A major hurdle in the effort for the 49ers and Santa Clara to build a new 68,500-seat stadium has been cleared.Three banks have promised to lend a combined 850 million to help pay for the construction of the voter-approved 49ers stadium in Santa Clara, city officials announced Friday.Goldman Sachs, Bank of America and U.S. Bank will account for most of the stadium's 1.02 billion price tag, according to multiple reports.The funds will be paid back through 49ers ticket sales, naming rights for the new stadium, and rent the organization will pay the city. The NFL is expected to contribute approximately 150 million.Santa Clara's redevelopment agency, if available, will add 40 million and another 35 million will come from a local hotel tax. Santa Clara voters approved the term sheet for the stadium in June 2010.
The 49ers have targeted the 2014 season for moving out of dilapidated Candlestick Park in San Francisco for their proposed new home in Santa Clara, located across the street from the team's offices and practice facility.The 49ers' momentum in securing financing for a new stadium comes just four months after NFL owners gained a measure of financial stability with the a new 10-year collective bargaining agreement with the NFL Players Association.Also, the 49ers are experiencing an unexpectedly good season on the field. After last reaching the playoffs in 2002, the 49ers are 9-2. A victory Sunday over the St. Louis Rams will clinch the NFC West championship with four games remaining in the regular season.
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