San Francisco 49ers to leave city for new stadium: S.F. mayor has slim hopes

December 7, 2011

Uncategorized

49ers stadium: San Francisco mayor has slim hopes

Heather Knight,
San Francisco Chronicle
San Francisco Mayor Ed Lee on Monday acknowledged that there’s very little time left on the clock to persuade the 49ers to stay in the city – and that Santa Clara is all but assured a win in the battle to claim the team after it announced last week it has secured $850 million to finance a new stadium.

…Lee said the city’s only hope to keep the 49ers, which have played in San Francisco for 65 years, is if the NFL doesn’t approve the Santa Clara plan. The league has been promoting stadiums shared by two teams, and Lee believes the Oakland Raiders would be more likely to share a San Francisco stadium with the 49ers than a Santa Clara one.
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2011/12/06/MN4F1M8M56.DTL

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Paying for 49ers stadium relies on record loan

By Mike Rosenberg
San Jose Mercury News

The plan to pay for the 49ers’ new $1 billion home in Santa Clara will rely on the biggest loan to a public agency for any stadium in NFL history.

The revelation added a dose of reality Monday to the euphoria that the team and city had finally found the money to move the beloved football franchise to the South Bay.

Critics and some analysts fear the stadium next to the Great America theme park won’t whip up enough profit to pay off $850 million that the city’s stadium authority will borrow to propel the plan into reality. If the economic assumptions fall short, the 49ers’ new home could wind up bleeding red ink for decades, with interest payments pushing the project’s total debt well beyond $1 billion. That’s about triple the debt that voters were told the city’s stadium authority would take on when they approved the project 18 months ago.

…The team and the city’s stadium authority — the public agency that will build and operate the 68,500-seat stadium — secured the loans from Goldman Sachs, Bank of America and U.S. Bank. Existing revenues such as advanced sales of luxury suites will fund the rest of the $1.02 billion home field, allowing construction to start as soon as next year with the first games in either 2014 or 2015.

http://www.mercurynews.com/southbayfootball/ci_19475603?source=rss

Stadium Design

http://www.49ersnewstadium.com/49ers.html#/home

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One Comment on “San Francisco 49ers to leave city for new stadium: S.F. mayor has slim hopes”

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