Below is an excerpt from a StarTribune piece describing how lopsided the current Vikings stadium bill is compared to the Twins deal regarding just one of the many details in the fine print. As we’re learning. The finer the print, the more the public stands to lose from dealing with Zygi Wilf. But, in this case, the loser in charge of making the public losers is Ted Mondale, who seems comfortable defending an additional $112 million giveaway written into the contract:
For the Twins, the public would get as much as 18 percent of the team’s overall sale price. For the Vikings, the public would get up to 18 percent of Wilf’s profit from a sale — a big difference.
Based on that valuation, the proposed stadium deal would give the public roughly $31 million if Wilf were to sell the team shortly after the stadium was built. If, however, Wilf had to share 18 percent of the overall sale price rather than just the profit, the public would get $143 million.
Ted Mondale, Gov. Mark Dayton’s chief stadium negotiator, downplayed the difference when a legislator asked about it last week at the stadium’s first hearing at the State Capitol.
“Could you briefly just summarize the buyback portion if the team is sold, how what works?” asked Sen. Ray Vandeveer, R-Forest Lake, chair of the Senate Local Government and Elections Committee, which took no action on the Vikings legislation.
Mondale said the Vikings’ clause regarding the public’s share in a sale was “pretty close to the same language, you know, that the Pohlads struck.”
Why should the public trust Ted Mondale when he can’t tell the difference between $31 million and $143 million of the public’s money?
Keep in mind that this is the same bill that both Dayton and Rybak are pushing. It’s a bad deal for the public, which is why Mondale, Dayton, and Rybak can’t find the votes to support it.