49ers secure funding for new stadium
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.
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