The York family has sold two small stakes in the San Francisco 49ers franchise.
John York says ''they were important people to us,'' in explaining the moves without providing further details of the sales, first reported by the Sports Business Journal on Monday. The San Jose Mercury News said each stake was 1 percent.
York's son, team president Jed York, says the sales have nothing to do with helping finance a new $1 billion stadium in Santa Clara, near the current team headquarters in technology-rich Silicon Valley.
Earlier this month, the team announced it secured $850 million in loans from Goldman Sachs, Bank of America and U.S. Bank to finance the project it hopes will get underway this spring. Make-ready work at the construction site is set for January.