Vikings stadium is 13 percent complete, dollar-wise

Here’s the ledger on the new Vikings stadium, as totted up at the Minnesota Sports Facilities Authority meeting this morning. The bottom line: about an eighth of the money has been spent.

Stadium-financing-2

There are some interesting numbers in this chart: the Vikings clearly have a lot of seat licenses to sell. About a quarter of the team contribution will be paid directly by fans who’ll pay licenses, ranging from $500 to nearly $10,000 dollars a seat.

Even if the Vikings have covered the $25 million in marketing and financing costs baked into the $125 million gross sale number they set, they still need $97 million in cash from fans to pay that slice of the team’s $477 million share.

It’s also interesting what isn’t on this chart: the Vikings committed today to another $600,000 to prepare to almost double the size the video board on the west end of the stadium: it’s now going to be almost 7 stories high. They’re also spending another $630,000 to put video walls in the premium lounges for the Fire and Ice clubs.

Poppen
MPR News

Vikings CFO Steve Poppen says that’s on top of the $26.4 million contingency that the team committed to in November, which could be above and beyond the original $975 million sticker price.

Poppen wasn’t ready to say that $26 million contingency is already gone, but if they have to put in yet more cash up front, that seems a good indication that the stadium cost is now on the books, somewhere, for more than $1 billion.

The $1.2 million in upgrades unveiled Friday puts the team’s tentative contribution for the stadium at $505 million, up from the $477 million initially pledged.

  • T

    Please remember that the Vikings contribution is not $377 million. I think it’s worth pointing out that the Vikings could receive around $10 million dollars per year for stadium naming rights. They should easily be able to make $300 million over the next 30 Years on this deal. 49ers are getting $220 million for 20 years. Cowboys are getting $17 to $19 million per year for naming rights. As inflation and NFL growth continue the numbers suggested above should warrant the $10 million per year for our market. Our stadium will likely hold far more events than the 49ers outdoor stadium giving it good value.
    Also, the Vikings have only guaranteed an extra $26 million if the stadium goes over budget. So, they really have only ponied up $1.2, not $26 million that they seem so eager to point out.
    And one more thing, don’t be misled that the Vikings paid the University anything for stadium improvements. That money is covered in the stadium legislation bill aka taxpayers.

  • T

    One other thing, these bigger video boards equal more ad revenue.