap.
Lie as he might, there's no doubt McCombs -- after paying the annual debt service -- has profited by $100 million or more in six years of ownership.
Now, McCombs is trying to sell the team. His motivation is not that a different owner would have better luck getting a new stadium, as he has said recently. His motivation is to cash out, as Red did previously when he owned NBA teams.
When you throw in some tax considerations for the previous owners, McCombs' investment in buying the Vikings has been estimated at $246 million. And the problem now, as he tries to sell the Vikings, is that the man is a complete pig when it comes to money.
He could get $450 million today, meaning a $200 million boost in the sale price to go with the profit over six years.
One would think that might be enough -- more than $300 million in profit for six years of ownership -- but it's not for McCombs.
Red is holding out for $100 million more than that, at a minimum, in his sale price.
Glen Taylor would like to own the team. Arizona businessman Reggie Fowler is trying to put together a group that apparently includes Twin Cities car dealer Denny Hecker.
"We know now there's not any possibility that [the Metrodome] can work, so that's why we're bringing that issue to the people," McCombs said five years ago.
The Metrodome has worked to make tens of millions for McCombs, who is talking Super Bowl now, at the same time he's talking sale.
Trouble is, if either Taylor or the Fowler group winds up paying Red's exorbitant price, they will have a debt that might create a legitimate need for a new Vikings stadium.
The need at the moment is zero. McCombs is making big money, and the Vikings are locked into a Metrodome lease through the 2011 season.
Five years ago, McCombs said he would be gone in five years, but the NFL has let him know his Metrodome lease is valid. Minnesota has at least five more years to make a decision on a Vikings stadium. If you get legislative approval in 2009 and a promise to start digging the hole, that would be all the good faith required by the NFL.
Five years ago, McCombs could not open his mouth without telling a lie to the Dunkers. Which begs a question: How would you like to be Taylor or Fowler or anyone else trying to negotiate with this bull snake from the Texas grass?
McCombs has been provided a much better team than he has deserved -- first by the Denny Green regime, now through the combined effort of coach Mike Tice, vice president of football operations Rob Brzezinski and director of college scouting Scott Studwell.
The tight-fistedness he has demanded in the front office operation has left key employees frustrated. Yet, they have worked arduously to get the Vikings way under the salary cap, to put together promising drafts and to bring an enthusiasm and yearlong work ethic to the roster.
Yes, the Vikings would be better off with an owner other than McCombs, but there's also a feeling that you would hate to see such a sale take place.
It would be hard to digest seeing a Vikings' owner who has deserved nothing but disdain wind up with so much in this short-term investment.
08-28-2004, 04:46 AM #7Coordinator
- Join Date
- Dec 1969
F*ck you Red. Sell the team to Taylor and get a new stadium. Jeeez I hate red, he is so damn selfish. He probibly has truckloads of money, and he is still trying to double or tripple his money on the Vikes, Go back to Texas!!!!!!![img:2264cdc124]http://img.photobucket.com/albums/v482/ultravikingfan/vikesklein.jpg[/img:2264cdc124]
08-28-2004, 12:55 PM #8
check out the latest news about some guy named hecker who owns all the car dealerships around the cities, i guess he is part of fowlers group, or at least he is going to contribute money to insure that the vikings remain in minnesota.
08-28-2004, 12:56 PM #9
08-29-2004, 05:26 PM #10Coach
- Join Date
- Dec 1969
thats some good news
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