Today is the day to buy the company that owns the Minnesota Vikings, according to the Minneapolis-based Viking Global Partners.
The Minneapolis-founded investment firm, which is known for its investment in brands like the Minneapolis Stars and the Timberwolves, will offer to buy back shares in the Vikings on a one-for-one basis.
The Vikings are on the brink of becoming the NFL’s richest team and the Vikings’ stock price has soared.
Investors should keep an eye on the Vikings as the deal nears completion.
“The Vikings will become the NFL owners richest franchise,” Vikings co-CEO Brian McBride said in a statement.
“We are delighted to add to our long list of Viking Global investments and have been committed to continuing to make investments in Vikings’ businesses for years.”
Viking Global was founded by Viking Group chairman, chairman and CEO Dan Wilcox.
Viking Group’s investment in the Minnesota Twins was first reported by The Associated Press in August.
The stock price increased more than 6,700 percent in the last 12 months, outperforming all of the other NFL teams, according the report.
The Viking Global Group will invest about $300 million in the franchise and about $1 billion in the team’s home stadium, the Vikings announced.
The deal, which could be completed by April, will give the Vikings ownership of the team and its $500 million-plus payroll the same size as the Minnesota Timberwolves, the Minneapolis Star-Tribune reported.
Vikings CEO Dan Walz told the AP that Vikings’ owners have been talking about buying the team for years.
The team, the team said in the statement, is “unlikely to ever leave Minnesota,” adding that Vikings owners want to keep the team in the Twin Cities.