Two critical agreements governing the new Minnesota Vikings stadium remain open to negotiation between the team and the public authority that will run the facility, leading the authority’s board Thursday to delay ratification of the documents.
Minnesota is preparing to sell nearly $500 million in bonds to cover the state’s share of the Vikings stadium facility. It’s looking for financial institutions to buy the bonds for the stadium construction, which is scheduled to start in November. The $498 million in loans will cover the State’s and the Minneapolis’ share of stadium construction. The Vikings are putting up the rest of the $477 million for the project, which will total $975 million.
The state of Minnesota is preparing to issue bonds that will cover the public share of the new Vikings stadium. Minnesota Management and Budget issued what’s known as a “request for proposal” on Monday.
The numbers are in from e-pulltabs, and we know now how much money the new gambling game generated for the new Vikings stadium.
Electronic betting games introduced a year ago to help pay for construction of the new Minnesota Vikings stadium did not end up raising a single cent for the project, but some charities that operate them have benefited anyway.
Minnesota Gov. Mark Dayton says Vikings owners Zygi and Mark Wilf should have to cover much of the team’s share of stadium construction from their own pockets, not through profit from expensive personal seat licenses.
The board overseeing the new Minnesota Vikings stadium says a financial review has cleared up questions about the team owners’ ability to pay their share. The Minnesota Sports Facilities Authority’s report was launched after a New Jersey judge came down on the Wilf family.
Minnesota’s attempt to use electronic gambling in bars as a Vikings stadium revenue source has proven to be a bust. Even Gov. Mark Dayton admits as much in a Minnesota Public Radio News report Friday analyzing how early assumptions proved so wrong.
A New Jersey judge says Minnesota Vikings principal owner Zygi Wilf and others must make their financial worth public as the court determines what damages they should pay in a civil lawsuit. The Star-Ledger reported that the judge Monday said the sealed document listing the Wilfs’ “minimum net worth” must be released, but she will allow a delay so the Wilfs can pursue an appeal. A lawyer for the Wilfs said releasing the information would invade their privacy.
The chairwoman of the public authority managing Vikings stadium construction says preliminary results of a financial review shows the team has the financial capability to cover its share.
A spokeswoman for the Minnesota Sports Facilities Authority says Wednesday the Vikings now appear to have turned over all documents needed for a due diligence review of the finances of owners Zygi and Mark Wilf.
The public authority overseeing construction of a new Minnesota Vikings stadium is warning that the opening of the stadium could be delayed if the team doesn’t quickly resume negotiations on a lease and development agreements.
Even before ground is broken on a new Minnesota Vikings stadium, a white-collar brigade of accountants, architects, lawyers and other consultants has locked in millions of dollars in contracts that would complicate any effort to derail the project.
The Vikings stadium final leases were scheduled for votes this Friday at the Minnesota Sports Facilities Commission. But now those votes are on hold until an investigation into the Wilf family’s finances can be completed.
A one-time tax on cigarette supplies has generated more than $30.4 million, most of which will be used as a backup funding stream for the new Minnesota Vikings stadium. The Minnesota Department of Revenue released new details Tuesday.