According to a published report, the deal came down after two days of marathon negotiations, with a memorandum of understanding drawn up late yesterday by team officials, Carl Goldberg, chairman of the New Jersey Sports and Exposition Authority and attorneys representing the administration of Acting Gov. Richard Codey. Goldberg also heads Roseland Properties, a Short Hills, NJ-based residential development company.

The two sides were apparently close to an agreement last month, but that deal fell apart over financial details on the stadium project and concerns about pending construction of the Meadowlands Xanadu project. The Giants' main opposition to the latter involves whether Mills Corp.'s and Mack-Cali Realty's $1.3 billion mixed-use project will operate when the Giants are playing at home.

Sources with knowledge of the negotiations also say that opposition to the stadium deal by George Zoffinger, the NJSEA's CEO, were a factor in delaying the agreement, and that pressure exerted on Zoffinger by the Codey administration ultimately won his reluctant support. Officials of both sides could not be reached for comment.

With 80,000 seats, the new stadium would have about the same capacity as the current 30-year-old one. But it would have a decidedly ramped up amenities package, including 200 luxury suites, several thousand club seats, expanded concessions and larger public spaces and corridors.

Under the pending agreement, the Giants, owned by the families of Wellington Mara and Robert Tisch, would largely foot the bill for building the venue, and would pay the state $6.3 million a year in rent for the 75-acre stadium site. The state would pay an estimated $30 million for the site's utility infrastructure, and would pay off the $124 million in debt that still remains on the current stadium. The Giants would keep all revenues directly generated by the stadium, but would give a portion of the money generated by selling the naming rights, if that were to occur.

The stadium would rise on a site adjacent to the existing stadium, which would be demolished once the new facility is completed. Officials are targeting an early 2006 groundbreaking, which would have the stadium ready for the 2009 season. Details still have to be worked out regarding the stadium's co-tenants, the New York Jets, who propose to build a stadium of their own on Manhattan's West Side, but would likely have to use the new Giants Stadium until their own building is ready. And the Giants still have a suit pending regarding the Meadowlands Xanadu project.

The Giants may have some additional development plans of their own. The deal calls for them of ground-lease a total of 75 acres, and the stadium itself would need about half of that. Officials of the team say they would look into developing the rest, mentioning retail and possibly a hotel.

Instant Insights /

GlobeSt.com UPDATE: Giants, State Have a Stadium Deal

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