Wilf, the New Jersey shopping mall magnate, was given to go-ahead to purchase the team from Red McCombs.
He immediately pledged to work to build a new stadium to replace the Metrodome, but vowed the team would stay in Minnesota, reports ESPN.com
Wilf recently assumed the role of general partner of the ownership group after concerns were raised over whether Arizona businessman Reggie Fowler had the finances to be the lead owner.
McCombs had owned the team since 1998.
Meanwhile, Tampa has been chosen by NFL owners to host the 2009 Super Bowl.
Owners voted in March to award the 2010 Super Bowl to New York provided the Jets get approval for a 75,000-seat stadium on the West Side of Manhattan, which is the centrepiece of the city’s 2012 Olympic bid.
