The Minnesota Vikings next home field will be called U.S. Bank Stadium, according to Nick Halter of the St. Paul Business Journal, after U.S. Bank dropped a hefty $220 million for the rights.
U.S. Bancorp, headquartered in Minneapolis, paid the fee for the right to have Vikings games played in a stadium named after the bank for the next 25 years.
Minneapolis-based U.S. Bank (NYSE: USB) is paying $8.8 million per season, which is slightly less than what Levi Strauss & Co. paid for naming rights on the San Francisco 49ers stadium in 2013.
U.S. Bank has long been thought a favorite for naming rights, if for no other reason than there were few other real contenders. Target Corp. already backs both Target Center (home of the Minnesota Timberwolves) and Target Field, where the Minnesota Twins play. Wells Fargo said in 2012 it wasn’t interested.
Terms of the deal won’t be made official until next week.
