The 49ers are a step closer to moving from San Francisco to Santa Clara after the Santa Clara City Council approved plans to develop and pay for a new stadium for the team.
The council unanimously backed an $850 million loan for the stadium project on Tuesday to the delight of supporters who packed the council meeting.
The money is expected to be repaid from ticket sales, rent from the 49ers and naming rights to the $1 billion stadium. The 49ers have agreed to cover any shortfalls between the loan costs and stadium revenues.
The team and city still need a commitment of at least $150 million from the NFL to secure the loan. But the 49ers are confident that will come through.
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