Will it be the Field of Jeans? Arturo Santiago reports on the big announcement about naming rights for the new 49ers stadium.
The proceeds from the San Francisco 49ers' new $1.2 billion stadium in Santa Clara are now $1 billion and counting, according to reports.
It's the jeans.
A naming-rights deal with Levi Strauss & Co. brought in $220 million to the city, which helped pay for construction. That's on top of the $800 million in "seat and luxury box sales" over the past 18 months, according to the San Jose Mercury News.
The newly-minted Levi's Stadium will open for the 2014 football season, and is likely to host the 2016 Super Bowl after the other stadium hopeful dropped out.
The $1 billion will be "split roughly between" the team and the city -- over a period of time. Levi Strauss's portion will be paid out over 20 years, with the corporations who bought naming rights to luxury suites to pay off those bills over "several years," the newspaper reported.
Santa Clara's City Council, acting as a stadium authority, took out an $850 million loan to finance construction. They've now secured "at least $557 million in committed revenues," the newspaper reported.
The rest may come from the team's rent, which is $30 million a year.
Team president Jed York made an appearance at the Santa Clara Council meeting Thursday, the newspaper reported. And he has fans.
"We have really hit the jackpot here in Santa Clara," Councilwoman Lisa Gillmor said, the newspaper reported.