Vikings receive $200 million stadium loan from NFL
- Blog Post by:
- March 18, 2013 - 8:59 PM
PHOENIX – The Vikings received big news on the financial front at the NFL’s annual meeting on Monday, gaining approval for the league’s G4 financing program, a plan that allows franchises building new stadiums to receive what is essentially a fully-guaranteed loan from the league.
The Vikings, who are in line to be contributing $477 million towards their new downtown stadium, expect to receive the maximum allotted $200 million worth of G4 financing from the NFL.
That amount will ultimately be repaid over 15 years.
Vikings owner Mark Wilf called the financing approval “a major step forward for the [stadium] project” and lauded the efforts of team CFO Steve Poppen.
“This is a statement of support from the NFL and the other owners that this is a project that they believe in,” Wilf said. “And they want to put their financial wherewithal behind it.”
The Vikings request for G4 financing was presented by the league’s joint finance and stadium committee and ultimately approved by the league’s ownership.
With the stadium plans moving forward, the Vikings have also submitted an application with the NFL to potentially host the Super Bowl after the 2017, ’18 or ’19 seasons.
At present, the Vikings are scheduled to move into their new downtown stadium for the 2016 season. That would give them two full seasons before they could host the Super Bowl at the earliest in February 2018.
© 2013 Star Tribune