[size=12pt]49ers: New stadium will cost $854M[/size]
Posted: Wednesday April 25, 2007 12:01AM; Updated: Wednesday April 25, 2007 12:42AM
SANTA CLARA, Calif. (AP) -- The San Francisco 49ers estimate the team will need $160 million in public money to help finance a new $854 million stadium, according to a report delivered Tuesday to the Santa Clara City Council.
Larry MacNeil, the team's chief financial officer, presented a financial breakdown for the stadium that includes a proposal for a city-created stadium authority to help fund the project.
The stadium authority would consist of funds from sources including naming rights, corporate founding partners, ticket tax financing, stadium builders licenses and concessionaire equity and pouring rights, MacNeil said.
MacNeil said the team and the NFL would contribute about $363 million.
The team's estimates fall within the city's stated spending goals. The city has told the team that the its contributions are capped at $180 million, and that cost overruns will have to be paid for by the 49ers.