Vikings Sign Lease of up to $6M at UMTC

Vikings Sign Lease of up to $6M at UMTC

MINNEAPOLIS—The Minnesota Vikings football team, in preparation for the development of a $975 million new stadium, has agreed to a facility use agreement with the University of Minnesota Twin Cities to use TCF Bank Stadium for the 2014-15 seasons.

The team will play its last season at the Metrodome this year. The 30-year-old stadium will be demolished in 2014.

According to the agreement, the team will reimburse the university for any required TCF Bank Stadium capital improvements, as well as all game-day operational expenses. In addition, the Vikings will pay the school a per-game rent of $250,000 for the 2014 and 2015 seasons, with minimal increases if additional seasons were to be required. The team will also share $50,000 per game in concessions, advertising and sponsorship revenue. In total, the Vikings will pay the university $300,000 per game, with a maximum of $3 million for each NFL season.

"This partnership benefits the University, its neighbors, the Vikings and all Minnesota football fans," said university President Eric Kaler. "The Vikings will remain part of the Twin Cities region during construction of their new stadium, while proceeds will be used to enhance Gopher Athletics and invest in the fabric of our surrounding neighborhoods."

The 30-year-old Metrodome will be razed, and the new 65,000-seat stadium is expected to open in 2016, though the recent facility use agreement allows an extension until 2017 if needed. Team owner Zygi Wilf is paying $477 million of the cost, with the state paying $348 million and $150 million coming from the state. 

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