One Step Closer: Giants, Jets lock up financing for $1.3B dual stadium




(AP) — The New York Giants and
Jets closed deals Thursday for $1.3 billion in financing for a new stadium the
NFL clubs are teaming to build.

represents another step forward in the completion of this exciting
project,” said Alice McGillion, a spokeswoman for New Meadowlands Stadium

Each team
completed separate $650 million financing deals. CitiCorp is financing the
Jets’ portion, while investment banks Goldman Sachs and Lehman Brothers are
financing the Giants’ deal.

The teams
got financing help earlier this year when NFL owners approved $300 million in
loans to help finance the stadium work. The open-air facility at the
Meadowlands Sports Complex is expected to open in 2010 and seat 82,500.

now look forward to finalizing all of the design plans so that we can deliver
the best stadium experience possible to our fans and the state of

New Jersey,” McGillion

The teams
expect a formal groundbreaking ceremony in September. Excavation work is
already being done at the site, near the existing Giants Stadium.

The Giants
also are building a 20-acre practice site near the new stadium, while the Jets
are building practice facilities and corporate headquarters on 20 acres in



Password must contain the following:

A lowercase letter

A capital (uppercase) letter

A number

Minimum 8 characters


The Latest in Sports Video Production & Technology
in Your Inbox for FREE

Daily Email Newsletters Monday - Friday