49ers Find Funding For Santa Clara Stadium

SANTA CLARA, Calif. (AP) — The 49ers are a big step closer to moving from San Francisco to a new stadium about 45 miles south in Santa Clara.

The team and City of Santa Clara announced on Friday that they have secured long-awaited funding for the project. Goldman Sachs, Bank of America-Merrill Lynch and U.S. Bank have agreed to an $850 million loan with the city's stadium authority and the 49ers.

The money will cover the bulk of the estimated $1 billion project. Funding from the National Football League, a hotel tax and city redevelopment funds is expected to make up the difference.

Officials say the loans were the last major piece of the project and make the stadium a reality. The goal is to open the new stadium in 2015.

(Copyright 2011 The Associated Press)