NFL owners unanimously approved the Vikings’ stadium lease this week. That clears the way for the team to finance its portion of construction costs.
The Pioneer Press reports, that Vikings Vice President of Public Affairs, Lester Bagley, said the 32 NFL owners met this week in Washington, D.C. and signed off on the agreement between the Vikings and the Minnesota Sports Facilities Authority. The report indicates that a mid-November ground breaking is likely.
The Vikings are responsible for $477 million of the $975 million project. The state will contribute $348 million and the city of Minneapolis will chip in $150 million.
The NFL will loan the Vikings $200 million, with $50 million contingent on either the Vikings providing $100 million in seat-license revenue or contributions from owner Zygi Wilf,
Details on the Vikings stadium agreement with the MSFA just emerged this week.
The state is scheduled to sell bonds next month, demolition for the Metrodome is scheduled to begin in February. The new stadium is scheduled to be open in 2016.
