Minnesota Vikings get stadium funding in place
The Minnesota Vikings NFL franchise has reached an agreement with the city and the state for the funding of a new stadium.
Under the terms of the preliminary agreement, a new US$975 million stadium would be built on or near the site of the team's current 64,000-capacity arena, which has housed the team since 1982.
The funding would come from the city, in the form of a US$150 million contribution to construction costs, the state, which would add US$398 million, and the franchise itself, which would find US$427 million for the project.
According to multiple sources, the city would also pay around US$180 million in operating costs over the next 30 years.
Of the Vikings' contribution, a significant proportion is likely to be drawn from a loan from the NFL as the team would qualify for funding from the NFL's new stadium fund, which was set up as part of the new CBA last year.
The San Francisco 49ers were the first beneficiaries of the new fund when a US$200 million loan for the construction of a new stadium was approved earlier this month.
The Vikings currently play at the Hubert H. Humphrey Metrodome but with the lease for the building up for renewal, and the state of Minnesota having waived the annual rent of US$4 million for the past few years, the Vikings have been looking at proposals for a new build.
Two realistic bids were on the table, one from the city and one from Ramsey County, the latter of which was previously thought to be preferred.
The deal has not yet been confirmed by any of the parties involved, but if an agreement has been made, the package would have to be approved by the local legislature, Minneapolis City Council and the NFL itself before work could begin.