U.S. Bank gets naming rights to Vikes stadium

U.S. Bank reportedly is paying nearly $220 million for naming rights to the new Vikings stadium.

The Minnesota Vikings’ new stadium officially has a name: U.S. Bank Stadium.

The team and the fifth-largest banking institution in the United States announced a 20-year deal for naming rights to the stadium.

The team didn’t disclose financial terms to the naming rights, but the Minneapolis/St. Paul Business Journal, which earlier Monday reported it as a 25-year deal, reported it as a $220 million commitment. The St. Paul Pioneer Press was told that is on the high side. The partnership between the Vikings and U.S. Bank has long been expected and rumored, but the timing of the announcement and the amount were still being kept private until that report Monday morning.

Last week, Minnesota Vikings owner Zygi Wilf said an announcement for the naming rights of the team’s new stadium could be announced this summer.

The stadium in downtown Minneapolis on the site of the old Metrodome is scheduled to open in July 2016 with a price tag of nearly $1.1 billion. Meanwhile, the Vikings will play their second season at TCF Bank Stadium on the University of Minnesota campus in 2015 while awaiting completion of the new stadium.

“On behalf of the entire Minnesota Vikings organization, we would like to thank Richard (Davis, the chairman, president and CEO of U.S. Bank) 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,” Vikings Owner/President Mark Wilf said in a statement. “We are proud to partner with a storied and respected Minnesota institution to introduce both U.S. Bank Stadium and the Places to Play program, both of which will serve as assets for the entire Minnesota community.”

U.S. Bank and the Vikings announced a $1 million investment across the state Minnesota to build “Places to Play” for children. The Places to Play program is a state-wide, grant-making initiative focused on investments in the community facilities that contribute to the quality of life including parks, playgrounds, trails and athletic facilities, the release stated. For the next several years, U.S. Bank and the Vikings will make grants totaling $250,000 annually to improve and enhance public venues across the state of Minnesota. Communities can apply for the grants beginning in September 2015 and winners will be selected by the Places to Play advisory committee.

“At U.S. Bank, we believe that we are only as strong and vibrant as the communities we serve and we are deeply committed to helping Minnesotans reach their full potential financially and in their quality of life,” Davis said. “The recreational and play spaces across the 87 counties in Minnesota are simply one example of catalysts for turning potential into promise and promise into exceptional achievement. Joining forces with the Vikings as the naming partner for U.S. Bank Stadium gives us the platform and the responsibility to make great things happen for the youth of Minnesota. We are excited for the kickoff of the Places to Play initiative, as well as the kickoff of the Vikings 2016 season. Skol, Vikings!”

“The partnership with U.S. Bank is a natural fit as both the Vikings and U.S. Bank are strong community advocates who care about similar charitable causes throughout the state of Minnesota, particularly as it relates to children,” Wilf said. “The Places to Play initiative is the next step in that continued commitment, and we look forward to launching the program later this year.”

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