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Print This StoryMcCombs Gets In Stadium Line
With Twins Getting Stadium Deal, McCombs Says It's Time For The Vikes
POSTED: 8:30 a.m. CDT May 21, 2002
UPDATED: 2:45 p.m. CDT May 21, 2002
The day after it sunk in to Twins fans that Carl Pohlad has a stadium deal in his pocket -- pending a referendum -- another local sports team owner sharply noted that he, too, needs a new stadium.
Vikings owner Red McCombs said he was exploring selling or moving the club in a prepared statement released Monday, arguing that his club "simply cannot continue in the existing facility" and needs a new stadium.
The statement came amid a backdrop of NFL owners organizing to get a team on Los Angeles, the No. 2 media market in the country, in a move that is seen as increasing television revenues for the league.
There were reports last year that potential LA ownership group had contacted McCombs about purchasing the team. McCombs downplayed the reports at the time, but in the last week an LA-based investment group said it can build a new NFL stadium, making a move to the city more lucrative for a current owner.
It also came the day the Twins fans lingered in the good feeling of their deal after six years of debate, with the ballpark poised to be built in a city whose voters OK a hotel, bar and restaurant tax to help pay the stadium cost.
With the Twins done seeking state aid for a stadium, Monday also brought the Vikings simmering stadium debate more to the legislative forefront, with the only way to derail the promotion is if Gov. Jesse Ventura vetoes the Twins ballpark plan.
That position was punctuated by McCombs with his statement. "In the last four years we have expended significant time and resources in an attempt to communicate the value of the Vikings in Minnesota and the need for a new facility," McCombs said. "We have obviously failed. The Vikings simply cannot continue in the existing facility."
McCombs also reiterated that, a month ago, he had hired J.P. Morgan Chase to value the franchise's assets and liabilities, and prepare a presentation for potential new owners.
At the time he announced hiring the high profile, New York City firm he downplayed it as routine business. McCombs bought and ran two NBA teams as an owner for several years, before selling them for a reported profit.
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.
McCombs has already said he would provide $100 million toward the stadium cost, tied to what is reported as a $52 million contribution from the NFL. The team plans to build a $500 million stadium on the University of Minnesota campus which would be shared with the Gophers.
The Twins ballpark financing plan calls for a $120 million upfront contribution from the team to seed a trust fund used to pay interest and principle on a $330 million revenue bond sale using the state's strong credit rating.
The plan hinges on voters in the host city giving approval to a hospitality sales tax as part of a $10 million annual payment into the trust fund.
Vikings owner Red McCombs said he was exploring selling or moving the club in a prepared statement released Monday, arguing that his club "simply cannot continue in the existing facility" and needs a new stadium.
The statement came amid a backdrop of NFL owners organizing to get a team on Los Angeles, the No. 2 media market in the country, in a move that is seen as increasing television revenues for the league.
There were reports last year that potential LA ownership group had contacted McCombs about purchasing the team. McCombs downplayed the reports at the time, but in the last week an LA-based investment group said it can build a new NFL stadium, making a move to the city more lucrative for a current owner.
It also came the day the Twins fans lingered in the good feeling of their deal after six years of debate, with the ballpark poised to be built in a city whose voters OK a hotel, bar and restaurant tax to help pay the stadium cost.
With the Twins done seeking state aid for a stadium, Monday also brought the Vikings simmering stadium debate more to the legislative forefront, with the only way to derail the promotion is if Gov. Jesse Ventura vetoes the Twins ballpark plan.
That position was punctuated by McCombs with his statement. "In the last four years we have expended significant time and resources in an attempt to communicate the value of the Vikings in Minnesota and the need for a new facility," McCombs said. "We have obviously failed. The Vikings simply cannot continue in the existing facility."
McCombs also reiterated that, a month ago, he had hired J.P. Morgan Chase to value the franchise's assets and liabilities, and prepare a presentation for potential new owners.
At the time he announced hiring the high profile, New York City firm he downplayed it as routine business. McCombs bought and ran two NBA teams as an owner for several years, before selling them for a reported profit.
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.
McCombs has already said he would provide $100 million toward the stadium cost, tied to what is reported as a $52 million contribution from the NFL. The team plans to build a $500 million stadium on the University of Minnesota campus which would be shared with the Gophers.
The Twins ballpark financing plan calls for a $120 million upfront contribution from the team to seed a trust fund used to pay interest and principle on a $330 million revenue bond sale using the state's strong credit rating.
The plan hinges on voters in the host city giving approval to a hospitality sales tax as part of a $10 million annual payment into the trust fund.
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.
