$377 Million Retirement Becomes Reality as Vikings Join Hands With State of Minnesota Saving Taxpayers Millions of Dollars

Minnesota Governor Tim Walz signed several bills in the past few weeks, including the one that has left the Vikings fans really excited. It involves the Minnesota Vikings, and it will save hundreds of millions of dollars in taxpayer money. It’s about their home stadium. But, the team paid off its debt for its publically owned home stadium more than two decades early. So why is it a big deal?

There are several teams in the NFL who do not own their stadium. When a team doesn’t own its home stadium, they do not have full control over the usage and scheduling of matches. That leads to certain complications when the season is in progress. But the Vikings joined hands with the State of Minnesota to overcome these troubles.

The Vikings now have their own home

The home stadium of the Vikings was opened in 2016 with a total budget of $1.1 billion. The Vikings, along with other private entities, invested a total of $620 million in the budget and the rest was allotted by the state. The interest rate for the state’s investment was 4.25% and to be paid by 2046. But now that the legislation has retired the $377 million after the new bill, it has saved $226 million in interest.

After 7 years of calling the U.S. Bank Stadium home, the Vikings finally get to own it. Lester Bailey, VP of public affairs for the team released a statement on behalf of the team stating that it is the latest chapter that will benefit the Vikings fans and the city of Minneapolis.

The fans are equally excited after the announcement and showered praise on the team and the governor to pass such a bill. As the debt is now paid 23 years before the deadline, fans expect tax rates to go down. Some fans are also excited to see other grand events such as WWE Wrestlemania to be hosted in the stadium, now that the team owns it.

The stadium has a staggering maintenance cost to pay up

Now that the stadium mostly belongs to the team, the job is only half done. There were recent reports that the stadium needs more than $300 million in maintenance charges in a 10-year period to compete with the other stadiums.

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Also, $48 million will have to be allotted in the next year for the stadium, as per reports.

In conclusion, the team still has some milestones to conquer before it’s home free. But, it is still huge news for the fans in the NFL world that their beloved team finally has its own stadium. The stadium will likely get an uplift to host more programs that will generate a lot of revenue for the state. And the opponent teams won’t have an unfair advantage in a game due to poor scheduling. It is a win-win situation for the team and the fans.

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