Email This Story
Print This StoryBrokerage House Values Vikings, Shops Team
McCombs Downplays Significance, Says He's Being Responsible Owner
POSTED: 6:11 a.m. CDT April 22, 2002
It seems that the state's two oldest professional sports teams are being shopped around for sale.
Earlier this month, it was an attorney hired by Twins owner Carl Pohlad who tossed gum into the political wheels that had been churning toward state assistance in building the club a new ballpark.
Pohlad had hired the attorney, Ralph Strangis, to market and broker, sale of the Twins.
Strangis told legislators pondering a bill that would finance the ballpark, in part, with a $165 million upfront contribution from the team that Pohlad wouldn't be writing that check, that it would be the responsibility of the new owner.
That statement, combined with team executives hinting they'd like to give less up front and more in annual payments, ground the political discussion to a halt.
Now comes word that Red McCombs, owner of the Vikings, has hired a high-profile New York City brokerage house to value the team and shop it around to potential new owners.
McCombs said it was J.P. Morgan Chase that approached him with the notion of valuing the team's assets and liabilities, creating a presentation and showing it to potential buyers.
The Vikings high-profile owner downplayed the move as routine, that he has to keep his options open in order to be responsible, and he has no intention of selling the team.
It was J.P. Morgan that assisted McCombs in valuing and purchasing the Vikings in 1998.
The news comes five months after a broadcast report that McCombs had been in talks to sell the team to investment groups in Portland, Ore., and Los Angeles and a newspaper story saying he'd been approached about selling the team.
The Vikings continue to insist they need a new stadium to meet the revenue pressures of NFL and keep pace with the competition.
The team has rejected plans for a massive revamping of the Metrodome into a football-only stadium, and continues to press lawmakers for state aid to build a stadium on the University of Minnesota campus to be used jointly by the Vikes and Gophers.
But the Vikings stadium request appears to be on the back burner as lawmakers struggle with finding a way to build the Twins a new ballpark. McCombs has most recently said he'd be willing to put upfront money to get a state deal done similar to the plan being discussed for the Twins.
Compiled by Parker Hodges, Staff Writer
Pohlad had hired the attorney, Ralph Strangis, to market and broker, sale of the Twins.
Strangis told legislators pondering a bill that would finance the ballpark, in part, with a $165 million upfront contribution from the team that Pohlad wouldn't be writing that check, that it would be the responsibility of the new owner.
That statement, combined with team executives hinting they'd like to give less up front and more in annual payments, ground the political discussion to a halt.
Now comes word that Red McCombs, owner of the Vikings, has hired a high-profile New York City brokerage house to value the team and shop it around to potential new owners.
McCombs said it was J.P. Morgan Chase that approached him with the notion of valuing the team's assets and liabilities, creating a presentation and showing it to potential buyers.
The Vikings high-profile owner downplayed the move as routine, that he has to keep his options open in order to be responsible, and he has no intention of selling the team.
It was J.P. Morgan that assisted McCombs in valuing and purchasing the Vikings in 1998.
The news comes five months after a broadcast report that McCombs had been in talks to sell the team to investment groups in Portland, Ore., and Los Angeles and a newspaper story saying he'd been approached about selling the team.
The Vikings continue to insist they need a new stadium to meet the revenue pressures of NFL and keep pace with the competition.
The team has rejected plans for a massive revamping of the Metrodome into a football-only stadium, and continues to press lawmakers for state aid to build a stadium on the University of Minnesota campus to be used jointly by the Vikes and Gophers.
But the Vikings stadium request appears to be on the back burner as lawmakers struggle with finding a way to build the Twins a new ballpark. McCombs has most recently said he'd be willing to put upfront money to get a state deal done similar to the plan being discussed for the Twins.
Compiled by Parker Hodges, Staff Writer
Copyright 2002 by Channel 4000. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
