Now that owners Zygi, Mark and Leonard Wilf have been found to have the financial resources to contribute their share of the money to build a new Vikings stadium, some $477 million (including a $200 million loan from the NFL) of the $975 million project, look for an announcement perhaps as early as Friday for an agreement with the Minnesota Sports Facilities Authority on the stadium builders' license program and how much fans will pay for licensed seats.
"[Seat-licensing money] goes into the construction of the facility and once we have a general agreement on parameters, then we will take that and put together a program," said Lester Bagley, vice president of public affairs and stadium development. "It's too early to know what the program will be until we finish the negotiations with the stadium authority."
The Vikings have to guarantee their portion of the stadium money, and the builders' licenses and seat licenses are part of that guarantee.
"It's a one-time [builders'] license that goes into the construction fund to finance the … stadium," Bagley said. "Yet to be determined is how many seats will have licenses, what the range of costs will be and the total amount that we'll be able to sell or try to sell in the market."
How much will each seat license cost?
"To be determined, but that's [part of] what we're working on right now with the stadium authority to sort that out," Bagley said. "We're not far off. We have a couple of open issues, but we're very close to an agreement and the stadium authority's goal is to have the deal announced and presented for action at their board meeting on Friday."
Time running out
Bagley also said the deal needs to get done this week so construction can start on time.
"There's not much wiggle room left in the schedule, and we've squeezed it all out over the last few weeks and months over our deliberations and this due diligence inquiry and everything else that is going on," he said. "Now we're down to the wire, and we need to buckle down and get it done. But we're working well with the stadium authority, they realize it and we realize it and we have the same mission, which is to open a beautiful stadium that works for Vikings fans and everyone in Minnesota."