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University of Minnesota Athletics
FB: Board of Regents unanimously approve TCF Bank Stadium agreement
4/21/2005 12:00:00 AM | Football
"This is a great deal for the University of Minnesota,” said board Chairman David Metzen. “Not only is it an important step in bringing Gopher football back to campus, but it provides significant support for students and our academic mission."
The sponsorship package includes other business agreements that will bring approximately $43 million—or $2.5 million annually—to support academic priorities over the life of the agreements, including more than $1.6 million annually for student scholarships and programs.
Together with its existing business arrangements with TCF, which total $18 million, the university’s expanded relationship with the bank could produce more than $96 million in revenue for the U’s academic and athletic priorities over the life of the agreements.
Legislative support for the funding of a new stadium passed out of the House State and Local Government Operations Committee and has moved on to the House Taxes Committee. No hearing date has been set.
Under the plan, the state would fund 40 percent — or $94 million — of the $235 million cost of the 50,000 seat on-campus stadium by paying debt service on bonds issued by the university. The university would fund 60 percent —or $141 million—of the cost from non- state funds, including a substantial amount of private funds and corporate sponsorships.
