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Continued: Vikings stadium official: Wilfs can pay their share

  • Article by: RICHARD MERYHEW , Star Tribune
  • Last update: September 4, 2013 - 10:19 PM

While keeping the Wilf family finances private, the owners and the team have said repeatedly in recent weeks that the outcome of the New Jersey lawsuit would have no bearing on the stadium or their ability to finance construction. The NFL also has told Kelm-Helgen that it stands behind the project.

“We continue to have full confidence in the Vikings and the stadium project, and are gratified that the Authority appears to be coming to the same conclusion,” NFL Executive Vice President Eric Grubman said Wednesday.

Authority members were briefed on the due-diligence work at a special meeting Wednesday morning by attorneys representing the Dorsey & Whitney law firm, which is leading the probe, and by representatives of FTI Consulting, an international forensic accounting firm.

Kelm-Helgen said afterward that the due-diligence team “still had a number of items” to review but added she was confident that it could complete its work by next week.

A summary of the findings should be made public at that time, she said, well ahead of the judge’s announcement on damages in the New Jersey case, which is expected Sept. 23.

 

Richard Meryhew • 612-673-4425

  • How much of the $975 million

    will the Wilfs have to pay?

    The new Vikings stadium is expected to cost $975 million, and exactly how much of that is coming out of the Wilf family accounts is to be determined. But a breakdown can shed some light on how much of the cost burden will fall elsewhere:

    Stadium

    total cost: $975 million

    State and city cost:

    $498 million

    Vikings and NFL costs:

    $477 million

    $200 million: NFL loan

    $277 million: Vikings

    Paying for the remaining $277 million ...

    • Personal seat license fees. In other words, fans buying seats.

    • A naming rights deal for the stadium. Recent stadium naming rights have been sold for between $220 million (San Francisco and Levi Strauss & Co.) and $400 million (New York’s MetLife Stadium).

    • All sorts of sponsorship deals, such as signage and advertising.

    ... And the remainder, if any ...

    • Will be covered by “team equity” — a k a the Wilf family.

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