| Groundbreaking On 49ers' Stadium Pushed Up To Late Spring | Posted By: Sweets
02-22-2012
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11:00 AM
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Groundbreaking on the 49ers stadium has been pushed up from January 2013 to late spring, raising prospects that the billion-dollar building will be completed in time for the 2014 season, not 2015 as originally planned according to Matt Barrows of the Sacramento Bee. Stadium dollars have been falling into place since the lockout ended in the summer, in early December, the team secured $850 million in loans from Goldman Sachs, U.S. Bank and Bank of America. Earlier this month, NFL owners agreed to give the 49ers $200 million from the league's revitalized stadium loan program. In addition, the city of Santa Clara's redevelopment agency will contribute about $40 million, while a hotel tax is expected to kick in another $35 million for the project. Club seat sales also have begun to bring in revenue, most of the seats require a $20,000 to $30,000 stadium builders license, prices that have outraged many longtime fans who have season tickets in the lower bowl of Candlestick Park but who will not be able to afford similar seats in the new stadium.
Source: The Redzone
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