NFL Approves $200 Million Stadium Loan
National Football League owners approved $200 million in a G-4 loan that will be directed to fund construction costs for the new stadium in Santa Clara, the new home for the San Francisco 49ers. The approval is the last piece of financing needed for construction to begin on the stadium, and the 49ers are the first franchise to receive support from the new stadium fund that was crafted in the collective bargaining agreement with NFL players last year.
“With the NFL’s muscle now behind the new stadium, we are moving forward,” said Jed York, CEO of the 49ers. “I expect an official groundbreaking ceremony very soon. Get your hard hats ready; we are embarking on the path to the next generation of 49ers football.”
In December, the Santa Clara Stadium Authority unanimously approved an $850 million construction loan for the stadium. Site preparation work began last month, and the official groundbreaking could happen as early as the first quarter of this year.
“Today’s vote is an important milestone for the 49ers and their fans,” said NFL Commissioner Roger Goodell. “It is a solid endorsement that adds to the strong support of the South Bay community. This step will allow the 49ers to move forward toward making the dream of a new stadium a reality.”
The new stadium in Santa Clara is estimated to cost approximately $1.02 billion. Officials expect it to be a landmark for Silicon Valley in addition to its role as the new home to the San Francisco 49ers. The 1.85 million square foot facility will seat approximately 68,500 and feature and expected 165 luxury suites and 9,000 club seats. It will be designed with multi-purpose flexibility to host a wide range of events including, domestic and international soccer, college football, motocross, concerts and various civic events, and is expandable for major events such as the Super Bowl. For more information, go to www.newsantaclarastadium.com.