14 Feb 2012
NFL approves USD200m 49ers stadium loan
BY Pete Hayman
San Francisco 49ers is to receive a USD200m (GBP126m, EUR152m) G-4 loan from National Football League (NFL) owners towards the cost of its new stadium at Santa Clara, US.
The American Football franchise said the contribution was the last piece of funding required for work to start on the scheme, which will cost around USd1.02bn (GBP644m, EUR775m).
49ers chief executive officer Jed York said: "With the NFL's muscle now behind the new stadium, we are moving forward. I expect an official groundbreaking ceremony very soon."
The NFL announcement comes two months after the Santa Clara Stadium Authority approved a construction loan worth USD850m (GBP537m, EUR646m) towards the new stadium.
When complete, the 1.85 million sq ft (171,871sq m) complex will have a seating capacity of around 68,500 and will be able to cater for a range of sports, as well as entertainment events.
Details: www.newsantaclarastadium.com
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