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SMG To Manage Vikings' New Stadium Under A 10-Year Deal

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SMG will operate the Vikings' new stadium after beating AEG and Global Spectrum in an intense competition for the contract, said team Exec VP/Public Affairs & Stadium Development Lester Bagley. As part of a 10-year deal with a five-year option, SMG will pay a $6.75M annual guarantee to the Minnesota Sports Facilities Authority, the Vikings’ landlord. SMG’s extensive experience running four NFL stadiums in Chicago, Houston, Jacksonville and New Orleans was the deciding factor, Bagley said, as well as the nine Super Bowls it has been involved in over the years at its buildings. Minnesota will play host to the '18 Super Bowl one year after the '17 event at NRG Stadium, an SMG account.

The Vikings are kicking in an additional $49M in private money to meet overruns for the stadium project, which has total costs now officially over $1B. Also today, the stadium authority approved an agreement with the Vikings to include a potential MLS team as a tenant. The Vikings have committed to paying $340,000 in yearly rent plus game day expenses in return for collecting all revenues connected to the soccer team. Minnesota has not been officially awarded an MLS franchise.
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