49ers get US$850M loan for new stadium

The San Francisco 49ers and Levi Strauss & Co have reached an agreement for a $220 million, 20-year naming rights deal for the team's future stadium in Santa Clara. (AP)

ASSOCIATED PRESS

SANTA CLARA, Calif. – The 49ers are a big step closer to moving from San Francisco to a new stadium about 72 kilometres 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 US$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.

When submitting content, please abide by our submission guidelines, and avoid posting profanity, personal attacks or harassment. Should you violate our submissions guidelines, we reserve the right to remove your comments and block your account. Sportsnet reserves the right to close a story’s comment section at any time.