The NFL has given the Atlanta Falcons a $200 million loan to build a new stadium.
Yahoo News reports that the loan was approved today by NFL team owners at the league’s spring meeting. The stadium could cost as much as $1 billion and much of it will be funded by team owner Arthur Blank.
Blank said: “The NFL has supported new stadium construction through various means for decades … Our club owners understand that investments … are important to the long-term strength of the league, and we thank them for their support.”
Blank said that the “multi-purpose arena” will probably take about four years to build. The Atlanta Falcons plan on moving from the Georgia Dome, which they have played in since 1992, to the new stadium for the 2017 season. The Georgia Dome will be demolished after the new stadium is constructed.
Commissioner Roger Goodell said that much of the 2013 Spring Meeting dealt with the “stadium experience.” In addition to approving a $200 million loan for the Falcons, the league also said that there would be renovations at stadiums in Philadelphia and Carolina.
Goodell said: “We spent a great deal of time on the stadium experience.”
The league also decided that the San Fransisco 49ers, who are currently building a new stadium, will be hosting the 50th Super Bowl in 2016.