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SBD/7/Franchises
MCCOMBS LANDS VIKINGS: $205M BID TOPS TAYLOR'S $180M OFFER
Published July 7, 1998
The Vikings' executive board, in a unanimous vote,
chose San Antonio business exec Red McCombs' $205M offer to
buy the team over three other bids on Thursday, according to
Souhan & Banks of the Minneapolis STAR TRIBUNE. Vikings
owners "chose McCombs' offer over one that two owners said
came in at $208 million." T-Wolves Owner Glen Taylor's bid
was for $180M; "another unidentified investor bid less than
Taylor." Neither Las Vegas resident Shruti Misra nor a
Midwestern group represented by sports entrepreneur Randy
Vataha made a bid (Minneapolis STAR TRIBUNE, 7/3). Taylor:
"I put in a bid that I was satisfied with and I think that
he either wanted it more or felt that he could pay more, and
I don't have a problem with that" (STAR TRIBUNE, 7/3).
DETAILS: Souhan & Banks wrote that McCombs "agreed to
language in the sales agreement that indicates he will keep
the Vikings" in MN. To move the team to San Antonio, he
would have to break a Metrodome lease that runs through
2012, and would incur a penalty of $29M "and incite
litigation." McCombs: "We're going to do what we can to
make the team successful in Minnesota. I will continue in
every effort to see that San Antonio gets a team. But that
has nothing to do with the Minnesota Vikings." McCombs paid
$205M for the Vikings' stock, and will assume about $40M
worth of debt and liabilities, making the total price of his
bid $245M. The Vikings plan to submit the sale for approval
at the NFL's league's meetings on July 28 in Dallas (STAR
TRIBUNE, 7/3). The Vikings' debt "is expected to be
substantially reduced in early September, when NFL teams
receive their share of network TV money." Team officials
estimate that McCombs' actual debt by September will be $12-
14M (Minneapolis STAR TRIBUNE, 7/4).
NOTES: McCombs will travel to MN today to meet the
Vikings' board and address the media (ST. PAUL PIONEER
PRESS, 7/3)....In St. Paul, Charley Walters reported that
McCombs Enterprises President Gary Woods "will oversee
operation of the Vikings." Woods said that no staff changes
are immediately planned (PIONEER PRESS, 7/3)....The STAR
TRIBUNE's Hartman wrote to "look for" Vikings CEO Roger
Headrick "to wind up with an executive position in the NFL."
Headrick previously headed NFLP (STAR TRIBUNE, 7/3).






