Vikings Approved For NFL's G-4 Loan; Funding Also Set To Come From Gaming
The Vikings yesterday gained "approval" for the NFL's G-4 financing program to help fund their new stadium, according to Dan Wiederer of the Minneapolis STAR TRIBUNE. The Vikings are "in line" to contribute $477M toward their new stadium, and "expect to receive the maximum" allotted $200M from the plan. That amount will "ultimately be repaid over 15 years." The Vikings also have "submitted an application with the NFL to be hosts of the Super Bowl after the 2017, ’18 or ’19 seasons" (Minneapolis STAR TRIBUNE, 3/19). ESPN.com's Kevin Seifert noted the G-4 loan "counts as part of" the Vikings' private $477M contribution to the $975M project, and it is "re-paid from the visiting team's share of club seat revenues in the new stadium." The loan is "available to all teams who build new stadiums or do major renovations." It "does not impact" the public's $498M contribution. Vikings co-Owner & President Mark Wilf said that negotiations are "still underway on details of the stadium design, including whether there will be a retractable roof" (ESPN.com, 3/18). Meanwhile, in Minneapolis, Jean Hopfensperger reported electronic bingo games "were approved" yesterday by the Minnesota Gambling Control Board, "injecting a new source of funding for the Vikings stadium." Taxes on the electronic games and other forms of charitable gambling are "supposed to pay" the state’s $348M share of the stadium. Revenue to date "has fallen dramatically behind expectations." While bingo "won’t rescue the stadium, state charity leaders say they’re pleased to finally have some new games and competition in the e-gaming mix" (Minneapolis STAR TRIBUNE, 3/19).