CHICAGO - The Minnesota Vikings and U.S. Bank struck a 20-year naming rights agreement for the National Football League team's new stadium that opens next year.
The stadium will be known as U.S. Bank Stadium. Terms were not disclosed by the team and bank but the Sports Business Daily put the deal at $220 million or $8.8 million annually. The bank disputed that figure as too high in published reports.
"Securing a prominent Minnesota company with a long history in the state as the naming rights partner for this stadium continues the effort of promoting and supporting Minnesota businesses and individuals with this project," said Minnesota Sports Facilities Authority Chair Michele Kelm Helgen said in a statement June 15.
The $1 billion stadium was funded with public support of $498 million. The team covered the remainder. The state issued appropriation backed bonds to cover the public costs of the stadium. The bonds covered Minneapolis' up to $150 million contribution and the state's up to $350 million contribution for the new stadium.
The 65,000-seat stadium is being built adjacent to the team's longtime home, the 31-year-old Hubert H. Humphrey Metrodome. The new stadium is expected to be ready for the 2016 season. Until then, the Vikings are playing at the University of Minnesota's TCF Bank Stadium.