Reggie Fowler made hundreds of millions of dollars before he made history on Monday when he was announced as the prospective buyer of the Minnesota Vikings. The sports world’s most successful league will have its first African-American owner if two thirds of the existing owners approve his bid. That bid is reportedly $625 million, which might seem a bit steep for a man whose worth is estimated at about $400 million.
The 46-year-old Fowler owns Spiral Inc., a company that supplies grocery stores with bags, cups, containers, labels and janitorial supplies. It has six divisions with a focus on the real estate, aviation, manufacturing, agricultural, entertainment and banking industries. Fowler said he has three unidentified partners on the East Coast who he wants to keep unidentified at this time.
“We would not be here today if we did not have the ability to complete the deal,” Fowler said Monday
Regardless of his confidence, Fowler’s deal is not a slam-dunk (to use a basketball term) because of his financial situation.
As the general partner, Fowler is required by NFL rules to put down 30 percent of the cash portion of the purchase – though he could borrow up to $125 million from the NFL credit consortium.
While the NFL should be applauded for creating an opportunity for a black owner to enter the league, it is not going to give a free pass to Fowler. He needs 24 of 32 votes from current owners and the last thing any of them want is a fellow owner being pummeled by debt service and a shaky financial structure.
Fowler’s bid for the team is historic, but if he fails as an NFL businessman, and the team should flee to Los Angeles to generate quick bucks, the situation could become cataclysmic.
Oh, and so far there is no word on whether Fowler is yay or nay on Mr. Randy Moss.