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New Meadowlands stadium?

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December 22, 2004 Send To A Friend  | Print View

According to a report in the New York Times, the owners of the New York Giants have offered to pay the entire cost, estimated at $700 million, to build a stadium for the football team on state land at the Meadowlands, in return for operating the stadium rent-free and controlling all events there.



The New Jersey Sports and Exposition Authority is presently in negotiations with the Giants about the stadium. Acting Gov. Richard J. Codey was scheduled to meet Wednesday with the team owners and sports authority officials.



The Giants' latest proposal calls for the state to issue tax-exempt bonds to raise construction money, which the team would then repay out of stadium revenues. The deal would also have to consider past sports authority insistence on sharing revenues from luxury boxes and club seats and controlling naming rights and off-season bookings. There are also questions about parking.



The Dec. 21 Times story said two state officials said that it would be difficult to grant the team control of the stadium if the state backed the construction bonds.




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