The Minnesota Vikings and the Wilf family committed an additional private contribution of $46.1 million toward the new stadium, bringing the team's total increased contributions to the project since last November to nearly $49 million, the team announced Friday.
The new amount locks in the team's previous contingency guarantees of $26.4 million from last fall and includes an additional $19.7 million in cash. The $46.1 million is also in addition to the team's $1.2 million and $1.3 million contributions earlier this year.
Combined, the additional dollars push the original team/private contribution of $477 million to nearly $526 million and increase the stadium budget from $975 million to approximately $1.024 billion.
The public contribution toward the project remains at $498 million.
The new stadium is due to open in 2016. The Vikings are playing outdoors at the University of Minnesota until then.
"The Vikings have made a significant contribution to the stadium budget, which allows us to maintain the original design to ensure the stadium is the most iconic, world-class stadium in the country and perhaps the world," Minnesota Sports Facilities Authority chairperson Michele Kelm-Helgen said in a press release. "The team stepping up to make this contribution was instrumental in helping to solve our budget gap."
The Vikings and the stadium authority also announced that SMG signed a 10-year deal to market and operate the stadium when it opens.
SMG already runs NFL stadiums in Chicago, New Orleans, Houston and Jacksonville. SMG's facilities have hosted nine Super Bowls. Minneapolis is due to host the 2018 Super Bowl.
According to the Sports Business Daily, SMG beat out AEG and Global Spectrum in an intense competition for the contract. As part of the 10-year deal with a five-year option, SMG will pay a $6.75 million annual guarantee to the stadium authority.
The Vikings also have absorbed a total of $23.2 million in costs of playing at the University of Minnesota for the 2014 and 2015 seasons, up from the $15 million announced by the team last November. These costs were included in the original $975 million budget in order to cover the team's relocation expenses to TCF Bank Stadium but will now be directed toward construction costs of the new facility.
"It is critical that the original stadium design unveiled in 2013 is delivered to the public when the new stadium opens in 2016," Vikings owner and president Mark Wilf said in a statement. "Our goal is to provide the best game day experience possible for our fans and for everyone in Minnesota who uses the stadium. We strongly believed eliminating significant items that contribute to that fan experience was not an option."