Reggie Fowler under contract to buy Minnesota Vikings

By Hugo Guzman  |   Monday, February 14, 2005  |  Comments( 0 )

Minnesota Vikings
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Arizona businessman Reggie Fowler is under contract to buy the Minnesota Vikings, owner Red McCombs said during a news conference this afternoon.

Fowler told reporters at Winter Park that he could not talk about the purchase price, estimated to be $625 million. But, he said, he has three partners. Fowler said he is responsible for 30 percent of the purchase price.

He also refused to discuss possible plans for a new stadium. "I have no right to discuss a stadium until the acquisition is complete," he said. However, the issue likely will take up a lot of his time.

McCombs said during the news conference that it became clear during his seven-year tenure as owner of the team, that the Metrodome was not "competitive in today's NFL" and began working for a new stadium. "Two years ago we recognized that we were getting nowhere," he said, and began looking for a new owner. It is expected to take 30 to 60 days to complete the deal, McCombs said.

Fowler said he has no plans to move the team out of Minnesota. Moreover, he said, he plans to move to Minnesota and become part of the community. Fowler, 46, of Chandler, AZ, would become the general partner of the state's most popular and dominant sports franchise. If approved by the NFL owners, Fowler also would become the first black owner of an NFL team and the first black owner of a Minnesota pro sports team.

For now, Timberwolves owner and Mankato businessman Glen Taylor seems to have been left out in the cold again. Taylor also tried to buy the Vikings in 1998 before being elbowed out by McCombs. Taylor has asserted during the past week that Fowler, who is not a billionaire in a league of billionaire owners, might not be able to pass muster with the league's Finance Committee. Futhermore, Taylor has said he'd be prepared to catch the Vikings if they fall through Fowler's hands.

NFL approval process

Fowler, a former University of Wyoming and Cincinnati Bengals linebacker, faces a collection of complex, if not downright treacherous, endeavors, including improving the Vikings on the field and campaigning for a new stadium. But he won't face those hurdles unless he conquers the first necessary challenge: gaining approval from the other NFL owners.

That will take between 30 and 60 days, Greg Aiello, NFL public relations vice president, said Sunday. Aiello had no comment on the specifics of any Vikings sale agreement.

During the approval process, key NFL executives, such as league chief operating officer Roger Goodell, executive vice president of finance Eric Grubman and senior vice president for business affairs Frank Hawkins, will examine Fowler's personal financial wherewithal, as well as that of his partners. Alan Landis, a former partner in the NBA's New Jersey Nets, and Zyggi Wilf, part of a New Jersey family real estate empire, are believed to be among Fowler's key co-investors.

As the general partner, Fowler must put in 30 percent of the cash portion of the deal. He can borrow up to $125 million from a league-controlled line of credit to finance the purchase. If, for example, the purchase price is $625 million, he needs to invest $150 million of the remaining $500 million.

ESPN.com reported Sunday night that the price tag could be as high as $635 million. According to the Arizona Republic, Fowler's net worth is $400 million. The newspaper cited his ownership of companies and real estate in Arizona and Colorado.

After the NFL staff's due diligence, the league's powerful Finance Committee takes action. It is made up of 10 of the league's most influential owners, including Kansas City's Lamar Hunt and New England's Bob Kraft. New Orleans owner Tom Benson, a friend of McCombs', is the chairman. That committee then makes a recommendation to the other owners, who are next scheduled to meet on March 20.

Aiello said it was conceivable that the owners would have a decision on Fowler's deal by that meeting.
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About Hugo Guzman

Co-founder of RealFootball365.com. Born in Argentina, of Dominican descent, living in Hoboken, but from Miami through and ...
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