Vikings Gain NFL Owners’ Approval for $200 Million Stadium Loan
“This significant portion of financing is a major step forward for the stadium project,” Jeff Anderson, a spokesman for the Vikings, said last night in an e-mail. “We’re thrilled to have the NFL’s full confidence and support.”
The NFL’s 32 owners voted at a meeting in Phoenix to help finance the project from the league’s stadium fund, after the Vikings last year agreed with state and local government officials on a deal for taxpayers to pay about $498 million.
The state will contribute about $348 million of the building costs, using gambling money. The city will redirect $150 million from existing convention center and tourism taxes to build the stadium and about $7.5 million a year to run it.
The Vikings agreed to pay $477 million, including the $200 million from the NFL, for construction costs and about $13 million a year for operating and capital expenses at the stadium, which will be built on the site of the Metrodome.
The loan will be repaid from a portion of premium-seat revenue at the new stadium.
Construction work is scheduled to begin in the third quarter of this year and be completed in time for the 2016 NFL season.
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