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Giants to build stadium in New Jersey


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Giants to build stadium in New Jersey


Associated Press




EAST RUTHERFORD, N.J. (AP) - The New York Giants reached an agreement Wednesday with the state of New Jersey that will allow the NFL team to build a $750 million US stadium in the Meadowlands.


A news conference was scheduled for 11 a.m. EDT Thursday to announce details.


A source close to the negotiations told The Associated Press that the deal was for 40 years, but included several options that could extend it to 98 years. It also called for the Giants to receive 75 acres of Meadowlands property - the current stadium site is 28 acres - and gives the team all money earned through the sale of naming rights.


The announcement by the governor's office followed several recent conversations between acting Gov. Richard J. Codey and John Mara, the Giants' chief operating officer. Just a month ago, the deal seemed dead.


Earlier Wednesday, Mara said if a deal could be struck quickly there was a slight chance the new stadium could be ready for the 2008 season.


"This is a good deal for New Jersey taxpayers," Codey said. "We're going to get a brand-new stadium with one of the best deals in the country."


The Giants are going to pay for the whole stadium AND pay a yearly rent to the state of NJ. You have to be a complete idiot not to take it if you're the State.

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Giants get OK to build stadium




April 23, 2005



The New Jersey Sports and Exposition Authority on Friday formally gave the Giants the green light to build a $750-million, 80,000-seat stadium at the Meadowlands Sports Complex.


The deal with the team and the state was signed earlier this month, and the approval by the authority's full board was all but certain. Eleven members voted in favor; four abstained.


The Giants will pay for construction of the stadium, which team executives expect will be ready for the 2009 NFL season. The team has a 40-year lease and will control virtually all of the revenues generated by the venue, which will replace the current 29-year-old stadium.

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