U.S. Bank bought naming rights worth the next 20 years to host the Minnesota Vikings in time for the NFL’s 2015-16 season. With the final transaction ringing in at $1 billion, U.S. Bank Stadium will feature a fantasy football lounge and a Places-to-Play program for football participation amongst the youth population.
While it’s not confirmed on the financial spectrum of things, U.S. Bank will retain naming rights for 20 years and pay forward $220 million to establish the new Vikings stadium with U.S. Bank’s name. The stadium will also be able to accommodate upwards of 65,000 patrons and has an unprecedented ability to convert to 73,000.
Of the $1 billion, the Vikings will cover $566 million and Minnesota taxpayers owe the rest of the majority at $348 million (Minneapolis taxpayers are due $160M).
Other than endorsing the new Vikings stadium, U.S. Bank also makes available its ATMs at Levi’s Stadium (49ers) and has additional naming rights to a 17,500-seat arena in Cincinnati.
The (Failed) Suitors in Purchasing Naming Rights
Minneapolis-based Target Corp. already backs both Target Center (home of the Minnesota Timberwolves) and Target Field, where the Minnesota Twins play.
San Francisco-based Wells Fargo has a bigger share of the Minnesota market and will house thousands of workers in two new office buildings next to the stadium, but wasn’t interested.
Golden Valley-based General Mills and Austin-based Hormel Foods have been spending their cash on acquisitions.