EAST RUTHERFORD, N.J. (Sept. 29, 2005) -- The New York Giants and Jets have reached agreement on a deal for a new stadium in the Meadowlands.
The new facility will be built near Giants Stadium, which is currently home to both teams.
Acting Gov. Richard J. Codey announced the deal at a news conference, saying it would guarantee that both teams remain in New Jersey for the next 99 years.
Codey, appearing at Giants Stadium with the owners of both teams, said the Jets would also relocate their practice facility to New Jersey. He noted it will be the first time an NFL stadium will be jointly operated by two teams.
Specific details about the stadium plan are to be developed over the next several months.
Jets president Jay Cross estimated the cost would be more than $800 million, and Giants chief operating officer John K. Mara figured the new stadium will hold at least 80,000 spectators. The teams will be paying the cost of building the stadium and will share in the revenues.
Current plans envision a stadium on which a retractable roof could be added, Mara said.
Both teams -- as well as the NFL and New Jersey -- would like a roof, but the teams have said the $200 million cost is beyond them. A roof would allow the Super Bowl and college basketball Final Four to be played at the Meadowlands.
Regarding a roof, Codey said, "The state will not pay one penny for it."
The state agreed to help both teams find new practice facilities, although Mara said he hoped the Giants would be able to get a new location at the sports complex.
Mara said that while his family, a co-owner of the Giants, was sad that the stadium would have a new name, it would be necessary to sell naming rights in order to finance the project. He had no immediate estimate as to how much the naming rights would bring.
He said he hopes the facility could open for the 2009 season.