INDIANAPOLIS (AP) - NFL owners approved a $200 million loan Thursday to help the San Francisco 49ers build a stadium south of Santa Clara.
"It's huge," 49ers CEO Jed York said of the league's approval. "We've been at this since 1997. We'll have shovels in the ground soon."
Owners approved another part of the funding package two months after the team and Santa Clara announced they'd received an $850 million loan to cover most of the estimated $1 billion cost.
The rest of the cost will be covered by the league's loan, a hotel tax and Santa Clara's redevelopment funds.
"We will definitely be in by 2015," York said, "with hopes of 2014."
The 49ers have to address their current Candlestick Park lease with the city of San Francisco that runs through 2014.
San Francisco is the first franchise approved for funding under the NFL's G-4 loan policy initiated after the new collective bargaining agreement was reached last summer. It replaces a plan that allowed a maximum of $150,000 per team in loans.