Authority Says Wilfs are Financially Capable

By KBJR News 1

Authority Says Wilfs are Financially Capable

September 4, 2013 Updated Sep 4, 2013 at 7:50 PM CDT

Minneapolis, MN (NNCNOW.com) --- Plans for the new $975 million Minnesota Vikings stadium are continuing after the Minnesota Sports Facilities Authority board ruled on Wednesday that team owners Mark and Zygi Wilf are financially capable to handle the project.

The board was investigating the pair's financial history after a New Jersey judge ruled last month that they had perpetrated fraud against former partners in a real estate deal. The judge is expected to issue a ruling on damages later this month.

“We have almost all the information, both financial and legal, that we need to finalize the due diligence review,” board Chair Michele Kelm-Helgen said. “While the preliminary update given to the board today shows substantial progress, Dorsey and FTI will have to wait for all of the requested information in order to complete their final report. However, based on the information received to date, we have indications that the Team will have the financial capability to move forward with the stadium project. The report will detail our due diligence process and provide findings to the Authority. We expect this report to be finalized next week and will make this public as soon as we receive it.”

The Authority and the Wilfs will now again attempt to negotiate on lease and development issues that must be decided before groundbreaking on the project can occur.

As of now, the stadium is still on track to be opened in time for the 2016 NFL season.

Posted by Zach Schneider
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