$30M Of Funding Pulled From New 49ers Stadium

Ground may have been broken on the new 49ers stadium in Santa Clara last month but how the venue will be paid for is now in question after a California county decided to take away $30 million of funding that had been promised to the project.

The withdrawal of funding by the county came as a surprise to both officials for Santa Clara city and to the 49ers management who had loaned the money to Santa Clara to begin construction thinking they would get it back in tax revenues.

The funding – originally for $40 million with $10 million having already been provided by the county – was part of a redevelopment fund that has since been disbanded and the county tax collector George Putris put forward the motion to rescind funding in order to help pay for public sector services with an eye to the needs of school districts in the region.

The 49ers have declined to comment but sources inside the organisation have confirmed that despite the funds being assigned to the 49ers stadium by Santa Clara voters in a binding proposition that should the funding now be unavailable the 49ers organisation would likely take the hit as there was no chance of construction being halted or delayed.

The construction of the stadium is expected to cost $1.2 billion and should be completed in time for the 2014 season.

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