NFL approves $200M loan for 49ers stadium
Fireworks are seen over Candlestick Park before the NFC Championship between the San Francisco 49ers and the New York Giants. (Jan. 22, 2012) Credit: AP
NFL owners have approved a $200 million loan to help the San Francisco 49ers build a stadium south of Santa Clara.
Owners approved another part of the funding package on Thursday. The team and Santa Clara announced in December that they'd received an $850 million loan to cover most of the estimated $1 billion cost.
The rest of the cost will be covered by the league's loan, a hotel tax and Santa Clara's redevelopment funds.
The 49ers have to address their current Candlestick Park lease with the city of San Francisco. It hopes to have the new, 67,000-seat stadium open for the 2015 season.
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