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MN HF3010
Bill
Status
4/23/2012
Primary Sponsor
Andrew Falk
Click for details
AI Summary
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Establishes Minnesota Vikings, Inc. as a nonprofit 501(c)(3) corporation to acquire and operate the Minnesota Vikings Football Club.
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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.
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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.
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Stock ownership provides voting rights at annual shareholders meetings; after initial governor-appointed terms expire, shareholders elect subsequent board members.
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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