13 Dec 2011
US$850m secured for 49ers stadium
BY Pete Hayman
A US$850m (£544.2m, EUR638.6m) construction loan has been secured towards the San Francisco 49ers new stadium, which is to be built in Santa Clara, California, US.
The American Football team has briefed the Santa Clara Stadium Authority (SCSA) on the terms of the funding, which has been secured through a group including Goldman Sachs.
SCSA and the 49ers Stadium Development Company have received the loan, while the sale of naming rights, Stadium Builders Licenses and suites will be used to repay it.
The total cost of the stadium scheme is around US$1bn (£639.7m, EUR750.9m) and will lead to the construction of a new landmark for Silicon Valley.
Spanning 1.85m sq ft (171,871sq m), the stadium will have a capacity of 68,500. It will be able to host the Super Bowl, domestic and international soccer matches and concerts.
49ers president and chief executive officer Jed York said: "The Santa Clara Stadium Authority and the 49ers have been working tirelessly to secure this construction loan for the new stadium.
"We still have to tackle some logistical and contractual challenges ahead, but this is an important step to putting shovels in the ground."
Details: www.newsantaclarastadium.com
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