Vikings will pay less if the stadium isn't built in Adrden Hills

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The debate of building a new Viking's stadium continues and owner Zygi Wilf told the Associated Press Thursday that the team would spend much less than the originally pledged $400 million if the stadium is not built in the preferred location, Arden Hills.

The Star Tribune reported that the team would pay around $225 million (or less) and the rest would be paid through a National Football League loan, where visiting teams and the sale of personal seat licenses would cover the cost of the $1.1 billion project, according to Metropolitan Sports Facilities Commission Chairman Ted Mondale.

Gov. Mark Dayton and legislatures have yet to approve the funding plan where taxpayers would provide $650 million or roughly 60 percent of the project, while the Vikings' contribution would amount to about 37 percent, according to state calculations referenced in the Star Tribune.

Though some politicians and business leaders prefer a downtown Minneapolis location, Wilf is committed to the Arden Hills location. "Any other location besides Arden Hills wouldn't justify near that level of commitment," he told the Associated Press.

If a deal is not reached soon, Minnesota is in jeopardy of losing its football team to Los Angeles, who the Associated Press calls "football-hungry."

A Sports Illustrated study this year of NFL finance with the help of private wealth assessment company concluded that the $1.1 billion stadium-building project would be the third most expensive of the 11 NFL stadiums completed in the past decade, the Star Tribune reported.

Dayton told the Star Tribune that he has not pressed the NFL or or the Vikings about their shares: "Where the Wilfs obtain their financing, whether it's from a lending institution or their own wherewithal or the league -- it's really their business."

A determined Wilf said, " ... It's not a matter of when, but how we do it. I think as we work toward getting this resolved, everyone will focus on how it gets done and not if," according to the Associated Press.

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This page contains a single entry by wiel0096 published on November 13, 2011 5:10 PM.

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