U.S. Bank awarded naming rights to new Vikings stadium
EDEN PRAIRIE, Minn. -- After much speculation, the Minnesota Vikings and U.S. Bank announced a partnership on a 20-year naming rights deal to the team's new $1 billion stadium in downtown Minneapolis.
The Vikings' new stadium, set to open in 2016, will be named U.S. Bank Stadium. Reports said the deal is worth $220 million.
"The Minnesota Vikings are a treasure for all citizens of Minnesota and our surrounding states to embrace, enjoy and enthusiastically support," said Richard Davis, the chairman, president and CEO of U.S. Bank. "We look forward to U.S. Bank Stadium being a place that will drive economic vitality in Minneapolis-St. Paul, as well as a place where friends and families will create lasting memories celebrating civic pride and the competitive accomplishments of the Minnesota Vikings."
The stadium, built with public and private funds which now total $1.027 billion, is halfway complete with an expected finish next summer in time for the Vikings to play there next season. Minnesota is playing two seasons, including 2015, at the University of Minnesota's TCF Bank Stadium.
The most recent addition to the project has been the beginning of the installation of the see-through roof, a major highlight of the high-tech project.
Vikings owner Zygi Wilf said last week that the team was still working on a naming-rights partner with an announcement expected this summer. Reports surfaced Monday morning that the team and U.S. Bank had reached an agreement.
"On behalf of the entire Minnesota Vikings organization, we would like to thank Richard and the 67,000 U.S. Bank employees for their belief in, and support of, the Vikings and this new stadium and for the commitment they make in the economic and social well-being of Minnesota and its citizens every day," Vikings owner/president Mark Wilf said. "We are proud to partner with a storied and respected Minnesota institution to introduce both U.S. Bank Stadium and the Places to Play program, both of which will serve as assets for the entire Minnesota community."
The partnership will also include plans for the Places to Play program, which will be a multiyear, $1 million investment into "locations for Minnesota youth to play." The program will be a state-wide, grant-making initiative focused on providing community facilities including parks, playgrounds, trails and athletic facilities.
U.S. Bank and the Vikings will make grants totaling $250,000 for the project.
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