September 24, 2003
Giants Stadium reno deal
After two months of contentious negotiations, the New York Giants and the New Jersey Sports and Exposition Authority have agreed on a deal for $290 million in renovations to Giants Stadium, including adding luxury suites. Under the complex agreement, the public authority will give up half the revenue from nonfootball events at the stadium, while gaining a share of naming-rights and suite money. The Giants will fund half the costs of the renovations with a bank loan, and the other half with money from the NFL's "G2" fund, which lets teams draw on visiting-team club seat and TV revenue to repay stadium costs; since G2 money was previously indicated to be earmarked for projects that included public subsidies, this could represent a policy change on the part of the league - stay tuned.
