Three banks agree to loan Niners and Santa Clara $850 Million towards new stadium

According to the San Jose Mecury News, three banks have agreed to loan the Niners and Santa Clara $850 million towards a new stadium.

The three banks are Goldman Sachs, U.S. Bank and Bank of America.

The Niners are expected to start construction on the new stadium this February, then move in there for the beginning of the 2014 season.

To read the Mercury News story, click here.

I would like to point out that a commenter on this blog, Benny Blanco, broke this story today at 3:58 p.m.