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49ers secure funding for new stadium

Updated: December 4, 2011, 7:17 AM ET
ESPN.com news services

SANTA CLARA, Calif. -- The 49ers are a big step closer to moving from San Francisco to a new stadium about 45 miles south in Santa Clara.

The team and City of Santa Clara announced on Friday that they have secured long-awaited funding for the project.

Goldman Sachs, Bank of America-Merrill Lynch and U.S. Bank have agreed to an $850 million loan with the city's stadium authority and the 49ers.

The money will cover the bulk of the estimated $1 billion project.

Funding ...

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