The NFL’s stadium financing program is getting closer to Minnesota — it just made a $58 million stop in Green Bay.
The league has approved that figure for the Packers, the team said today.
That loan is to be repaid out of “visiting team share” of club seat revenue in the league’s new and renovated stadium financing program. The Vikings are counting on a $200 million contribution from the program to pay about 42 percent of its $477 million share of the new $1B stadium. It’s a key factor, since the Metrodome has no club seats to recapture visiting team share from. It’s basically money the Vikings have left on the table for years.
Over in Green Bay, Lambeau is in line for a $143 million upgrade, and sold more than 268,000 shares of stock in May for $250 a copy — a cool $67 million to pay for part of the project. There will be two other sources of revenue for the $18 million balance: special stadium district user fees and borrowing by the team.
The Packers say its the second G4 contribution to a new stadium. The 49ers got $200 million from the league in February for their new stadium under construction in Santa Clara.
In Green Bay, the improvements include a new sound system, video board and entrance, which are already in place for this season. A 500-fan viewing platform on the north end zone is also complete, and Lambeau is expected to add nearly 7,000 new seats for 2013.