The deal, if approved, would make Fowler the National Football League's first African-American owner. McCombs bought the team for $246 million in 1998. Although Fowler declined Monday to say how much he has agreed to pay for the team, the offer is widely reported to be about $625 million. Timberwolves owner Glen Taylor, a billionaire businessman based in Mankato, had offered about $600 million, though some of that money was contingent on a new stadium being built.

At the press conference, Fowler tried to focus attention on his new ownership. "I'm excited to have the opportunity to purchase the Minnesota Vikings," says Fowler, founder and owner of Spiral Inc., a Chandler, AZ-based grocery store supplies company that also has interests in such areas as real estate, aviation, manufacturing, agriculture, entertainment and banking.

Opposition to a publicly funded stadium has been strong, and the Minnesota Twins and University of Minnesota football teams are also vying for public funds for new stadiums. Fowler's ownership group, which includes three limited partners, faces the same issue: the Metrodome is an outdated stadium that doesn't generate the kinds of revenues other NFL stadiums do.