49ers could delay new stadium 25/10/2010 |
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The San Francisco 49ers may delay opening its proposed new stadium by a year until 2015 because of problems securing financing.
The team said in a statement: "Until there is a new collective bargaining agreement that embraces the realities of NFL economics today, the Santa Clara stadium project won't attract the required funding from either the NFL clubs or the financial markets.
"Since the financing plan needs to be in place several years before the stadium opens, the planned 2014 opening date may be delayed by a year," the statement added.
The team has plans to build a $1bn, 68,500-seat stadium in nearby Santa Clara, California.
"But without a CBA that adequately recognises the costs of new stadiums and other capital expenses required to generate revenue, the 49ers and the NFL cannot make a major investment in a new stadium at this time," the statement added.
The current collective bargaining agreement with the players expires in March with negotiations for a new agreement at a standstill.
"There have been no new stadiums approved under the economics of the 2006 CBA," the NFL said in a statement.
"We are working hard to reach an agreement with the players' union that will provide the resources once again for significant capital investments by the league in projects such as a new Bay Area stadium.”
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