Giants come to terms on new stadium

By Alex Guzman  |   Friday, April 15, 2005  |  Comments( 0 )

New York Giants
Got something to say?

Sign Up and be the first to comment on this article!
The New York Giants have signed an agreement with the state of New Jersey to build a new $750 million stadium. The deal provides for a new 80,000 seat stadium near their current facility.

Several days of talks this week between acting Governor Richard J. Codey and John Mara - the Giants' chief operating officer - paved the way for keeping the Giants in New Jersey. The New York Jets are hoping to build their own new stadium on the West Side of Manhattan.

Mara said if the Jets are unable to build their new stadium, they would be welcome to again join the Giants. He said he has met with Jets owner Woody Johnson and team president Jay Cross to talk about contingency plans.

The Giants will pay the entire cost of construction, manage the facility and keep all profits. In addition, the team will pay $6.3 million a year to New Jersey in rent and taxes. The state is responsible for as much as $30 million in roadwork and is on the hook for $124 million in debt that remains on Giants Stadium.

The team plans to sell naming rights to the new building.

Mara and Carl Goldberg, chairman of the New Jersey Sports and Exposition Authority, said the priority now is to reach an agreement with the developers of the massive Xanadu entertainment-retail complex at the Meadowlands.

The new stadium is to include a Giants Hall of Fame, theme restaurants and more bathrooms than the current facility. Luxury suites will increase from the present 118 to 200, and premium club seating will drastically expand from the current 120 seats to between 8,000 and 10,000 seats, Mara said.

Mara said the Giants do not plan to ask current season-ticket holders to purchase personal seat licenses to help pay for the building. However, he refused to rule out such a request down the road.
Got something to say?

Sign Up and be the first to comment on this article! (0)

About Alex Guzman

MiamiFootball365 & RealFootball365 founder
read more
Article Tools Share!   |  RSS  |  Bleacher Report About Bleacher Report