The University of Minnesota and the Minnesota Vikings Reach a Deal on TCF Bank Stadium Usage
As a step in the process of building a new stadium for the Minnesota Vikings, the team has struck a deal with the University of Minnesota that allows for facility usage.
The agreement allows the Vikings to use TCF Bank Stadium for the 2014 and 2015 NFL seasons, with the option to extend the deal up to two additional seasons if necessary. The agreement still faces a vote of approval from the U of M Board of Regents, which is set for Friday, May 10.
U of M President Eric Kaler expressed positivity about the agreement, saying:
This partnership benefits the University, its neighbors, the Vikings and all Minnesota football fans. The Vikings will remain part of the Twin Cities region during construction of their new stadium, while proceeds will be used to enhance Gopher Athletics and invest in the fabric of our surrounding neighborhoods.
The deal specifies that the Vikings will reimburse the University for any required improvements needed to meet the team's needs. Rent is set at $250,000 for the first two seasons of the agreement, with what is being called a minimal increase if the deal is extended. The Vikings will also share $50,000 per game in concession, advertising, and sponsorship revenue. This sets the U of M up to receive $300,000 per game from the Vikings with a maximum of $3 million per NFL season.
Vikings owner Mark Wilf offered additional words of enthusiasm following the agreement, saying:
We appreciate the University’s commitment to host the Vikings while the new downtown stadium is being constructed. We look forward to hosting our fans in TCF Bank Stadium in 2014 and 2015.
Other considerations, such as alcohol sales and tailgating are clarified in the deal, and stand to follow similar rules to those in place for Gophers games.