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The Sports Network TSN
Indianapolis, IN (Sports Network) - NFL owners approved a $200 million loan on
Thursday to help the San Francisco 49ers build a new stadium in Santa Clara.
In December, the Santa Clara Stadium Authority unanimously approved an $850
million construction loan for the stadium, which will cost approximately $1.02
billion. The rest of the cost will be covered by a hotel tax and Santa Clara's
redevelopment funds.
With Thursday's loan from the NFL, the official groundbreaking could happen as
early as the first quarter of this 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."
The 49ers' headquarters and training facility are currently located in Santa
Clara. The team currently plays its home games at Candlestick Park, which was
built in 1958. It's located on the western shore of the San Francisco Bay and
has been home to the team since 1971.
The 1.85 million square foot facility will seat approximately 68,500 and
feature an expected 165 luxury suites and 9,000 club seats.
The 49ers are the first franchise to receive support from the so-called "new
stadium fund" that was crafted in the league's new collective bargaining
agreement.
"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 is expected to be built by 2015.
The Sports Network