ROSEMONT, ILL. -- Gophers Athletics Director Norwood Teague said Tuesday that the university plans to break ground on its $150 million athletics village in mid-August, pending board of regents approval.

The Gophers have raised more than $70 million toward the project, and Teague said, "We’ve got some pretty significant gifts that we’re getting down to the wire on which are really encouraging."

The new village will significantly upgrade the facilities for the football and basketball teams, among others, and provide nutritional and academic center for all 750 athletes on campus. The school is working to finalize a financing plan for the facility ahead of the June 11-12 Board of Regents meeting.

"We’ll finance a little bit of [the $150 million total]," Teague said during a break from the Big Ten administrative meetings.. "We were planning to do that all along to use some future revenues because you can bond at a great rate right now. And we just need to get to where, middle of the summer we’re at about 80 percent of [$150 million], which I’m confident we’ll get there."