Niners, Santa Clara line up financing for new stadium

At a time when the Vikings and the Chargers are still struggling to find fixes for their stadium situations, the 49ers have taken a huge step toward building a new venue in Santa Clara.

On Friday, the team and its new Bay Area city announced that financing has been obtained for the $1 billion project.

“It’s like first and goal from the 9-yard line,” Santa Clara consultant Ron Garratt said, according to the San Jose Mercury News.  “We think we’re going to score from here.”

(Yeah, because every team that has first and goal from the nine always turns it into a touchdown.)

The money will come via $850 million in loans from Goldman Sachs, U.S. Bank, and Bank of America.  But an unexpected twist has arisen; Santa Clara will assume more than twice the amount of debt that Santa Clara had previously planned to shoulder.

“This makes it a reality,” Mayor Jamie Matthews said.  “For all the people who thought it would be impossible to get financing in this environment, we got three of the biggest banks.  Next to the groundbreaking, this is the biggest event.”

Groundbreaking could come as soon as the middle of 2012.

The biggest remaining question is whether the Raiders will join the 49ers, in what would be the latest revival of one of Neil Simon’s most popular plays.

42 responses to “Niners, Santa Clara line up financing for new stadium

  1. I wonder how/if this will impact other teams looking to build new facilities. The plan might not set any precedents, but it does prove that teams and governments can work together to find a solution.

    Also, the last sentence in the story stuck the theme song from the TV show in my head. Dang.

  2. Unless it’s my beloved Eagles. They would give the ball to Shady for 7 yards, and fall victim to 2 incomplete passes from the two yard line……unless of course they turned the ball over

  3. Hmmm. A California city assumes more debt than originally planned. Naturally.

    Also I’m guessing with Goldman’s involvement they’ll be money-in-size against the Niners in Vegas. Just for hedging of course.

  4. Did Dennis Miller write this story? You lost me with the Neil Simon reference.

    Do you sing show tunes too?

  5. In another industry, it would be a conflict of interests to get financing from competitors like the Carolina Panthers…NFL better never lose its anti-trust.

  6. Why am I not surprised that a city in California is taking on a ton of debt. I have no dog in this fight, my mindset has always been that teams should not use taxpayer money to build stadiums that most fans cant afford to attend anyway.

    I am a Yankee fan in baseball and was thrilled my team used private financing since they rake in so much money anyway. To me its just the wrong economy for using public funds.

  7. foosballisthedevil says: Dec 3, 2011 9:42 AM

    Did Dennis Miller write this story? You lost me with the Neil Simon reference.

    Do you sing show tunes too?

    —-

    He means “The Odd Couple”, or maybe “Lost in Yonkers” lol

  8. dlmcc1010:
    New Yankee Stadium was built primarily with public funding. The City of New York paid for half of the stadium, and hundreds of millions more in infrastructure upgrades. For all of that the Yankees get to keep 96% of ticket revenue and 100% of everything else (such as parking on the lots paid for by taxpayers.)

  9. The Neil Simon reference refers to his play “The Odd Couple.”

    Why one should have to point that out to anyone when there is Wikipedia is beyond me.

  10. @boltschick. Ive been to the Chargers stadium and ots pretty bad to..Crazy that a state like California is home to the three worst stadiums,Frisco,Sd &Oakland..

  11. The stadium is nothin cool like the Cowboys stadium and maybe Jeb should put up some more of his money like Jerry Jones did to build the 8th wonder of the world…CCowboys Stadium hand down best stadium in the US

  12. Great news for Niner fans. Candlestick holds many many cherished memories for me as a 49ers and Giants fan, but it’s time for the Niners to start a new run and make new memories in a new stadium as the Giants have done at AT&T. It looks like no more than three more seasons for the old gray lady by the Bay . . . which passed its prime about 35 years ago.

  13. Given the state of the California economy, you must wonder how the Raiders will fit into this. There are still plenty of Bay Area municipalities reeling in this economy, and the idea of finding hundreds of millions more in public funding for a second stadium in the Bay Area seems to be a major stretch.

    You gotta figure either the Raiders will share this stadium, or that they’ll wind up back in LA, at one of the two competing projects there.

    As for Candlestick being the worst remaining venue in the NFL, it’s not very far to the place that’s tied for that honor. Oakland is one of the last few stadiums to still have a baseball infield to deal with for part of the season.

  14. Why am I not surprised that a city in California is taking on a ton of debt. I have no dog in this fight, my mindset has always been that teams should not use taxpayer money to build stadiums that most fans cant afford to attend anyway.

    I am a Yankee fan in baseball and was thrilled my team used private financing since they rake in so much money anyway. To me its just the wrong economy for using public funds.
    —————————————————-‘

    Im sure the city will make its money back within 5-10 years in rent and events and all the business it will bring to the area… specially if they get a couple of superbowls in the next 10 years…

  15. A Few thoughts, love the design, why would you build a stadium bigger than 65k anyway when more people are staying home and watching in HD on NFL ticket, less seats, more quality seats is great idea. Lucas Oil head and shoulders best stadium in the league, Cowboys stadium somewhere between 7 and 10 on the rankings. As far as paying for this stadium it is located in one of the wealthiest regions of the US, few problems with revenue stream here for the 49ers.

  16. touchdownroddywhite says: Dec 3, 2011 9:48 AM

    So are they henceforth going to be known as the Santa Clara 49ers?

    ————————————–

    No. Teams don’t always play in the city limits of their namesake…and in one case the same state.

    See: Cowboys, Dallas (Arlington/Irvine); Giants/Jets, New York (New Jersey)

  17. Wow that’s a haul, nowhere near SF really. Put it on that island between SF and Oakland, then the sharing arrangement will make some sense!

  18. I guess there’s a lot of San Jose Niner fans, or I wouldn’t have been thumbed like that. All I said was it is a sad day for SF to lose the team. You newbies can keep your thumbs holstered.

  19. Ok after a few rounds of asking myself “REALLY?” I Google mapped the following:

    SF to Santa Clara: 45 miles (!!!)
    SF to Oakland Coliseum: 18 miles

    You heard right: For SF fans living in SF, the Raiders’ stadium will be 27 miles closer than their own “home” stadium!

    In this supposedly environmentally conscious city they’re going to have 65k people commute 45 miles to their new stadium, and back again, 10 times a year. That’s 58.5 MILLION person-miles traveled each year!

    SF to Treasure Island (the one connecting to SF and Oak via the Bay Bridge): 6.2 miles.

    Honestly, with Treasure Island in redevelopment mode already, we can’t combine forces of the 49ers, Raiders, SF, Oakland, the NFL and build the stadium in the coolest locale in the country, maybe the world?

    What am I missing here?

    If they do build this thing in SFburbia, suggest it be named “Failure of Imagination Stadium.”

  20. @bnwpnw

    Huge swing and a miss…you don’t know the area well at all.

    9er fans come from all over the place, especially the South Bay, to 9er games. While some of them hail from SF proper, most do not. No one from here would call Santa clara or San Jose a SF suburb. San Jose is larger than SF.

    SF is a great city, one of the best in the country, but it is not set up for driving…at all. The only city denser than SF is New York’s Manhattan Island. It is extremely hard to get in and out of the city. Building a stadium on Tresure Island = death…the bay bridge and ferries are the only way off…you’re insane for suggesting it. Going to a game shouldn’t be a huge headache before and after the game (and before this season during the game!).

    Where they are building the new stadium is the heart of Silicon Valley. Finally we will have a stadium that is highly acessible and doesn’t take forever to drive home from. Light rail, CalTrain, and 3 different freeways not to mention 3 different large expressways nearby that will give us lots of options. By your logic, that is a lot less emissions from cars sitting idle for hours as they creep toward the 1 freeway that services Candlestick or on city streets as they make the trek to the Bay Bridge.

    The only thing I request, as stupid as this may sound, is that at least some portion of the field from the Stick be brought into the new stadium.
    Maybe the North Endzone. That field has seen some of the best players and plays that grass has ever known.

    People will love coming here for Super Bowls and the Bay Area deserves it. Can’t wait for the stadium…the renderings really don’t do it justice…it is going to be one of the coolest stadiums in the league. The only lame aspect is that it has a great chance of becoming way too corporate…Candlestick is so awful that only diehards go, which means we have a lot as we have never been blackedout and we have had a rough decade. So stop dogging 9er fans!

  21. @ bnwpnw:

    I’m with you bud. A state-of-the art facility on Treasure Island would be awesome. Too bad both SF and Oakland/Alameda Co. are suffering from an acute shortage of leadership.

  22. @bnwpnw

    Next time you do some research think to yourself how many season ticket holders actually live in San Francisco.

    As of now the figures are about 7-8% of season ticket holders are from San Francisco

    The majority of season ticket holders are up and down the peninsula.

    Yea it sucks for those who live in SF and the north bay but the Niner Empire deserves an upgrade. The bay area will now be a part of the super bow rotation and rightfully so.

  23. @bnwpnw says:
    Dec 3, 2011 3:57 PM

    What am I missing here?

    If they do build this thing in SFburbia, suggest it be named “Failure of Imagination Stadium.”

    *******************************************

    Yeah, your post can be named “Failure of Common Sense” if you really thought anywhere near 100% of 49er fans traveled to Candlestick from within the City limits. Just wow . . . it’s closer to 1 out of 10.

  24. bnwpnw, I’m with you. I’ve said for years that it’s a mistake to move out of SF. The team has a chance to build an ICONIC stadium (like PacBell Park), not a cookie cutter cowboy copy that will be replaced again in 20 years. Admittedly there are traffic and logistic issues with various SF sights, but they could build a landmark stadium that could stand for centuries…unfortunately the 9ers seemingly elect to go for the quick buck. A missed opportunity.

    —a San Jose native who grew up watching ND’s own Joe Cool collect rings.

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