San Francisco 49ers president and CEO Jed York announced on Twitter that the league has approved $200 million in a G-4 loan towards funding the new stadium in Santa Clara. The approval is the last piece of financing needed for construction to begin on the stadium.
"With the NFL’s muscle now behind the new stadium, we are moving forward,” York stated in the press release. “I expect an official ground-breaking ceremony very soon. Get your hard hats ready; we are embarking on the path to the next generation of 49ers football.”
Back in December, the Santa Clara Stadium Authority approved an $850 million construction loan for the stadium. Work on the site had started and the official groundbreaking of the new stadium could happen within the next couple months.
“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 will cost around $1.02 billion and will seat 68,500 people. It features 165 luxury suites and 9,000 club seats. The stadium will be expected to be ready by the 2015 season.
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