Vikings stadium gets state approval

Posted by IronPlanet on May 10, 2012 6:24:00 AM

After years of back and forth between the team and state legislators, the Minnesota Vikings have achieved approval for a new stadium to be built in the city of Minneapolis.

The Vikings' old stadium, the Hubert H. Humphrey Metrodome, was built in 1982 and famously saw its inflatable roof collapse last year during a snowstorm. However, the talk of a new stadium has gone on for nearly a decade, even before current owner Zygi Wilf took over the team. Now, the stadium has been approved by the state legislature, 71 to 60.

NFL stadiums are a hot topic, as the league has exploded in popularity and many teams with unattractive stadiums look to move to new ground. A stadium is directly tied to the value of the team, as it affects how many tickets can be sold and how much can be charged. Ultimately, however, all teams need to turn to the city and state for the funds to build such a project, which is where things can get tricky.

In almost every case of stadium negotiations, the owner will threaten to move the team to a different city in order to put the team in a better bargaining position - and sometimes they even make good on their threat. There was speculation that could happen with the Vikings, as many teams have been eyeing a move to Los Angeles. However, ESPN points out that Wilf never resorted to such tactics in negotiating the stadium deal. Even last month, when a plan for the stadium was rejected, Wilf remained firm in his decision to remain in Minnesota. When the owner took over the team in 2005, he reportedly said "If we're stuck in the Metrodome, then we'll be stuck in the Metrodome."

The final proposal raised the Vikings' contribution on the $975 million stadium by $50 million from a previous proposal. The split is somewhat more even now - the Vikings are providing $477 million, the state $348 million, and the city of Minneapolis $150 million.

The Viking's 30-year lease on the Metrodome runs out at the end of next year, but the new stadium is not expected to be ready until 2016. Thus, most believe the Vikings will be forced to use the University of Minnesota's football field for the seasons between the move out of the Metrodome and into the new stadium. Of course, the lease could also be extended for several years to ease the process as well - but that would likely require additional investment in a new roof for the aging complex.

The new stadium deal requires the Vikings to commit to Minneapolis for at least 30 more years, ending any speculation about relocation to another city. Details on the construction of the new stadium are scarce, but it will reportedly feature 65,000 seats and 150 luxury boxes, along with 7,500 club seats. The stadium will be located in the Downtown East neighborhood of Minneapolis, not far from the current Metrodome. The exterior of the stadium will reportedly feature a unique "Winter Garden" area where fans can tailgate and gather before and after the game. Downtown shopping, hotels and restaurants are also expected to be incorporated into the stadium area. The new stadium may also house a Major League Soccer team, as the city granted the organization behind the stadium exclusive rights to any MLS team in Minneapolis for five years after its opening.

The final hurdle for the stadium project is an OK from the Minneapolis city council, although a majority of the council have already revealed they will approve the new stadium.

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