MINNEAPOLIS, March 20 (UPI) -- The National Football League approved the Minnesota Vikings' request for a $200 million loan for a new stadium, team vice president Lester Bagley announced.
"It's a big step forward," Bagley said at a news conference Tuesday. "It's great news for the project."
The loan will be a part of $477 million the team will contribute to the stadium construction, and will be repaid over 15 years. The Vikings expect the total cost of the facility to be $975 million, the St. Paul (Minn.) Pioneer Press reported Wednesday.
Bagley said the team will break ground for the new stadium, on the site of its current home, the Metrodome, later this year. Plans call for the Vikings to play one more year in the Metrodome, move to the University of Minnesota's stadium in 2014 and 2015, and be in its new home in 2016.