Zygi Wilf has said he won’t move the Vikings to another city. Let’s take him at his word but there are knowledgeable sources who believe that if the state doesn’t grant the Vikings owner a new stadium he may sell to someone who will move the franchise.
The push for a stadium is based on franchise revenues being among the lowest in the NFL for many years. While ticket prices are higher than many franchises, the Vikings don’t have the auxiliary income such as game day parking and extensive club seating that other teams benefit from.
There was an announcement last week from state political leaders that a new retractable roof stadium on the Metrodome site is doubtful for the 2008 legislative agenda. This came as a disappointment to those who want to ensure that the Vikings play here beyond 2011 when their Metrodome lease expires. If a new stadium isn’t approved until 2009 the cost will increase by about $40 million or more, according to a source. Each year there is no decision to build a stadium increases the cost by at least that much.
Approving a stadium in 2009, 2010 or beyond is a longer timeline than Wilf and the NFL want to experience. Even if they wait for a new facility, revenues are likely to decline even further while the Vikings play in the new Gopher stadium that offers about 14,000 fewer seats than the Metrodome.
Wilf bought the team for about $600 million. He can profit from appreciation by one day selling the club. The franchise is worth $782 million now, according to forbes.com, the Web site that placed valuations on all NFL teams earlier this year.
Wilf and family members have been pro football fans for a long while and they enjoy owning the Vikings. A source told me that former owner Red McCombs was interested in moving the team before he sold to Wilf. He doesn’t believe Wilf will move the Vikings but that he might sell it rather than lose money.
The NFL is pushing for stadiums in Minneapolis and in California including San Francisco and San Diego. Los Angeles has been looking for a team since 1995 but the nation’s second largest market hasn’t made progress in building a stadium. Toronto might be a possible contender for the Vikings franchise, perhaps Las Vegas, too.
Building a stadium here or elsewhere has pretty much become a billion dollar project. That will result in a lot of potential push back from the citizenry, although here the project might work with a small increase in the state sales tax, or creation of a metro sales tax. Sales tax monies could be designated not only for the Vikings stadium but for roads and other projects.
It looks like it will take the “C” word to force the issue here. The crisis is coming for those who want the new stadium and those who don’t want to be blamed if there is no facility and the Vikings leave town. It’s hard to believe that an entity as popular as the Vikings and so much a part of the culture since 1961 will one day skip town. Then again, L.A. is working on a 13 year NFL drought and a lot of pro football fans would love to welcome Adrian Peterson and friends to southern California.