Colorado State University's Board of Governors has approved a plan to build a new multipurpose stadium on the Fort Collins campus.

The Coloradoan reports the project was approved 8-0 during a meeting in Denver on Friday. Board member Joseph Zimlich, of Fort Collins, abstained.

Financing details haven't been worked out, but CSU President Tony Frank's recommendation called for borrowing $195 million through the sale of revenue bonds and using stadium revenues to cover the bond payments, estimated at $12.1 million a year.

Donations that have already been made, which Frank says total about $50 million, will be used to help cover any shortfalls.

Construction could begin as early as October, and the stadium could be open in time for the start of the 2017 football season.