Minnesota, Plundered by Vikings

 

The NFL is deeply crony, encourages head injury, is overly slick, insults its fans, and pays its CEO a ridiculous sum for lackluster performance.

Super Bowl Sunday is a fantastic day to go skiing I find.

(From City-Journal.org)

Though it lent its balance sheet to the deal, the city of Minneapolis, according to critics—including one former city councilman—has been “hosed” by the Vikings. The city officially contributed $150 million to stadium construction, but these observers contend that that figure doesn’t include expensive infrastructure improvements that Minneapolis was forced to make. As part of the stadium package, Minneapolis also agreed to send $7.5 million a year in operating subsidies to the authority running the facility, which amounts to $225 million over the course of the deal. City taxpayers also apparently remain on the hook for any shortfalls in the revenues that back the bonds used to build the surrounding infrastructure. Residents understand little of this financing because, as the Minneapolis Star Tribune noted, the stadium deal “was as transparent as the Berlin wall.”

Of course, the stadium has been a boon for the Vikings ownership. The Vikings are worth an estimated $2.4 billion, and the new stadium has increased the net worth of Wilf’s business empire by $200 million, according to estimates.

What all of this is worth to Minneapolis is another matter.

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