San Francisco 49ers Get $200 Million In Stadium Funding From NFL
by Christopher Gates on Feb 2, 2012 5:00 PM CST
in Minnesota Vikings Stadium
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PrintIn something that fans of the Minnesota Vikings will soon. . .hopefully. . .be able to talk about themselves, the San Francisco 49ers today announced that they had received $200 million in stadium funding from the National Football League.
The loan comes as part of the NFL's "G4" program, which helps football team to finance new stadiums. The old program was known as the "G3" program, which had capped funds at $150 million per team. The Niners are the first team to get financing under the program after the signing of the new Collective Bargaining Agreement, which bumped up the amount the league could give the team to $200 million.
The loans will be paid back by revenues that are generated by premium seating, under the terms of the program.
I don't know a whole lot about the Niners' stadium financing stuff at this point, but the post at Niners Nation that's linked above says that an $850 million loan was taken out, and the $200 million from the league is independent of that $850 million, bringing the total for the stadium to a little more than. . .one BILLION dollars.
*raises pinky to mouth*
It's my understanding that, in the case of the Vikings, a $200 million contribution from the NFL is included in the amount that the Vikings have said they will contribute to a stadium project. (If anyone has heard differently, feel free to correct that in the comments.)
The NFL is willing to help with the stadium issue, folks. . .it's just a matter of the Vikings, the state, and whatever local partner the state deems to be acceptable figuring out the rest of the numbers somehow. Hopefully all of that will happen sooner rather than later, because the Minnesota Vikings and their fans deserve a new stadium that will allow their team will be competitive well into the future.
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The entry at Wikipedia details a lot of the same problems as we have
http://en.wikipedia.org/wiki/New_49ers_Stadium
NFL pays $200 million
The City of Santa Clara will borrow $850 million from Goldman Sachs, Bank of America, and U.S. Bank
by liveforadrenaline on Feb 2, 2012 5:59 PM CST reply actions
atleast we know
californias gov’t is as bad as minnesotas. what kind of gov’t still lets goldman sachs exist? oh wait…nevermind…
by statue_left on Feb 2, 2012 6:12 PM CST via iPhone app up reply actions
The kicker is...
…. that public funding was put on a ballot and succeeded.
The Wikipedia entry also suggests that the Raiders might share the stadium. That would make sense (although I am not too familiar with Bay Area geography). They did the same thing in NYC. Maybe MN should have a second team.
mwa hahahahahha
MWA HAHAHAHAHA
MWA HAHAHAHAHAHAHAHAHAHA
hahahahaha
hahaha
oooooooooh
haha
Gentlemen! You can't fight in here, this is a war room!
by VikesFaninNM on Feb 2, 2012 9:04 PM CST reply actions 3 recs
give the man a rec
Since I am unable
by Lunchpail on Feb 2, 2012 9:16 PM CST via mobile up reply actions
How come we can't do that?
Isn’t there a Goldman Sachs branch in Minnesota? A Bank of America branch? A U.S. Bank branch? A Walmart branch? A pine branch? I dunno.
"Never approach a bull from the front, a horse from the rear, or a fool from any direction." - Old Cowboy proverb.
us bank
Is hq’ed in MN I think as is Bestbuy
by Lunchpail on Feb 2, 2012 9:50 PM CST via mobile up reply actions
Plus
Buffalo Wild WIngs, Target of course, Xcel, Valspar, Merrill, Ecolab, Anderson Windows, Land O’ Lakes, Toro, Thermo King, Dairy Queen, General Mills, Cargill, United Health (Though I personally think they suck, delt with them at my old job), Deluxe (Ya know, the check printing folks?). And alot of those folks are on the Fortune 500 list or Forbes, etc. So in terms of corporate sponsership deals and etc., they are out there. Though with Target having their name plastered on two stadiums and Excel on another, they are probably out as far as any other venue would go for naming rights, perhaps sections though?
Gentlemen! You can't fight in here, this is a war room!
DOH!!!!!!!!!!
Thats a bigtime….
on my part. Going to go hide in the corner.
Gentlemen! You can't fight in here, this is a war room!
by VikesFaninNM on Feb 3, 2012 11:45 AM CST up reply actions
I alway wondered...
Isn’t there SOME private company or institution that might want to throw their weight behind it? I mean sure we might be forced to name it the new iStadium but we’d have a stadium.
Mystic Lake
Not sure why they wouldn’t be interested in helping fund the Shakopee site. Increase in Gambling and Hotel business. I don’t completely buy the NFL/Gambling stance since (I live near GB) Oneida Casino has it’s naming rights on 1 of 4 main gates at Lambeau, and I know I’ve seen Mystic stuff at the Dump (I mean Dome).
so let's apply this to the Arden Hills site...
NFL = $200mil
Wilf = $425mil
-
so $625mil is accounted for, out of the $1.11bil cost for the AH site, leaving…
(does math… wait, that’s wrong… more coffee… tries math again… screw this, let Google do it for me…)
ok, leaving $485mil.
considering Ramsey Co. was slated to provide $375mil, and the state $350mil, their contributions could practically be cut in half.
perhaps if someone could present it in this way, a referendum would pass in Ramsey, thus allowing the Vikings to secure the location they’ve wanted this whole time.
then again, i’m sure Mpls would find some way to smear that.
"Th_r_'s n_ h_p_ f_r _ssh_l_ f_ckw_ts."
Can I buy a vowel...?? +1, Kluwe.
Not following you
The Wilfs’ $425 includes the NFL money.
ahhhhhhhh lack of coffee strikes again...
fully caffeinated now. my bad.
"Th_r_'s n_ h_p_ f_r _ssh_l_ f_ckw_ts."
Can I buy a vowel...?? +1, Kluwe.
heeeeeyyyyy?
was that directed toward me? ;-)
Vikings Valhalla .com
by Admiral BigGun on Feb 3, 2012 11:09 AM CST up reply actions
Nope
It’ll be 425mil from Wilf AND the NFL.
NFL 200mil
WILF 225mil
by christian220896 on Feb 3, 2012 1:06 PM CST up reply actions
whoops
didn’t see the correction. Sorry!
by christian220896 on Feb 3, 2012 1:06 PM CST up reply actions
The way I read it
…is that the $425 Vikes contribution is actually $225 plus the NFL loan of $200.
I really want the Vikes to play in a new stadium, and I think that public spaces are an important investment for any community.
That said, I do wonder why its okay for local governments to take out huge, often crippling loans from investment banks, rather than the teams themselves assuming that risk? After all, its the teams who take in the profits that the stadium facilitates.
Didn’t Robert Kraft finance his own stadium, and therefore gets to claim every last dime, relatively conscience-free?
For a government to take out the loans that eventuate in profits for the team is a straight up subsidy. Part of me is okay with that, because I am too attached to the Vikes for my own good. But part of me thinks that’s both negligent and anti-competitive (I’ll take some free money, please).
Local government should be on the hook for roads, as they would for any zoned land, and for any site cleanup that is their legal obligation. For the rest, I have to believe there’s no reason that the Wilfs’ owners group couldn’t shoulder those bank loans themselves, but that they won’t because they don’t have to.
$200 million from premium seating...that means...
That means the rest of the stadium could be paid for by…
Mitt Romney!
Thanks, Mitt!!!
If it were Newt
We’d get a Viking’s themed moon base. Can’t say that wouldn’t be the coolest thing ever.
by Jepp The Viking on Feb 3, 2012 10:26 AM CST up reply actions
tailgating would be a riot!
or moon-gating – note to self…if this happens… must invite Randy Moss.
Vikings Valhalla .com
by Admiral BigGun on Feb 3, 2012 11:11 AM CST up reply actions 2 recs
That is the most DISGUSTING image I've ever seen!
Build up your weaknesses until they become your strong points." --Knute Rockne
*raises pinky to mouth*
Sir, you deserve a rec for that.
by Dodger48 on Feb 3, 2012 10:20 AM CST via mobile reply actions
For the record
the same wiki site linked above says the 49r stadium will have capacity of 68,500….which is 3,500 more than the Vikings proposed stadium, so their costs will be close to ours (except everything is more expensive in California)
Doesn't Wilfy read TDN?
If he did, he’d learn about the Niner’s stadium financing and do what they did. Then he could build his dream stadium in Arden Hills and thumb his nose at everyone! Yee-haw!
"Never approach a bull from the front, a horse from the rear, or a fool from any direction." - Old Cowboy proverb.
How?
What the niners did is get the local over meant to take out loans that will be repaid with public money for everything but the NFL’s loan. Zygi is already offering a better deal.
The only thing that looks different in their deal is that they used bank loans instead of bonds. Not sure why.
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