Wilf puts his money where his mouth is

The Vikings owner has said he would spend what it takes to win, and he broke the budget by landing Jared Allen.

By KEVIN SEIFERT, Star Tribune

Last update: April 24, 2008 - 2:50 PM

The Vikings literally busted their budget Wednesday to acquire defensive end Jared Allen.

To ensure cash flow in light of Allen's historic $74 million contract, owner Zygi Wilf issued a capital call for just under $20 million to his investment partners, according to people with knowledge of the situation.

Without the capital call, the Vikings would have been unable to pay the $16.25 million Allen will earn this season. Allen's contract almost certainly will result in a similar request in March 2009; if so, it would mark the Vikings' fourth capital call in four years.

Cash is limited at Winter Park primarily because of the Vikings' low revenue stream from the Metrodome relative to other NFL teams. As a result, Wilf and his six investment partners have subsidized the team's annual budget with about $50 million of personal cash since purchasing the franchise in June 2005.

Over that period, the team has doled out two dozen contracts to players totaling about $170 million in guaranteed money alone. Of that total, about $65 million has been guaranteed during the 2008 offseason.

"The Wilf family has shown this offseason that they are committed to winning championships here," said Rick Spielman, vice president of player personnel. "When unique opportunities are out there, you can't have better ownership."

Wilf was not available for comment Wednesday. But during an interview last month he said: "Our goal is to win the championship for our fans and for the state. That will never be hampered by financial considerations."

The Vikings have operated from a negative cashflow position since Wilf and his partners paid $600 million for the franchise. Debt service, low stadium revenue and increased expenses all have played a role in the situation. Wilf, however, has been unwilling to realign costs.

The Vikings were within their 2008 budget until Wilf agreed to give Allen the fourth-largest player contract in NFL history.

"Zygi has taken an investment approach to operating this franchise," said Lester Bagley, vice president of public affairs. "He's the most competitive person in the organization, and he's doing this because he's determined to bring a championship to Minnesota, and he's doing everything he can with everything that's under his control."

The Vikings did help their cash flow by spreading the guaranteed portion of Allen's contract -- $31,000,069 -- in payments over three years. According to the web- site profootballtalk.com, Allen receives an immediate $15.5 million signing bonus and a $750,000 base salary.

Another $7.5 million will come due in 2009, and the final $8 million will come in 2010.