Tuesday, June 23, 1998
Las Vegan submits bid to
buy Vikings
Financier Shruti Misra could move the NFL
team to Southern Nevada in five years if the
deal is accepted.
By Matt Jacob
Review-Journal
Best-selling author Tom Clancy failed to write the
perfect ending in his attempt to purchase the Minnesota
Vikings. That failure has opened the door for a local
woman to finish the script herself.
Shruti Misra, an eight-year Las Vegas resident who
has real-estate holdings in Nevada, California and New
Mexico, has offered to purchase the Vikings for $180
million, according to documents obtained by the
Review-Journal.
A representative for Misra confirmed Monday that
Misra has submitted the bid. The representative, who
asked to remain unidentified because the negotiations
are confidential, said the 31-year-old Misra should learn
by early next month if her offer will be accepted.
If Misra buys the Vikings, she will have the option to
relocate the NFL franchise.
"All (Misra's) done is submit the bid, and if things go
well, then she'll have to do a thorough due diligence, and
if that works out, (the purchase) could happen," said the
representative, who insisted Misra couldn't and wouldn't
comment on the matter. "As far as moving the Vikings to
Vegas, right now, it's not going to happen. But
eventually, if you get all the right approval and the
market can handle it and if you can get the proper
stadium and so on, that could happen."
Misra's offer to purchase the Minnesota Vikings
Ventures and its subsidiaries was obtained by the R-J
last week. The document contains a detailed outline of
terms and conditions of the purchase, including Misra's
bid and financing arrangements. Misra would pay $50
million cash, with the remaining $130 million to be
financed through a loan provided by U.S. Guarantee
Corp., a Nevada corporation based in Scottsdale, Ariz.
Misra's net worth is not known, as Stephen
Hammer, the chief financial officer for U.S. Guarantee
Corp., refused to reveal her financial background.
However, Hammer did say Misra could afford to
buy the Vikings: "I can certainly assure you that (Misra)
has the total financial wherewithal to purchase this team
or anything even larger than this."
The Vikings, owned by 10 major and three limited
partners, have been for sale since last year. However,
last month, Clancy failed to prove to the NFL that he
could make the purchase. Negotiations were reopened,
allowing Misra to make a bid.
"She's been looking to buy a sports team in the past,
but I think she's pretty serious about buying the Vikings,
if they can agree on terms and price," Misra's
representative said.
John W. Mooty, the legal counsel representing the
Vikings' ownership group, said he couldn't confirm or
deny whether Misra had submitted a bid. However, he
confirmed four potential buyers who have stated their
desire to purchase the Vikings.
They are Roger Headrick, the Vikings' current
CEO; Glen Taylor, the owner for the NBA's Minnesota
Timberwolves; Red McComb, the former owner of the
NBA's San Antonio Spurs and Denver Nuggets; and
Carl Pohlad, the owner of Major League Baseball's
Minnesota Twins.
Mooty refused to reveal any bids, but did say that
the Vikings owners wouldn't accept anything less than
Clancy offered, which Mooty said was "slightly less"
than $180 million. The owners have set a July 1 deadline
to accept bids.
Mooty also stated the owners want the Vikings,
who have 14 years left on their lease at the Metrodome,
to remain in Minneapolis. He said that sentiment is
shared by the NFL and the aforementioned four
potential buyers.
However, a provision in Misra's offer to buy the
team states that "the purchaser retains the right to move
the team from Minnesota to another city with the
approval of the National Football League."
When asked if Misra would keep the team in
Minneapolis, the representative said: "In the short term,
yes. Nobody likes to move a franchise, but if you
operate for a few years and you're not getting the results
you want, you have to look at alternatives."
One of those alternatives could be Las Vegas.
Gambling could be an obstacle because of concerns
about players' susceptibility to fixing, but betting on a
game involving a Las Vegas team could be forbidden (as
is the case with UNLV). The city also would need to
build a stadium.
"There's a lot of regulatory approvals that are
needed" before the Vikings could move to Las Vegas,
Misra's representative said. "It is a possibility, but it will
take time. There are a lot of factors.
"I personally believe within five years this market will
be ready for an (NFL) team. Right now, it's not ready.
... But you know what? It would be really terrific."
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