U.S. Bank, the fifth-largest bank in the United States, announced Monday it is purchasing the naming rights for the Minnesota Vikings’ new stadium, which will open in 2016.
Minneapolis-based U.S. Bancorp, which has a substantial presence in the Wisconsin market, announced Monday it has entered into lucrative 20-year deal to own the naming rights for the new stadium, reported to be worth as much as $220 million.
The new $1.1 billion, 65,400-seat stadium is rising in downtown Minneapolis. The Vikings are temporarily playing at the University of Minnesota’s TCF Bank Stadium, nicknamed “The Bank.”
U.S. Bank chief executive officer Richard Davis said the company and the Vikings had engaged in a public courtship for more than a year for the naming rights.
“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,” Davis said.
Vikings owner Mark Wilf said, “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.”
The Minnesota State Legislature approved a $1 billion public financing package for the new stadium in 2012. State taxpayers are paying $348 million for the stadium. Minneapolis is paying $150 million. The Vikings are paying more than $550 million. To help defray their costs, team owners Mark and Zygi Wilf are selling stadium-builder licenses that season ticket-holders must buy for the right to purchase game tickets. Those sales are expected to raise $125 million.