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Saturday, May 18, 2024

Forty-Nine settles debts for use of Levi's Stadium

Peninsula 360 Press / BCN

Despite the economic disputes between the authorities of the Santa Clara stadium and the San Francisco 49ers, this Tuesday the team paid the rent for the facilities, whose annual value is 24 million 762 thousand dollars.

The payment consisted of two rents to the Santa Clara Stadium Authority, one of which had been overdue since September and was in dispute, as well as the rent for the month of October.

The Bay Area team had sought a 20 percent reduction in monthly rent due to the closures that occurred because of the COVID-19 pandemic, as well as the cancellation of two preseason games.

However, the city notified the 49ers that the provisions of the lease do not allow for rent abatement, as the cancellations were on the part of the NFL and not the stadium authority.

Just a week ago the Santa Clara City Stadium Authority Board unanimously approved getting at least $2.7 million in rent that had fallen into default.

"Only after receiving a notice of default and because of the board's action did the 49ers pay the rent in full a week later," Santa Clara Mayor and Stadium Authority board chair Lisa M. Gillmor said in a statement.

He added that "the rental of the facility is a major source of funds to pay off the public debt incurred by the authority in building the stadium."

Gillmor said the agency's action resulted in the 49ers paying rent for the use of Levi's Stadium, and the costs were not passed on to taxpayers.

"In the future, I hope the Santa Clara Stadium Authority Board avoids having to take such action so that the 49ers can follow the stadium lease provisions,? he added.

This is not the first dispute between Santa Clara and the 49ers; the parties are currently in litigation since the city council voted in February to end the agreement allowing the team to operate the stadium, due to allegations of fraud.

Peninsula 360 Press
Peninsula 360 Presshttps://peninsula360press.com
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