Vikings Near Agreement to Be Sold

[Penndems]

By Mark Maske
Washington Post Staff Writer
Monday, February 14, 2005; 10:56 AM

Arizona businessman Reggie Fowler reportedly has reached an agreement to purchase the Minnesota Vikings from Red McCombs for approximately $625 million. But completing a deal with McCombs is only the initial step in a process that could make Fowler the first African-American majority owner of an NFL franchise.

Fowler and his investors next will be scrutinized by the league's influential finance committee, a group of 10 owners that will determine whether the deal meets the NFL's stringent financing guidelines. Under NFL rules, Fowler would have to contribute at least 30 percent of the cash portion of the deal. There have been questions raised publicly about whether the 46-year-old Fowler -- who owns the Chandler, Ariz.-based Spiral, Inc., which includes real estate holdings and a flight-simulation company -- has the personal wealth to structure the deal to the NFL's liking.

Reports have estimated Fowler's personal wealth at $400 million. His partners in the Vikings deal reportedly include Alan Landis and Zyggi Wilf, who have extensive New York real estate holdings. Fowler's deal with McCombs would have to be approved by at least 24 of the NFL's 32 team owners, and the ownership body as a whole generally follows the recommendation of the finance committee. The owners are scheduled to meet next month in Hawaii, but it's a long shot that the Vikings' proposed sale would be voted on during that meeting.

McCombs purchased the Vikings in 1998 for about $250 million. He had been shopping the team to rival investment groups headed by Fowler and Minnesota Timberwolves owner Glen Taylor.
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Link:
http://www.washingtonpost.com/wp-dyn/articles/A23111-2005Feb14.html

[LTR]

1. Well, it's about time!

Let's hope Fowler doesn't become another carpetbagger like McCombs.

I was kinda hoping for Glen Taylor becoming owner, but I imagine he has his hands full with the Timberwolves. At least Taylor's a local boy. Nonetheless, it's nice to see a former NFL player taking control of a franchise. I only worry that his co-investors will perform a coup down the road and install some other guy who's worse than McCombs.

[KitchenWitch]

2. It sounds like Fowler is looking to move to MN

but that could be just talk. I would have rather seen Glen Taylor buy the team, since he already has roots here with the Timberwolves, and his deal included some sort of financing deal for a new stadium in the package.

[SaveElmer]

3. I predict the Fowler bid will fall through

From what I am hearing his finances are a bit of a mystery. Glen Taylor would be a better owner (even though he is a Republican), and would have a better chance of getting a stadium (public or private)

Course if Fowler does get the team I hope we can persuade Taylor to take on the Twins. They deserve and need a stadium worse than the Vikings..and at least they bring home the gold once in a while!!!

[KitchenWitch]

4. Hmmm

Glen Taylor as owner for the Twins. Man that *does* sound nice. He seems to have the ability (and the money) to get things done.