The Falcons will soon have a new home, after NFL owners approved a $200 million loan Tuesday for construction of a new Atlanta stadium.
The Falcons received the money Tuesday at the league’s spring meetings. The multipurpose venue could cost as much as $1 billion.
“Today’s approval by the NFL team owners is an important milestone in moving the new stadium project forward,” Falcons owner Arthur Blank said in a statement.
Blank will supply the rest of the funds, and said the design and construction will happen over the next four years. The building is expected to be completed by the 2017 season.
The Georgia Dome, which opened in 1992, will be demolished when the new stadium opens.