Mayor Lee Acknowledges 49ers Move Is Almost Certain
49ers CentralBuy 49ers Tickets
Sports Fan Insider
SAN FRANCISCO (CBS/AP) – San Francisco Mayor Ed Lee says the 49ers move to a new stadium in Santa Clara is all but assured now that the team and the City of Santa Clara have secured $850 million in funding for the project.
Lee is scheduled to meet with 49ers’ owner Jed York on Thursday. But the mayor said the deal to move the team to Santa Clara appears close to done, and persuading York to stay in San Francisco would be very difficult.
The team and City of Santa Clara announced last week that Goldman Sachs, Bank of America-Merrill Lynch and U.S. Bank had agreed to an $850 million loan for the estimated $1 billion new stadium.
One of two public hearings on the loan is scheduled for 7 p.m. Tuesday at Santa Clara City Hall.
Meanwhile, in a deal announced Tuesday, the team settled parking concerns raised by the owners of California’s Great America that could help clear the way for the stadium.
San Francisco 49ers President Jed York said it’s an important step in the stadium project.
Ohio-based Cedar Fair Entertainment Co. also said it no longer plans to sell the theme park.
The company had been vocal in its opposition to the stadium proposal and earlier sued the city of Santa Clara for a loss of parking and other reasons.
(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)