The Atlanta Falcons were granted a $200 million loan on Tuesday from the NFL to build a new stadium. NFL owners approved the deal, though the team’s new home is expected to cost upwards of $1 billion.
Team owner Arthur Blank will commit to the majority of the costs, but it doesn’t hurt the Falcons’ owner to have the NFL throwing a hefty chunk of change his way. Another $200 million is in place through public bonds to help pay for the new stadium as well.
Blank commented on the NFL loan during the league’s spring meetings, and he said the decision to support the franchise with funds is an “important milestone” to get the project moving in the right direction.
“The NFL has supported new stadium construction through various means for decades,” he went on to add during spring meetings. “Our club owners understand that investments … are important to the long-term strength of the league, and we thank them for their support.”
The Falcons $200 million loan could go a long way, as the team desperately wants out of the Georgia Dome. The stadium in downtown Atlanta is one of the busiest in the NFL, as it regularly hosts other events from a wide variety of sports, including NCAA basketball and football.
Blank made it known that the new stadium’s design and construction will take place over the next four years, and that the team plans on opening the facility for the start of the 2017 season. If all goes to plan, the Falcons will finally move from the Georgia Dome, where they have been since 1992.
After the NFL agreed on the loan for the Falcons’ new stadium, they also set the site for the 50th Super Bowl. The San Francisco Giants new facility in Santa Clara, which will be named Levi’s Stadium, will host the 2016 championship game.
The NFL spring meeting’s always produce changes and upgrades throughout the league, but this year’s trend seems to be state-of-the-art, billion dollar stadiums.
Will the Falcons $200 million loan go a long way as they look to begin construction on their new $1 billion project?
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