Updated 5:25 p.m. | Posted 4:23 p.m.
The new Minnesota Vikings stadium will be named U.S. Bank Stadium, the Vikings said Monday.
The team confirmed that Minneapolis-based U.S. Bank had purchased 20-year naming rights but didn't disclose how much the company paid.
The industry publication Sports Business Daily reported earlier in the day that the deal was valued at more than $200 million.
Kevin Warren, the Vikings chief operating officer, says negotiations for the deal began in late 2012.
"We're pretty excited about the visibility that the U.S. Bank brand will have," said U.S. Bank spokesperson Dana Ripley.
The stadium is expected to open next year. The Vikings to date have committed $550 million of the just over $1 billion cost to build the stadium on the eastern edge of downtown Minneapolis. The city and state of Minnesota are to pay the rest.
The Vikings and U.S. Bank also announced they plan to invest $1 million in parks and play areas across Minnesota.
MPR News reporter Peter Cox contributed to this report.