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Updated: 10/03/2013 9:54 PM
Created: 10/03/2013 4:33 PM | Print |  Email
By: Maricella Miranda

MN Vikings Stadium: By the Numbers

New Vikings Stadium Plan

Highlights of the Minnesota Multi-Purpose Stadium Development and User Agreements:

Overall Financing of the New Stadium -

  • $975 million total cost of the stadium
  • $477 million paid for by the Vikings
  • $498 million paid for by state and city (appropriation bonds for $348 million and $150 million contribution will be paid by redirecting a portion of the current “Convention Center Taxes”)

Stadium Builder's License

  • $100 million expected to be raised
  • 75 percent of seats will be subject to licenses
  • $2,500 is the average price of the licenses
  • $10,000 is the highest price of the licenses
  • $1,000 is the lowest price of the licenses
  • Licenses could be sold by the owner

Other NFL Teams with Seat Licenses

  • $403 million is the amount sold by the 49ers
  • $400 million is the amount sold by the Giants
  • $400 million is the amount sold by the Jets
  • $500 million is the amount sold by the Cowboys

MSFA Revenue Sources

  • $8.5 million per year will be the Vikings rent (user fee). The fee will increase.
  • $1.5 million the Vikings will pay annually for capital enhancements
  • Vikings will pay all game day expenses
  • Revenue for all authority event days
  • Revenue from rental of all club/event spaces for non-team event days
  • Tour revenue
  • Communications revenue, split with team
  • Advertising revenue

Vikings Revenue Sources

  • Naming rights
  • Advertising
  • Sponsorships
  • Concessions for Vikings events
  • Ticket sales for Vikings events
  • Communications revenue, split with Authority

Stadium Design and Construction Group

  • Group responsible for design and building construction
  • After guaranteed maximum price is set, SDC only approves charges in minimum design standards. The minimum design standards will get designed/built into new stadium.

Construction Management

  • Authority as stadium developer: Administration, contract, negotiation, reporting, competitive bidding, budget control and value engineering, payments, contract legal administration, and more.
  • At GMP Mortenson becomes construction manager at risk
  • Contingency will be used for potential cost overruns
  • Mortenson has been putting early bid packages to get pricing for GMP
  • Pricing is coming back higher than budget and value engineering underway
  • Vikings have put forward privately financed contingency advance of $13 million to include team priorities in the building. This advance can be repaid as contingency dollars are released and money is available.
  • Contingency decisions initially made by Authority and Vikings 50 percent to 50 percent.

Due Diligence

  • Required financial due diligence as project cost - $158,000
  • Vikings will pay for additional due diligence related to New Jersey lawsuit - $219,000

Project Schedule

  • October - GMP
  • Nov. 1 - Team financing closes
  • Mid-November - Groundbreaking
  • Mid-November - State bond sale

More information about the stadium plans can be found here.

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