A bit ironic that on the eve of the 49ers’ win Sunday officially making them relevant again with a lock on the playoffs, the franchise was polishing its exit strategy from San Francisco. The Mercury News reported last Friday that Santa Clara and the 49ers have lined up financing for a new stadium in the South Bay. Niners fans (at least ones in San Francisco) may be too giddy about the team’s success on the field to think about the Santa Clara 49ers just yet.
Add: Whether the stadium deal, with its staggering $850 million loan, will be Santa Clara’s undoing is a debate that will continue. Here’s an excerpt from Mike Rosenberg’s latest piece in the Merc:
Critics and some analysts fear the stadium won't whip up enough profit to pay off the $850 million in loans the team and city announced Friday they have secured to start construction, which could leave taxpayers and the beloved football franchise bleeding red ink for decades.
By borrowing that much money up front -- or $520 million more than voters were told -- plus hundreds of millions more in interest payments, it appears the city will take on more debt than any other government that has built a football stadium, experts say.
Meanwhile: Mayor Ed Lee seems resigned that the 49ers are leaving, telling the Chronicle that San Francisco’s only hope to keep them may be if the NFL rejects the Santa Clara deal. Not likely.
