Zygi Wilf

Zygi Wilf
Wilf in August 2007
Born (1950-04-22) April 22, 1950 (age 74)
West Berlin, Germany
NationalityAmerican
Alma materFairleigh Dickinson University (BA)
New York Law School (JD)
OccupationReal estate developer
Known forChairman & co-owner of the Minnesota Vikings
Political partyDemocratic
SpouseAudrey Wilf[1]
Parent(s)Joseph Wilf
Elizabeth Wilf
RelativesMark Wilf (brother)
Leonard Wilf (cousin)
American football career
Minnesota Vikings
Position:Owner
Career history
As an executive:

Zygmunt "Zygi" Wilf (born April 22, 1950) is an American billionaire businessman and real estate developer. He is the chairman and co-owner of the NFL's Minnesota Vikings and the majority owner of Major League Soccer's Orlando City SC.[2]

Early life

Wilf was born in West Berlin on April 22, 1950. His parents, Joseph (1925–2016) and Elizabeth Wilf (1932-), are Polish Jews and Holocaust survivors from Nazi occupied Poland.[3] The Wilf family immigrated to the United States from Europe in the early 1950s and settled in Hillside, New Jersey. After a brief stint as a used car salesmen, Joseph and his brother Harry Wilf began purchasing apartment buildings and renting units. Eventually, the brothers began building single-family homes and founded Garden Homes.[4] A real estate developer, his two main family-run businesses, Garden Homes and Garden Commercial Properties, have constructed some 25,000 homes in 39 states across the country since their initial ventures; the two entities and their affiliates own and manage 25,000,000 square feet (2,300,000 m2) in retail and business property.[5]

Wilf attended Fairleigh Dickinson University, earning a bachelor's degree in economics in 1971, and later earned a J.D. degree from New York Law School in Manhattan in June 1974.[6] President Richard Joel presented him with an honorary doctorate from Yeshiva University in May 2010 at the university's 79th commencement.[7] Zygi, along with his brother Mark Wilf, serve as trustees of Yeshiva University.[8] He received an honorary degree at Fairleigh Dickinson's 69th Commencement Ceremony in May 2012.[9]

Career

After working as an attorney, Wilf joined the family business and became head of one of the company's affiliates, Garden Commercial Properties.[10] Wilf has grown the company from four shopping centers in Northern New Jersey to over a hundred properties, including several large malls. In addition to the commercial properties, the Garden companies also own and manage 90,000 apartment units around the country.

Minnesota Vikings

Wilf and five partners purchased the Minnesota Vikings of the National Football League from Red McCombs in 2005 for a reported US$600 million.[11][12] Forbes estimated the 2020 value of the franchise at US$2.95 billion, 17th of the 32 NFL teams or the 33rd of the 50 most valuable sports teams.[13]

For several years, the Vikings and Wilf stated that their former home, the Hubert H. Humphrey Metrodome, was inadequate and lobbied for a new stadium.[14][15] In May 2012, the Minnesota Vikings moved closer to getting a new $975 million stadium after the state senate approved a plan that relies heavily on public financing.[16] Later that month the deal was signed by Governor Mark Dayton and narrowly approved by the Minneapolis City Council, ending any speculation of relocation.[17] The new stadium, U.S. Bank Stadium, opened in July 2016 on the site of the former Metrodome.[18]

Nashville SC

In August 2017, Wilf, his brother Mark and his cousin Leonard became minority owners of the Nashville SC alongside lead investor John Ingram.[19]

Orlando City SC

On May 12, 2021, it was announced that Zygi, Mark, and Leonard were purchasing Major League Soccer club Orlando City SC, along with Orlando Pride of the National Women's Soccer League, and Exploria Stadium, from their ownership group led by Brazilian entrepreneur Flávio Augusto da Silva. The value of the deal has been estimated at $400–450 million. The sale will require the Wilfs to sell their minority stake in Nashville SC.[20]

In August 2013, Wilf, along with his brother, Mark Wilf, and cousin, were found liable by a New Jersey court for breaking civil state racketeering laws and keeping separate accounting books to fleece former business partners of shared revenue. The presiding judge noted that Wilf had used organized crime-like tactics to commit fraud against his business partners.[21] In September, the judge awarded the two business partner plaintiffs Ada Reichmann and Josef Halpern $84.5 million in compensatory damages, punitive damages and interest that the Wilfs must pay.[22] In June 2018, an appeal reduced this amount to roughly $32 million.[23]

Personal life

In 2011, Zygi and Audrey Wilf purchased an apartment occupying the entire 18th floor of New York's 778 Park Avenue for $19 million, reduced from its original December 2009 asking price of $24.5 million, while they still resided in their home in Springfield, New Jersey.[24]

References

  1. ^ "Rachel Goodman, Jonathan Wilf". New York Times. March 4, 2011.
  2. ^ "Front Office". vikings.com. National Football League. Retrieved November 6, 2010.
  3. ^ Williams, Brandt (May 25, 2005). "NFL owners approve Vikings sale to Wilf". Minnesota Public Radio. Retrieved February 19, 2007.
  4. ^ "Garden Homes". www.gardenhomes.com.
  5. ^ G.R. Anderson, Jr., Eye of the Beholder, City Pages, January 3, 2007.
  6. ^ 82nd Commencement Exercises. New York Law School. June 9, 1974. p. 9. Retrieved November 3, 2021.
  7. ^ "Yeshiva University's 79th Commencement". Yeshiva University. April 28, 2010.
  8. ^ "Yeshiva University Trustees". Yeshiva University.
  9. ^ "Fairleigh Dickinson University Holds 69th Commencement on May 15". Fairleigh Dickinson University. Retrieved May 24, 2012.
  10. ^ "Garden Commercial Properties |". Archived from the original on May 4, 2012. Retrieved May 17, 2020.
  11. ^ Borzi, Pat (August 19, 2005). "Vikings' Owner Makes a Name for Himself". The New York Times. Retrieved December 23, 2009.
  12. ^ Spanberg, Erik (April 30, 2012). "NFL owners approve Vikings sale to Wilf". SportsBusiness Daily. Retrieved February 9, 2017.
  13. ^ Ozanian, Mike (September 10, 2020). "The NFL's Most Valuable Teams 2020: How Much Is Your Favorite Team Worth?". Forbes. Retrieved July 22, 2024.
  14. ^ City Pages – March 1, 2012 -Vikings, Rybak, Dayton, pro-Vikes legislators finally unveil stadium plan
  15. ^ Tom Goldstein "Vikings Stadium Proposal Isn't For The People", City Pages, March 14, 2012
  16. ^ "Senate approves plan for new Vikings stadium". ESPN.com. Associated Press. May 10, 2012. Retrieved November 20, 2023.
  17. ^ "City Council's Final Vote In Favor Of Stadium, 7-6". CBS Minnesota. May 25, 2012. Retrieved November 20, 2023.
  18. ^ "U.S. Bank Stadium Celebrates First Year of Operation". U.S. Bank Stadium. July 21, 2017. Retrieved December 30, 2024.
  19. ^ Garrison, Joey (August 8, 2017). "Wilf family, owners of the Minnesota Vikings, joins Nashville's MLS ownership group". The Tennessean. Retrieved December 23, 2017.
  20. ^ Poe, Julia (May 12, 2021). "Orlando City owner Flávio Augusto da Silva sells club, stadium to Minnesota Vikings owners". MSN.com via Orlando Sentinel.
  21. ^ Goessling, Ben (August 6, 2013). "Minnesota Vikings: Judge's ruling against Wilf family won't affects". TwinCities.com. Archived from the original on January 3, 2014. Retrieved August 7, 2013.
  22. ^ Horowitz, Ben (September 23, 2013). "Judge announces damages of $84.5 million against Wilfs in long-running lawsuit". The Star-Ledger. Retrieved January 30, 2015.
  23. ^ Wichert, Bill (June 1, 2018). "Vikings Owners Still Liable, But Get 2nd Look At $103M Case". Law360. Retrieved November 20, 2023.
  24. ^ Polsky, Sara (November 28, 2011). "Minnesota Vikings Owner Gets Deep Discount at 778 Park". Curbed.com. Retrieved December 28, 2017.