49ers Bid For Santa Clara Stadium Gets Boost From Luxury Seat Sales
SANTA CLARA (KCBS) — The 49ers scored major points in their bid to raise money to build a new stadium in Santa Clara. The team said $138 million has already been raised in luxury box sales.
165 luxury suites are to be built in the new 49er stadium next to Great America in Santa Clara. Chief Operating Officer Paraag Marathe said the money is a milestone and more than doubles the money committed toward the $987 million-dollar project.
"It really shows the competence and excitement that our fans have. We're four years out and several fans, individuals and companies are signing up for long-term commitments," said Marathe.
The NFL lockout's hold on league funding has pushed the cost up $50 million. In addition to that, much of Santa Clara's $40 million in redevelopment money contribution is in question over possible state cuts.
Bill Bailey with opposition group Santa Clara Plays Fair said at this point the luxury box money doesn't really matter.
"It's a major milestone in the 49ers putting more money in their own pockets. The most important thing is how does the Santa Clara Stadium Authority come up with its share?" Bailey asked.
A meeting on the project is being held on Tuesday. Construction is scheduled to start in January of 2013.
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