http://sports.espn.go.com/nfl/news/story?id=2676540 It looks like the New York Giants and New York Jets won't have to go the way of the New Jersey Nets. The NFL Players Association has agreed to allow an increase on the league's G-3 loan program to a maximum of $300 million, clearing the path for the Giants and Jets to collectively build a privately financed new stadium to replace the current one in the Meadowlands in East Rutherford, N.J., sources have told ESPN's Chris Mortensen. NFL owners will now meet in Dallas on Dec. 7 to vote on approval for the loan. The proposed 80,000 seat stadium is expected to be built in the vicinity of Giants Stadium. Rapidly rising construction costs and the union's concerns over revenue sharing had put the project in jeopardy. But the NFLPA finally signed off on the project last week. The Giants and Jets have agreed to a 50-50 split on cost-sharing. One source says the goal is to have the stadium ready for the 2009 season.
Misleading thread title. NFL owners will now meet in Dallas on Dec. 7 to vote on approval for the loan. That's the big one. The PA was expected to approve this, because the extra league revenue from the new stadium increases their cut. This was never really a hurdle to begin with. The real test is when the owners meet on the 7th. Granted, they'll probably sign off on it too, but this isn't a done deal.
what do you mean its not a done deal? i know nothing on this and im curious, what are the odds all this breaks down?
lol...this is kind of ironic. I called out phubbadaman for being misleading, and now I realize I was too. The owners signing off on the G-3 loan is basically the last hurdle to groundbreaking. Both teams have said that if they don't get the money, the stadium won't be built. So basically, if the cash comes through, the stadium gets built (unless one of the teams pulls out--not likely). I have no idea what the probability of the loan being approved. It takes a "yes" vote from 24 out of the 32 owners to get it done, and some owners aren't happy about it. There have been some stories in the news recently about small-market owners being pissed--I could only find one thread, which is here. Anyway...all that being said, I would still put the loan approval at 90%, and I totally expect the teams to break ground this spring. I think Goodell will pressure the owners to pass the loan despite their griping...this stadium thing has been going on for five years, and I think he just wants it to be done. If it drags out further, it's going to embarrass the league. So it's still overwhelmingly likely that this will go down, but who the hell knows...around NJ/NY, anything can happen.
I'm confused. The last news I read referenced the $300 million each team receives from the NFL whenever they build a new stadium. It requires approval each time, but basically, it was my understanding that every team in the NFL can expect to get $300 million from the NFL to put toward the building of a new stadium. It was my understanding this is not a loan, but an outright funding by the NFL. So, the latest flap over the new stadium was that the Giants announced that without EACH TEAM receiving $300 million in funds from the NFL (or a total of $600 million), the stadium will not be built. Does anyone know if this has been resolved yet? And is this something completely different than this $300 million "loan" from the Player's Association?
They only get $150 million, the Jets & Giants are trying to get $300 million since they are 2 franchises but are using the money for 1 stadium.
