As reported by GlobeSt.com, a deal for the NJSEA to build a new stadium for the Giants, replacing the current 28-year-old facility, fell apart last week in a dispute centering on money and on the operating hours of Mills' and Mack-Cali's proposed Meadowlands Xanadu mixed-use project. Sources say that the two sides have begun talking again, but that there is no impending announcement. For additional information, go to GlobeSt.com UPDATE: State Goes to Court Over Stadium Dispute.
For their part, the Jets proposed stadium on Manhattan's West Side faces stiff opposition relating to its impact on the community and on its use of taxpayer dollars. The estimated cost of the venue, combined with expanded convention center facilities, is in the $1.7-billion range. The proposed stadium for the Giants across the river here would cost about $700 million.
And while the Jets have made a verbal offer to buy Giants Stadium--apparently as a fall-back position if the West Side proposal completely falls apart--an NJSEA official who did not want to be identified said it's a long shot at best. For one thing, the offer is kind of low-ball. Sources say the Jets have offered $120 million.
If it were to happen, the Giants could end up being the Jets' tenant. The former's lease doesn't run out until 2026, and in the short term they would have no place else to go.
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