January 20, 2006

Jets, Giants project windfall from stadium

Yet another reason to examine the fine print of stadium lease deals, courtesy of the New York Times' intrepid Charles Bagli: The New York Jets and Giants expect to earn an extra $183.9 million a year from naming rights, ad signage, and premium seat sales, more than enough to pay off an estimated $70 million a year in construction debt service. The state, meanwhile, would get just $5 million a year in total rent, would give up 20 acres of free land and development rights to 45 acres more, and would no longer get a share of parking, luxury suite and advertising revenues, as it does now. Jersey sports czar George Zoffinger, who has opposed the deal as a giveaway, grumbled to Bagli yesterday: "My job is to implement the board's decision, whether I agree with it or not. Everybody knows my thoughts on the financial terms."