49ers, Santa Clara secure long-awaited funding for new stadium
The 49ers and Santa Clara have received a $850M loan for a stadium
The money will cover the bulk of the estimated $1 billion for the project
SANTA CLARA, Calif. (AP) -- The 49ers are a big step closer to moving from San Francisco to a new stadium about 45 miles south in Santa Clara.
The team and City of Santa Clara announced on Friday that they have secured long-awaited funding for the project. Goldman Sachs, Bank of America-Merrill Lynch and U.S. Bank have agreed to an $850 million loan with the city's stadium authority and the 49ers.
The money will cover the bulk of the estimated $1 billion project. Funding from the National Football League, a hotel tax and city redevelopment funds is expected to make up the difference.
Officials say the loans were the last major piece of the project. The goal is to open the new stadium in 2015.
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