The San Francisco 49ers are close to making a new $1 billion stadium a reality.
The city of Santa Clara and the 49ers announced they have obtained $850 million in financing from a combination of banks to pay for the bulk of construction costs.
The NFL is expected to cover the remain $150 million in costs while $75 million in additional financing will come from other sources.
“It’s like first-and-goal from the 9-yard line,” Ron Garratt, project consultant, said per the San Jose Mercury News. “We think we’re going to score from here.”
The stadium will seat 68,500 fans.
It is unclear as to whether the Oakland Raiders will join their Bay Area rivals in the move to Santa Clara.
Should the Raiders make the move the city would see more of a financial windfall.
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