A legislative panel was told the Vikings are not “making money” and the state of Minnesota could make a $140 million profit from its stadium financing, but these and other arguments didn’t persuade the House Government Operations and Elections Committee to approve a bill on Monday night funding a new multi-purpose stadium in downtown Minneapolis.
The panel rejected the bill for a nearly $1 billion stadium by a 9-6 vote at the State Capitol in a meeting that Sports Headliners followed via Twin Cities Public Television. The vote may have ended hope during this legislative session for approving a new covered roof facility that would have the Vikings as its primary tenant, although Senate leadership could yet be heard from.
Among those voting no were two committee members from Minneapolis, Rep. Marion Greene and Rep. Frank Hornstein. They and the seven others who rejected the bill voiced numerous concerns and questions including why “billionaire owners” couldn’t fund part or the entire stadium project.
Committee member and bill advocate Rep. Terry Morrow said stadiums that base funding on private dollars have been financed in larger markets able to attract revenues through the sale of personal seat licenses in the facilities. In this market, consumers can’t support such a revenue stream, he said.
The majority of NFL stadiums and baseball parks are funded through public and private partnerships. Team executive Lester Bagley said the Vikings’ proposed stadium contribution of $427 million would be the third largest ever for an NFL franchise.
The Vikings have long argued their revenues are among the lowest in the NFL and remaining in the Metrodome isn’t an option. “The team is not making money,” said Ted Mondale, chairman of the Metropolitan Sports Facilities Commission.
The bill reviewed Monday night calls for $398 million from the state of Minnesota and also $150 million from the city of Minneapolis. Rep. Morrie Lanning, the chief author of the bill, said that after 30 years the state would make a $140 million profit because of income taxes received from the Vikings and visiting players. “This is a good deal for Minnesota,” he said.
Lanning said for seven years the Vikings have been before the legislature, and his bill was the best ever proposed. He also noted that the Government Operations and Elections Committee was where the bill stalled two years ago.
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