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SMG To Operate New Vikings Stadium After Beating Out AEG, Global Spectrum
Published August 25, 2014
THE NEW DEAL: 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. The MSFA on Friday also 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 yet to be awarded an MLS franchise (Muret). In Minneapolis, Rochelle Olson noted the Vikings' additional $49M includes a $20M cash infusion that "covers a funding gap in construction" of the $1B stadium project. The MSFA approved the budget changes "after lavishly praising the Vikings for upping their portion of the tab." The additional money brings "the project’s total budget" to $1.023B and the team’s share to $526M. After SMG pays the MSFA its guaranteed $6.75M, the company "takes the next $500,000." The next $1M "is evenly split." MSFA Chair Michele Kelm-Helgen said that above that, the authority receives 75% of the revenue to 25% for SMG (Minneapolis STAR TRIBUNE, 8/24).
JOBS REPORT: Minnesota Gov. Mark Dayton said of the stadium investment, "The Vikings were either going to get a new stadium here or they were going to get a new stadium in Los Angeles. We would then be left with an empty Metrodome, no real big tenant, and dilapidated and there’s never been any economic development going on around it. That’s versus what we have now, which is their investment is $525 million now and over $800 million of private investments and construction projects right near that are happening. ... The economic benefit is going to be enormous. I said first and foremost -- and I’m a Vikings fan, went to their first game in 1961 -- but first and foremost, it’s a jobs project" (Minneapolis STAR TRIBUNE, 8/25).