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MN HF3010

Bill

Status

Introduced

4/23/2012

Primary Sponsor

Andrew Falk

Click for details

Origin

House of Representatives

87th Legislature 2011-2012

AI Summary

  • Establishes Minnesota Vikings, Inc. as a nonprofit 501(c)(3) corporation to acquire and operate the Minnesota Vikings Football Club.

  • Creates a 45-member Board of Directors appointed by the governor with senate consent, which elects a 7-member executive committee to oversee team operations and NFL representation.

  • Authorizes the corporation to raise acquisition funds through public stock sales with restrictions: shares cannot pay dividends, appreciate in value, or provide season ticket privileges, and no individual may own more than 5 percent.

  • Stock ownership provides voting rights at annual shareholders meetings; after initial governor-appointed terms expire, shareholders elect subsequent board members.

  • Takes effect the day following final enactment.

Legislative Description

Minnesota Vikings public ownership provided.

Last Action

Introduction and first reading, referred to Government Operations and Elections

4/23/2012

Committee Referrals

Government Operations and Elections4/23/2012

Full Bill Text

No bill text available