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Vikings: McCombs still seeking a buyer
Kevin Seifert, Star Tribune
Published April 23, 2003 VNOT0423
Red McCombs' efforts to sell the Vikings are more active than they once appeared.
Two groups have made offers for the team, and McCombs said Tuesday the second came "within the last 90 days" -- and not during a flurry of activity last fall, as previously believed.
McCombs received the first bid last fall -- which is believed to have come from Timberwolves owner Glen Taylor -- for about $400 million. McCombs rejected that offer and also turned down the more recent proposal, which he said was higher than the one believed to be from Taylor.
McCombs acknowledged that he is seeking "close" to $600 million for the team, which he bought in 1998 for $246 million, including debt.
The identity of the second bidder is unknown but is believed to have included out-of-state financial backers with a local minority interest. McCombs said he is uncertain if the group remains interested in buying the Vikings.
Frustrated with his inability to secure financing for a new stadium, McCombs hired the investment bank J.P. Morgan Chase last May to help sell or move the team to another market.
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Kevin Seifert, Star Tribune
Published April 23, 2003 VNOT0423
Red McCombs' efforts to sell the Vikings are more active than they once appeared.
Two groups have made offers for the team, and McCombs said Tuesday the second came "within the last 90 days" -- and not during a flurry of activity last fall, as previously believed.
McCombs received the first bid last fall -- which is believed to have come from Timberwolves owner Glen Taylor -- for about $400 million. McCombs rejected that offer and also turned down the more recent proposal, which he said was higher than the one believed to be from Taylor.
McCombs acknowledged that he is seeking "close" to $600 million for the team, which he bought in 1998 for $246 million, including debt.
The identity of the second bidder is unknown but is believed to have included out-of-state financial backers with a local minority interest. McCombs said he is uncertain if the group remains interested in buying the Vikings.
Frustrated with his inability to secure financing for a new stadium, McCombs hired the investment bank J.P. Morgan Chase last May to help sell or move the team to another market.
more
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