SBD/May 2, 2014/Facilities

Vikings Top Projections For Stadium Builders License Revenue, Credit Preview Center

Vikings fans have purchased 6,600 seat licenses since late February
The Vikings have generated about $30M in Stadium Builders License revenue for their new stadium development, far exceeding projections for the first two months of the program, according to officials with Van Wagner Sports & Entertainment, the team’s sales agency. Since launching a high-tech preview center of premium seat options in late February, Vikings season-ticket holders have purchased 6,600 seat licenses, and 82% of those individuals are buying club seats, said Van Wagner VP/Team & Venue Services Jason Gonella. The agency budgeted $37M in sales for the '14 calendar year. “We’re converting at a rate of 75%, which is extremely high,” Gonella said. “It speaks to the power of the preview center. The response has been overwhelming.” The licenses are a one-time fee and do not cover the cost to buy season tickets. There are five clubs planned for the $975M stadium project, and season tickets tied to those premium spaces are priced from $200-400 per game depending on seat location, Gonella said. To convert season-ticket holders from the Metrodome to the new stadium, project officials separated the old facility into 16 zones and are proceeding zone by zone for those individuals to buy SBLs and season tickets. To date, two of the 16 zones have been completed, Gonella said. The Vikings’ goal is to generate $125M in Stadium Builders License sales, part of the team’s $500M commitment to help pay for stadium construction. There are just over 50,000 seats tied to seat licenses. The cost to buy those licenses starts at $500 for non-premium seats and extends to $9,500 for a field-level club seat. In the coming weeks, Van Wagner Group will provide an update on suite sales, including the 31 field-level suites priced at $180,000-275,000 a season. The stadium, designed by HKS and built by Mortenson, is under construction in downtown Minneapolis and is expected to be completed in July '16.
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