Preliminary agreement on funding for new Minnesota Vikings stadium develops, Finally! - NFL News
Finally, some progress has been made to develop a funding plan for a new Minnesota Vikings stadium as well placed sources close to the talks revealed on Friday that a preliminary agreement has been agreed upon by all stake holders.
According to Star Tribune, the Minnesota Vikings, state officials and city council members have agreed upon a deal on the division of funds invested by each party to develop a new $ 975 million stadium in Minneapolis.
After months of deadlock and multiple site proposals by each party it seems that all stakeholders have finally agreed on a location close to the Metrodome.
However, when contacted for comments Minnesota Vice President Lester Bagley refused to comment on the development as the details have not been made public.
"there is no agreement. Everything is subject to negotiations. We're working hard on an agreement, but we’re not there yet."
The sources citing anonymity have revealed that Minnesota Vikings will shoulder the brunt of the costs with a $ 427 million investment, followed by Minnesota State which would provide $ 398 million and the city council which agreed to $ 150 million plus an additional $ 180 million as operating costs.
The Vikings have been lobbying for a new home for many years as they look to move out of the Metrodome since it does not provide the necessary revenue and opportunities for development for the franchise to continue competing with other National Football League (NFL) franchises.
A multitude of proposals for a new site have been provided in the intervening time with a location in Arden Hills being the preferred spot for the team. Others included a location in downtown Minneapolis or development of a parking lot close to the Metrodome.
All proposals though have either been rejected or faced problems due to resistance from the communities residing in the area.
The preliminary agreement though is a positive development for the Vikings as talks finally look to be progressing towards a final decision and vote.
Any agreement though will first have to be voted through in the state legislature and the city council while also needing an approval from NFL officials to go ahead.
The Vikings, had previously announced that they will not submit a notice of relocation to the NFL this year and will play at the Metrodome for the 2012-13 season.
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