The San Francisco 49ers have long been trying to build a new stadium in Santa Clara, about 45 miles south of their current stadium. The team and Santa Clara announced Saturday that they have secured the requisite funding to go forward with the project.
Santa Clara's stadium authority and the 49ers have agreed to an $850 million loan from three different lenders. The project is expected to cost around $1 billion, with the NFL and other sources kicking in for the remainder. Construction on the stadium is expected to begin in January of 2013, with the opening tentatively slated for 2015.