Reporter Rochelle Olson updates you on the construction of the new Minnesota Vikings stadium in downtown Minneapolis.

Vikings deliver Wilf financial data to stadium authority

Posted by: Richard Meryhew under Vikings Updated: August 27, 2013 - 8:33 PM

Days after a public squabble over access to the financial records of Vikings owners Zygi and Mark Wilf, team representatives delivered some of that information Tuesday to the Minnesota Sports Facilities Authority.

Michele Kelm-Helgen, the authority chairwoman, said that attorneys and representatives for both sides planned to meet well into Tuesday night to review the financial data.

"Getting all that information is a very positive thing," she said.

The authority's additional scrutiny of the Wilfs' finances was triggered by a New Jersey judge's ruling earlier this month that the Wilfs had committed fraud and breach of contract in a real estate deal in that state.

The authority, the public board overseeing development of the team's $975 million downtown Minneapolis stadium, ordered the deeper background check to make sure the court case, which could cost the Wilfs tens of millions of dollars in compensatory and punitive damages, wouldn't hurt the team's ability to help finance stadium construction.

The Vikings are responsible for $477 million of the construction cost, with the state of Minnesota and city of Minneapolis picking up the rest.

Tensions over the "due-dilgence" work bubbled up Friday, however, when an attorney with Dorsey & Whitney who is leading the probe, issued a statement saying that despite repeated requests, the Wilfs had to date "refused to provide us with any personal financial information that our advisors need to obtain comfort that the New Jersey court case will not impact their ability to meet their financial obligations."

The statement followed comments by Lester Bagley, Vikings vice president of public affairs, who had said the team was cooperating fully with the review and delivering the requested information.

Bagley said Tuesday that the team had previously shared financial data through a major bank. He said the paperwork provided Tuesday involved financial data "directly from the Wilfs."

"Today was progress," Bagley said.

 What affect that "progress" will have on stadium negotiations and the construction timeline is unclear.

Late last week, the Vikings stopped negotiating with the authority on important stadium lease and development agreements until the due-diligence work is finished. Those agreements must be approved before the team secures all of its financing and the state issues taxpayer-backed bonds to pay for its share of the project.

Kelm-Helgen has said that if the team doesn't return to the negotiating table soon, stadium construction could be delayed by a month or more.

Project groundbreaking is tentatively scheduled for early November. The team and authority hope to open the stadium by July 2016.

Bagley said Tuesday that he believes the project is "still on time and on budget. We still feel like everything is on track."

ADVERTISEMENT

San Diego - LP: J. Lane 0 FINAL
Atlanta - WP: E. Santana 2
Washington - J. Zimmermann 6:10 PM
Miami - N. Eovaldi
Philadelphia - A. Burnett 6:10 PM
NY Mets - B. Colon
Milwaukee - K. Lohse 6:10 PM
Tampa Bay - J. Odorizzi
Toronto - R. Dickey 6:10 PM
Boston - C. Buchholz
Arizona - C. Anderson 6:10 PM
Cincinnati - H. Bailey
Colorado - Y. Flande 7:05 PM
Chicago Cubs - T. Wada
NY Yankees - D. Phelps 7:05 PM
Texas - Y. Darvish
Oakland - J. Chavez 7:10 PM
Houston - B. Oberholtzer
Pittsburgh - V. Worley 9:15 PM
San Francisco - M. Bumgarner
NY Giants 8/3/14 7:00 PM
Buffalo
Los Angeles 9:00 PM
Seattle
Calgary 26 FINAL
Edmonton 22
Winnipeg 23 FINAL
Brt Columbia 6
Ottawa 23 FINAL
Hamilton 33
Toronto 9 FINAL
Saskatchewan 37
Indiana 9:30 PM
Los Angeles
Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

Date/Opponent Time W L Score
2014 preseason     
Aug 8 - vs. Oakland 7 pm
Aug 16 - vs. Arizona 7:30 pm
Aug 23 - at Kansas City 7 pm
Aug 28 - at Tennessee 7 pm
2014 regular season     
Sep 7 - at St. Louis Noon
Sep 14 - vs. New England Noon
Sep 21 - at New Orleans Noon
Sep 28 - vs. Atlanta 3:25 pm
Oct 2 - at Green Bay 7:25 pm
Oct 12 - vs. Detroit Noon
Oct 19 - at. Buffalo Noon
Oct 26 - at Tampa Bay Noon
Nov 2 - vs. Washington Noon
Nov 9 - Bye
Nov 16 - at Chicago Noon
Nov. 23 - vs. Green Bay Noon
Nov. 30 - vs. Carolina Noon
Dec 7 - vs. NY Jets Noon
Dec 14 - at Detroit Noon
Dec 21 - at Miami Noon
Dec 28 - vs. Chicago Noon

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

question of the day

Poll: Which local pro team are you most excited about?

Weekly Question

ADVERTISEMENT