NFL Owners Approve $200 Million Loan for 49ers Stadium
The San Francisco 49ers were only a play or two away from making it to the Super Bowl. But the team received some very positive news out of Indianapolis on Thursday regarding funding for a new stadium.
National Football League owners approved a $200 million loan to help the team build a new stadium in Santa Clara. 49ers President and CEO Jed York said this move finalizes financing for the proposed $1 billion stadium next to the Great America theme park.
In December, the Santa Clara Stadium Authority approved an $850 million bank loan for the stadium. The rest of the cost will be covered by the league loan, a hotel tax and Santa Clara’s redevelopment funds.
“Today’s vote is an important milestone for the 49ers and their fans,” NFL Commissioner Roger Goodell said in a statement. “This step will allow the 49ers to move forward toward making the dream of a new stadium a reality.”
The team still has to address its current Candlestick Park lease with the city of San Francisco but York said all signs point to having the 67,000-seat stadium open and ready for the 2015 season.
Photo Credit: www.49ers.com
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