A price tag of $975 million won’t be enough to cover building the new Vikings stadium the way the team wants it. The team and the Minnesota Sports Facilities Authority may have to cut back some desired perks to stay within budget.
Twenty-two financial institutions have applied to help underwrite the $498 million taxpayer share of the new Minnesota Vikings stadium. Minnesota Management and Budget released the list Thursday.
Decode the legalese and the 222-page lease agreement binding the Minnesota Vikings to 30 years or more in their soon-to-be-built stadium shows in great detail who calls the shots, who gets to cash in and who can use the place when the football team isn’t.
The authority that will manage the new Minnesota Vikings stadium has confirmed that some fans wanting a season ticket will have to first pay for a personal seat license.
As some senior level Vikings officials spend time in London, there are questions here at home about the future of the new Vikings stadium. Groundbreaking is scheduled for November, but final negotiations about developments and the stadium lease have been postponed Friday until next week. This is the second time final deals have been delayed. The Minnesota Sports Facilities Authority (MSFA) has now pushed back their final urgent deadlines for negotiations twice. The team says they will be locked into this lease for 30 years so that’s why they are taking their time.
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.