The G-4 loan will be directed to fund construction costs for the new stadium in Santa Clara and is the last piece of financing needed for construction to begin on the stadium. The 49ers are the first franchise to receive support from the new stadium fund that was crafted in the new collective bargaining agreement that was reached with NFL players last year.
“With the NFL’s muscle now behind the new stadium, we are moving forward,” said Jed York, CEO of the 49ers. “I expect an official groundbreaking ceremony very soon. Get your hard hats ready; we are embarking on the path to the next generation of 49ers football.”
In December, the Santa Clara Stadium Authority unanimously approved an $850 million construction loan for the stadium. Site preparation work began last month, and the official groundbreaking could happen as early as the first quarter of this year. “Today's vote is an important milestone for the 49ers and their fans,” said NFL commissioner Roger Goodell. “It is a solid endorsement that adds to the strong support of the South Bay community. This step will allow the 49ers to move forward toward making the dream of a new stadium a reality.”
The new stadium in Santa Clara is estimated to cost approximately $1.02 billion and is expected to open in time for the 2015 NFL season. It will seat approximately 68,500 fans and has been designed for multi-purpose usage, along with being expandable to host major events such as the Super Bowl. However, the 49ers still have to address their current Candlestick Park lease with the city of San Francisco before moving close to 40 miles to Santa Clara.