DLA Piper Advises on Construction Financing for Vikings Stadium

Posted on November 26, 2013

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Minneapolis, Minnesota, November 25, 2013.  DLA Piper announced today that the firm represented US Bank and Goldman Sachs in connection with the private bank financing for the construction of the new Minnesota Vikings stadium involving total financing sources of approximately US$1 billion. The financing includes capital from a combination of public and private sources, equity and NFL financing in the form of a loan repaid from stadium revenues.

On November 22, the Minnesota Sports Facilities Authority, the Vikings and Mortenson Construction agreed on a construction management plan that includes a guaranteed maximum price of US$763 million for construction costs of the new stadium, and on November 25, all of the financings closed simultaneously. Groundbreaking for the new stadium is set for December 3.

Vikings Stadium - Architects Rendering

Architects Rendering of New Vikings Stadium

The new stadium will seat approximately 65,000 fans, expandable to 73,000 seats for a Super Bowl. With the closest fans being just 44 feet from the sidelines, Vikings fans will be as close to the action as any fans in the NFL. The stadium will have up to 150 suites, including bunker and end zone, and up to 7,500 club seats. Fans will enjoy wider concourses, more restrooms, increased and enhanced concessions, accessibility for fans with disabilities and ample space for pre-game events and activities. The stadium will also have a Vikings Hall of Fame and team restaurant.

Vikings Stadium - Architects Rendering 2“We are proud as a firm to have played a prominent role in the second new NFL stadium financing to close in 2013,” said Peter White, co-chair of DLA Piper’s Global Sports, Media and Entertainment Group. “Securing capital for the Vikings stadium was a complex private transaction that will have tremendous public benefit, both in Minnesota and beyond.”

With this financing, DLA Piper has completed the first two stadium financings benefiting from the NFL’s G-4 loan program, which was initiated after the new collective bargaining agreement, one as borrower’s counsel (on behalf of the San Francisco 49ers) and one as lender’s counsel.

More information can be found on the New Vikings Stadium FAQs website at: http://www.vikings.com/stadium/new-stadium/faq.html

Minneapolis Skyline 3

Minneapolis Skyline with Current Stadium

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