NFL Owners Approve $200 Million Loan For 49ers' New Stadium
The NFL's 32 owners have approved a $200 million loan to help the San Francisco 49ers build a stadium south of Santa Clara, Calif., according to ESPN.
The 49ers and the city of Santa Clara had previously announced in December that they'd received an $850 million loan toward the stadium progress. The league's loan, a hotel tax and Santa Clara's redevelopment funds will take care of the rest.
"With the NFL's muscle now behind the new stadium, we are moving forward," 49ers CEO Jed York said in a statement. "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." The 49ers hope to open a new 67,000-seat stadium at the start of the 2015 season. It remains to be seen what will happen with their current venue, San Francisco's Candlestick Park.