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NJSEA seeks $30M state subsidy as losses mount

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March 03, 2010

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The Newark Star Ledger (at nj.com) is carrying a report about the details of testimony given on Wednesday, March 3 by Dennis Robinson President and Chief Executive Officer of the New Jersey Sports and Exposition Authority as he testified before the Senate Legislative Oversight Committee at the Statehouse in Trenton. The committee has been tasked with examining the future role of the NJSEA.

The article, written by Ted Sherman, detailed how New Jersey's sports authority received sharp criticism by the Legislative Oversight Committee, which questioned the mounting losses being incurred by the agency.

Senate Majority Leader Barbara Buono (D-Middlesex), who chairs the committee, said the New Jersey Sports and Exposition Authority had misplaced its priorities, particularly with "sweetheart deals" to the Jets and Giants.

"Maybe I just don't get it," she said. "Whose interest are we serving?"

The hearing came as the sports authority grapples with a $38 million deficit, fueled by additional losses from the shutdown of the old Giants Stadium.
According to Robinson, the authority is applying for the first time for a $30 million state subsidy, which he said was anticipated under its contract with the Jets and Giants in connection with the New Meadowlands Stadium. That money represents a portion of the economic benefits the state is expected to reap when the stadium opens, he said. (nj.com)

To read the article click here

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