Venue Detail
Minnesota Vikings
Revenues From Sports Venues Pro Facilities Report
January, 2010
Minnesota Vikings
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9520 Viking Dr Minneapolis, MN 55344 Phone: 952-828-6500 Fax: 952-828-6542 URL: www.vikings.com Owner: Investment group led by Zygi Wilf League: National Football League NFC North
Venue
Hubert H. Humphrey Metrodome, 900 S 5th St, Minneapolis, MN 55415-1599 Owner: Metropolitan Sports Facilities Commission Managed by: Owner Built: 1982 Capacity: 55,000 Permanent concession stands: 33 Concessionaire: Centerplate Suite caterer: Viking Food Services Soft drink: Coca Cola Beer: Multiple
Ticket prices
Season tickets range from $250 to $1,230 Single tickets range from $30.00 to $135.00 2007 average attendance: 63,256 2008 average attendance: 63,267 2009 average attendance: 63,775
Luxury Suites
Quantity: 115 Term: 1 to 4 years Price: $50,000 to $130,000 Seats: 12 to 18 Includes: Vikings tickets. Party suites hold 24 to 64 persons and lease for $4,500 to $30,000, respectively.
Financing
The $75 million Venue was financed with $55 million in revenue bonds and $13 million in interest on the bonds. The Vikings and Twins contributed $7 million toward training facilities. Pct. public: 91
The Metrodome is the home of the NFL Vikings, having seen the Twins and the University of Minnesota move into other venues. The Vikings are making similar efforts.
Officials of the Metropolitan Sports Facilities Commission say the Hubert H. Humphrey Metrodome will begin to lose $2 million a year once the Twins leave for a new ballpark. Once those teams are gone, the Venue will host only the NFL Vikings and events.
The Metrodome's revenue is projected to drop almost $5 million in 2010. The commission plans to cut expenses to make up for some of that revenue loss. But the Dome's account balance is projected to drop nearly $3.4 million in 2010.
The commission also is considering what will happen when the Vikings' lease expires after the 2011 season. The commission and the Vikings are pushing for a new stadium on the Dome site.
Even if the Vikings were to stay in the existing Dome – based on a preliminary budget that commissioners say needs more analysis – the Dome's account balance could dip below its $6 million minimum in 2013. The commission will have to decide if that $6 million minimum, set in 2004, is still appropriate given the loss of the Twins and Gophers. Its estimated account balance at the end of 2008 was $16 million.
As for the Vikings, the team committed $250 million toward a new $954 million open-air stadium, but says the state will have to find the money on its own if it wants a roof on the venue. State officials say they don’t have the money and have not given the team any hope that they will consider the issue soon.
The total project could cost to up $2 billion including development owner Zygi Wilf wants to create around the Venue to be built on the site of the Hubert H. Humphrey Metrodome.
In 2006, the Vikings pledged $280 million toward construction of a new stadium in Blaine, a plan that ended with the dissolution of the Vikings' partnership with Anoka County. Lester Bagley, Vikings vice president of public affairs and stadium development, said Wilf's current proposal was “a starting point” for future negotiations.
Who would cover the remainder of the stadium cost – about three-quarters of $1 billion – is not clear. The Vikings currently have no public partner, other than the Metropolitan Sports Facilities Commission.
Wilf envisions converting an area surrounding the Metrodome that is currently dominated by parking lots, but he is also walking with suburban communities about opportunities there.
He pictures a family-friendly neighborhood highlighted by a Winter Garden light-rail transit station, a new city park and streetscapes. Shops, hotels and office space would complement the Vikings stadium with a 144,000-square-foot plaza and a team Hall of Fame.
The Vikings offer hospitality tents before and during games. Tents lease for $2,100 per season or $295 per game. The cost includes an open bar, food and parking. The enclosed Vikings Lounge is priced at $2,175 per season. (Facilities, Financial, Professional Sports, Venue)