By: E&P Staff The Minnesota Vikings are pulling out of a deal to buy four blocks of property owned by the Minneapolis Star Tribune.
In a memo posted on Romenesko, Star Tribune Publisher Par Ridder wrote to employees that the football team shied away from finalizing a transaction because of the recent bridge collapse on I-35W and the deterioration of the credit markets.
The Vikings reached a tentative agreement to buy the property in June from Star Tribune owner Avista Capital Partners for $45 million. The team planned to use the land, where the paper's Freeman building and employee parking lots sits, to develop a new stadium in downtown Minneapolis.
Ridder wrote that in anticipation of the sale, the paper intends to move forward on transferring employees from the Freeman building to the Star Tribune's other building on Portland.
"We are going to continue with the move since the costs savings of not operating two buildings plus the benefit of everyone under one roof are worth the disruption," Ridder wrote in the memo.
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