He also agreed to negotiate to the terms of his overall $35 million pledge for the facility, which could cost about $150 million.
"I'm putting my money where my mouth is," the South Dakota banker said in a published report. He added that he may agree to pay earlier some of the rest of the money.
University of Minnesota President Robert Bruininks had said previously that the university would not accept Sanford's conditions that none of the $35 million would be available until after the stadium is built. The university is putting together a proposed payment schedule for Sanford.
In a published report Sanford said he decided to pay $5 million at the start of the project to keep the university's fundraising crusade alive, and to avoid disillusioning boosters who yearn for an open-air stadium on campus.
He said he can't commit more money upfront because his personal finances are tied up in his divorce proceedings. He also wants to see that the university has matching funds before his funds are released.
Sanford pledged $35 million two weeks ago, conditional on other donors coming up with matching money.
The stadium would be built at Oak and Fourth streets, near Williams and Mariucci arenas, where the Gophers men's teams play basketball and hockey. The 32-acre site is owned by the university and used for surface parking. The former Memorial Stadium was demolished after the Gophers began paying in the Metrodome in 1982.
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