*Eden Prairie, MN* (August 22, 2014) – As part of today's Minnesota Sports Facilities Authority's (MSFA) board meeting, the Minnesota Vikings and the Wilf family committed an additional private contribution of $46.1 million toward the new stadium, bringing the team's total increased contributions to the project since last November to nearly $49 million.
The $46.1 million locks in the team's previous contingency guarantees of $26.4 million from last fall and includes an additional $19.7 million in cash. The $46.1 million is also in addition to the team's $1.2 million and $1.3 million contributions earlier this year. Combined, the additional dollars push the original team/private contribution of $477 million to nearly $526 million (51% of stadium capital costs) and increase the stadium budget from $975 million to approximately $1.024 billion. The public contribution toward the project remains at $498 million.
In addition to the increased Vikings investment, the team also has now absorbed a total of $23.2 million in costs of playing at the University of Minnesota for the 2014 and 2015 seasons, up from the $15 million announced by the team last November. These costs were included in the original $975 million budget in order to cover the team's relocation expenses to TCF Bank Stadium but will now be directed toward construction costs of the new facility. The remaining $8 million in the TCF Bank Stadium budget has been dedicated to capital improvements and concessions upgrades.
"The Vikings have made a significant contribution to the stadium budget, which allows us to maintain the original design to ensure the stadium is the most iconic, world-class stadium in the country and perhaps the world," said MSFA Chair Michele Kelm-Helgen. "The team stepping up to make this contribution was instrumental in helping to solve our budget gap."
The additional dollars invested by the Vikings will be directed into the overall stadium budget and will ensure crucial fan amenities such as the five pivoting glass doors, elevators, escalators and acoustical treatments remain in the project.
"It is critical that the original stadium design unveiled in 2013 is delivered to the public when the new stadium opens in 2016," said Vikings Owner/President Mark Wilf. "Our goal is to provide the best game day experience possible for our fans and for everyone in Minnesota who uses the stadium. We strongly believed eliminating significant items that contribute to that fan experience was not an option."
TEAM/PRIVATE CONTRIBUTION BREAKDOWN
Original Stadium Legislation (May 10, 2012).................... $477.0 million
Contingency Guarantee (November 22, 2013).................... $26.4 million (now included in project)
Additional Cash Contribution (April 18, 2014)....................... $1.2 million
Additional Cash Contribution (June 20, 2014)....................... $1.3 million
Additional Cash Contribution (August 22, 2014).................. $19.7 million
Total Team/Private Contribution................................. $525.6 million
* TCF Bank Stadium Relocation Costs Absorbed....... $23.2 million**
** In addition to the $525.6 million in upfront capital costs, the Vikings will also make annual commitments of $14.5 million, including $8.5 million in rent (the highest rent payment of any NFL facility), $1.5 million toward a capital improvement fund and $4.5 million for game day expenses. Both the rent and the capital improvement fund contributions will inflate at 3% per year. *