NEWARK, N.J. - 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.
"This represents another step forward in the completion of this exciting project," said Alice McGillion, a spokeswoman for New Meadowlands Stadium Corp.
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.
"We 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 said.
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 Florham Park.
