May 30, 2003
Jets sue for rent reduction
The New York Jets are suing the New Jersey Sports and Exposition Authority, saying the agency is overcharging them for rent at Giants Stadium by about $2 million a year. At issue is a lease extension the authority gave to the New York Giants in 1999, lowering their rent from 15% of ticket revenues to 10%. The Jets say a clause in their lease bars the authority from charging them more rent than the Giants; NJSEA executive George Zoffinger says that the minute the Jets agree to a lease extension of their own (the Jets lease expires in 2008), they can have a rent cut, adding: "This suit is an attempt to squeeze more taxpayers' money out of us at the same time they're trying to convince New York to build them a new $3 billion stadium."
