The Minnesota Vikings said Friday that they’ll increase their financial contribution to the new downtown football stadium with additional contingency guarantees to assure that “the new stadium retains its iconic design and multiple fan amenities necessary for the overall experience.”
The new team commitment could put the Vikings’ share of the $1 billion deal at $503 million. The state and the city of Minneapolis are contributing $498 million to the stadium development.
In a statement before this morning’s stadium facility authority meeting, team officials said they’ve agreed to an additional $26.4 million on top of their earlier commitment of $477 million.
Included in the $26.4 million is a $13.1 million line of credit, which team officials had announced last month, and an additional $13. 3 million contingency guarantee.
The team also said it will “absorb $15 million as a result of playing at the University of Minnesota for the 2014 and 2015 seasons — costs that were previously included in the $975 million budget — and direct that money toward construction costs of the new facility.”
In the statement, team owner and President Mark Wilf said:
“From day one our goal has been to build a stadium that benefits the entire state of Minnesota and provides the best game day experience possible for our fans. This additional commitment is to ensure several of the features that are so important to all users of the stadium remain in this project.”
The team said the additional guarantees aren’t for specific stadium items but may be needed to “guarantee the new stadium retains its iconic design and multiple fan amenities necessary for the overall experience.”
Although sale of the public bonds for the project isn’t planned until January, a ceremonial groundbreaking for the new stadium is scheduled for Dec. 3.