49ers Optimistic That $51M Stadium Funding Gap Can Be Closed
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Report Shows That Santa Clara $51M
Short Of Obligation To Build 49ers Stadium |
A financial report related to the construction of a new $854M stadium for the 49ers near the Great America amusement park in Santa Clara showed that the city is $51M "short of its obligation to the team," according to Robert Selna of the S.F. CHRONICLE. By the end of the city council's informational meeting last night, there was "still no certainty to the future" of the stadium plan, but "merely discussing [the numbers] represented a pivotal turn in the road." The 49ers indicated that Santa Clara "could cover the funding shortfall through a stadium authority that would sell concession and naming rights" at the stadium and through ticket sales of non-football events; any remaining costs "would be covered by the team and the NFL." The report showed that the city "can finance $171[M] of the $222[M] it believed it needed to raise to meet the 49ers demand." But 49ers CFO Larry MacNeil said during a presentation at City Hall yesterday, "The $51[M] is significant, but we believe we can bridge that gap" (S.F. CHRONICLE, 12/19). In San Jose, Mike Swift notes a city council vote on the plan is expected in January, and if the plan is approved, "a public vote on the stadium likely would come in June or November" (SAN JOSE MERCURY NEWS, 12/19).
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