DLA Piper has represented US Bank and Goldman Sachs in connection with a private bank financing for the construction of the new Minnesota Vikings stadium, involving total financing sources of approximately $1bn (£620m).
The financing includes capital from a combination of public and private sources, equity and NFL financing in the form of a loan repaid from stadium revenues.
On 22 November, the Minnesota Sports Facilities Authority, the Vikings and Mortenson Construction agreed on a construction management plan that includes a guaranteed maximum price of $763m for construction costs of the new stadium, and on 25 November all of the financings closed simultaneously.
With this financing, DLA Piper has completed the first two stadium financings benefiting from the NFL’s G-4 loan programme, which was initiated after the new collective bargaining agreement, one as borrower’s counsel (on behalf of the San Francisco 49ers) and one as lender’s counsel.
The DLA Piper team was led by Peter White and included: Randi Bernstein (Washington, DC); Jason Goldstein and Jamie Knox (both New York); Kristin Franceschi (Baltimore); Mark Whitaker (northern Virginia); Kira Mineroff (New York); Andrew Sroka (Boston); Brian Fielden (Atlanta); Robert Alessi (Albany); Frank Ryan (New York); Stephen Mysliwiec (Washington, DC); and Gerald Rokoff and Erin Byrnes (both New York).