Vegan’s bid for Vikings cloudy

Tim Graham

Friday, June 26, 1998 | 3:57 a.m.

Shruti Misra resubmitted her proposal to purchase the NFL's Minnesota Vikings. But the chances of the deal going through are as good as finding out exactly who Misra is or where her money comes from.

The mysterious Misra, who supposedly has resided in Las Vegas for the past eight years, made her second offer to buy the Vikings on Wednesday. This bid was for $225 million, with $195 million to be paid in cash.

Her first bid was valued at $180 million -- $50 million cash, $130 million financed -- and included a provision to move the team, preferably to Las Vegas, after five years.

Both offers amused Vikings management.

"We're so far apart there's no need for us to do the due diligence," Vikings attorney John Mooty said. "We're not going to do the homework when what is being proposed anyway still doesn't reach the minimum requirement for consideration.

"They're going to have to do some upping if they want to get into position. This is not to say they couldn't become significant, but it isn't there now."

Misra, 33, has been unavailable for comment since the bids came to light. But her husband, Anil Gupta, insisted his wife and her Montreal-based family have the funds to acquire the Vikings.

"They have vast real estate holdings in U.S. and Mexico, bank paper and currency out of London and Europe," Gupta said.

"The real estate holdings are in several trusts and different corporations. They're very well set up."

When asked the names of the trusts and corporations, Gupta was evasive.

"There are several," he said.

A search of real estate and court documents throughout the West turned up only one trust and no corporations of which Misra belongs. Sudan-Malakal Holding Trust lists Misra as trustee, but owns only one piece of property.

The 4.65-acre parcel is a vacant lot located near Kyle Canyon Road. It was last valued at $43,310. Misra paid $77,000.

Misra and Gupta don't even own their southwest Las Vegas home. The Clark County Assessor lists Albert and Ralene Valenzuela of Van Nuys, Calif., as owners of the 4,000-square-foot, five-bedroom house.

Gupta, 40, also claimed his wife owns real estate in California and New Mexico. But each state's records indicated no one named Misra owns any property there. A search of Arizona also was negative.

Vikings' CEO Roger Headrick, who is attempting to purchase the team himself, told a Minneapolis television station Thursday night Misra's bid was "a publicity stunt."

"Shruti and her family decided to buy it late last year," Gupta said. "When the Viking situation arose, they decided to go after it. They're pursuing it rather diligently."

Misra's first bid was an odd one. The provision allowing her to eventually move the team was immediately discounted by NFL and Vikings officials, who have said a new owner must keep the team in Minnesota.

Mooty noted another flaw was the proposal fell well below the minimum $200 million and didn't take into account the team's $21.5 million debt.

But the major problem in the initial offer was that it was done without reviewing the Vikings' financial records.

Misra's approach was mind boggling to Gavin Maloof, who has been involved in several negotiations for major-league sports franchises. The Maloof family, which owns the Fiesta hotel-casino in North Las Vegas, currently operates the NBA's Sacramento Kings.

"I don't know how she makes an offer before she knows what the due diligence is," Maloof said. "It sounds pretty risky. It wouldn't seem to follow the normal course of doing business."

The Maloofs formerly owned the Houston Rockets and 51 percent of the Birmingham Fire of the World League of American Football. In recent years they made unsuccessful attempts to purchase the NBA's San Antonio Spurs and the NHL's Tampa Bay Lightning.

Maloof noted Misra's proposal probably is already dead. An anonymous Misra spokesman fed details of both offers to a local paper, jeopardizing potential negotiations.

"It does seem strange," Maloof said. "Notifying the media does a lot of damage.

"No. 1, it notifies the whole world you're trying to buy a team. No. 2, it brings out a lot of other people who think 'If you're willing to spend that much money it must be good.' It brings out a lot more bidders.

"The owners want confidentiality, so they're not negotiating through the press. That's the way it works."

Obviously disagreeing with Maloof's philosophy, Gupta plainly stated his wife's bid of $225 million will not be increased.

"I spoke to the family," Gupta said, "and it's very unlikely they will go any higher. If (the second bid is) not good enough, they'll go after another NFL team or an NBA team."

Misra will run into several obstacles when NFL and Vikings officials execute a background check. According to Maloof, the process includes investigation into all business transactions and family relations.

And the Vikings will be extra cautious in their research. Author Tom Clancy was expected to buy the team last month, but an analysis of his finances found he didn't have the money.

A peripheral check on Misra, using public information and Internet materials, discovered she does not possess a real estate or business license in Nevada. She is not listed in Clark County Chamber of Commerce records.

She also is named as a defendant in multiple lawsuits filed in Clark County District Court. The suits deal in real estate transactions in which Misra allegedly took out loans on properties and sold them without repaying her creditors.

Misra also is named as the plaintiff in a June 1997 case. In the suit she claims to have borrowed $105,000 from Ashok K. Singh at 30 percent interest for nine months, a rate not befitting a potential NFL franchise owner. The money was used to buy property behind Sam's Town hotel-casino, which allegedly was sold by Singh.

More troublesome, however, is Gupta's past.

Gupta filed for Chapter 7 Bankruptcy last year, claiming liabilities of $991,265 and assets of $37,530. His business, SNN Construction & Development, also folded.

According to court records, he was arrested on four counts of theft in November of 1994 for shady real estate transactions. Gupta, a licensed broker, was accused of selling $86,000 worth of secured deeds of trust, knowing the property was on the verge of foreclosure. He also sold his one-third interest in another property twice over.

He was held on $12,000 bond, but did not make bail.

In a plea bargain arrangement, Gupta pleaded no contest to conspiracy to commit theft, a gross misdemeanor. He paid a $2,000 fine and restitution.

Gupta, who has been sued seven times in Clark County alone, was adamant he is not part of his wife's Vikings proposal.

"This purchase has nothing to do with me whatsoever," Gupta said. "It's her purchase, her family's purchase and their business.

"I'm not in a position to buy an NFL team. I had difficulties. I tried to do some construction work and development myself, but I had very high interest loans. It was very difficult to make any money.

"But I really would love to work for an NFL team. Isn't it everyone's dream to work in sports?"

Misra faces solid competition in her attempt to purchase the Vikings. Glen Taylor, owner of the NBA's Minnesota Timberwolves, is the frontrunner. Other top candidates include Red McComb, former owner of the NBA's Denver Nuggets and Spurs; Carl Pohlad, owner of Major League Baseball's Minnesota Twins; and Headrick.

And if that field isn't loaded enough, factor in the stigma of Misra's hometown.

"When you mention Las Vegas to me, I roll up in a knot," Vikings co-owner Jaye Dyer told the Minneapolis Star Tribune. "I don't like the town. I don't like what their economy is based on. I don't like gambling. I'd have to overcome a lot of prejudices to support that one."