Forbes national editor Michael Ozanian wrote earlier this month that after another failed attempt to obtain legislative support, it “seems that Zygmunt Wilf is on his way to Los Angeles.” Ozanian bases his opinion on more than the legislative experiences and the early 2012 expiration of the franchise’s lease in the “antiquated” Metrodome.
Ozanian writes that the franchise has over $300 million in debt. He states that Wilf has invested “personal cash” and made “multiple capital calls to his partners.” Further, Ozanian reports that his sources say the Vikings will receive “first nod” by the NFL to move to Los Angeles. https://blogs.forbes.com/sportsmoney/2010/05/minnesota-vikings-lose-new-stadium-vote/
A local source with knowledge of the Vikings said the franchise might carry the amount of debt referred to by Ozanian. The club’s finances aren’t part of the public record.
The same source, speaking anonymously, questioned why the league would give the Vikings preferential treatment for a Los Angeles move. Other franchises, with Jacksonville being the best example, have also been linked to a possible Los Angeles relocation and represent smaller markets than Minneapolis-St. Paul. “Moving the Vikings to Los Angeles is not a net gain for the NFL,” the source said.
Vikings’ stadium efforts will peak during the 2011 legislative session. The fate, however, of whether a bill is passed might be decided much earlier after the race for governor sorts itself out. The state could end up with a pro, neutral or anti-stadium leader.
The Metrodome site remains the most likely place for a new stadium but much isn’t decided about the facility including where it will be and how to pay for it. City of Minneapolis leaders haven’t shown strong support for funding the stadium and the city is still paying off the Convention Center. What hasn’t been reported in the media is that the city owned Target Center will need tens of millions of dollars in renovation in coming years and that could be a larger priority for Minneapolis than a new Vikings stadium.
The source believes the state will need to solve the funding question, although he mentioned Hennepin County might play a role.