Monday, August 25, 2014

MSFA Board Approves Additional Funds for Stadium Budget and Selects SMG as Marketing and Management Firm

Minneapolis, MN (August 22, 2014) - Today, the Minnesota Sports Facilities Authority (MSFA) Board approved an increase to the stadium budget funded by the Minnesota Vikings to help solve budget challenges, and it approved a contract with SMG to market and manage the new stadium.
The Vikings have increased its contribution to the new stadium by $49 million dollars, which brings its total contribution to $526 million dollars. The public contribution remains at $498 million dollars. The total budget for the new stadium is now $1.023 billion dollars.
“The Vikings have made a significant contribution to the stadium budget which allows us to maintain the original design to ensure the building is the most iconic, world-class stadium in the country and perhaps the world,” said Michele Kelm-Helgen, MSFA chair.
Some of the original designs that were desired added cost above the approved project budget. The additional funding from the Team will help keep important items in the building, such as the operable doors, escalators, acoustical treatments, and freight elevators. “We appreciate the team stepping up to make this significant contribution was instrumental in helping to solve our budget gap,” said Kelm-Helgen.
The MSFA also approved a 10 year contract with SMG to provide stadium marketing and management services for the new stadium. SMG manages over 200 facilities worldwide, including 4 NFL stadiums- Soldier Field in Chicago, Illinois; Mercedes Benz Superdome in New Orleans, Louisiana; NRG Stadium in Houston, Texas; and Everbank Field in Jacksonville, Florida.
“SMG facilities have hosted 9 Super Bowls over the years. Their experience will be a fantastic asset as we prepare for Super Bowl Lll in 2018, and other large-scale events that we are competing to host,” added KelmHelgen. ”SMG represents a number of public agencies like ours and has a proven track record of fiscal success which will help take advantage of this new venue.”
SMG has committed to work with the Minnesota State High School League, colleges, and community groups to secure events that were previously held in the Metrodome.
About the Minnesota Sports Facilities Authority (MSFA)
In May 2012, the Minnesota Legislature and the Minneapolis City Council approved funding for the new $975 million multi-purpose stadium to replace the Metrodome. The new stadium is under construction and will open for the 2016 NFL season. The Minnesota Sports Facilities Authority will own and operate the new stadium.