Outsports Discussion Board > NFL Dangling New Carrot for New Jets Stadium

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thecrookedcap

Mar 15 2005, 09:15 PM

http://sports.espn.go.com/nfl/news/story?id=2013867

Looks like the Jets have a backup plan to try and entice New York City to build them a stadium if Paris wins the Olympics.

[ March 15, 2005, 08:16 PM: Message edited by: thecrookedcap ]

Joe in Philly

Mar 16 2005, 08:15 AM

It's not a bad move -- if they don't get a stadium the NFL can always move the Super Bowl somewhere else. It's not like they'll be stuck holding it at Giants Stadium.

pat125

Mar 16 2005, 08:20 AM

It seems like I hear about the Jets/Olympic stadium every day in the news. It's still controversial with strong opinions on both sides of the issue. With the Super Bowl carrot, I wouldn't be surprised (after 2000 lawsuits/court actions, continued megaspinning, self-righteous lobbying by Dolan and others) that this deal finally happens.

Joe in Philly

Mar 22 2005, 12:07 PM

The prior bid by the Jets for the land they want to build the stadium ($100 million) was surpassed by the $600 million bid by Cablevision. But now the Jets have raised the stakes by offering $720 million. That's $720 million just for the land. If they build it, that's gonna be one damned expensive stadium.

Lexington

Mar 26 2005, 10:12 PM

Why not do what they did here in Colorado? Threaten to move the team away if the public doesn't kick in their share. Then, once the stadium's built, go 9-7 every year.

LXN

Joe in Philly

Mar 31 2005, 12:46 PM

Jets win! The board of the The Metropolitan Transportation Authority voted unanimously in favor of the football team's $720 million offer for rights to develop the site for a new stadium.

George Twins fan

Mar 31 2005, 01:28 PM

What a scam. The MTA owns this property and is swimming in debt. The subways are in disarray. Token booths have been closed, leaving riders at greater risk of crime. Another fare increase is looming. And yet they accept a bid that was half of what the best offer was? I don't care one way or the other if the Jets get a new stadium, but the MTA should damn well get as much money as they can for this property.

copman

Mar 31 2005, 04:41 PM

QUOTE

George_Twinsfan:
What a scam. The MTA owns this property and is swimming in debt. The subways are in disarray. Token booths have been closed, leaving riders at greater risk of crime. Another fare increase is looming. And yet they accept a bid that was half of what the best offer was? I don't care one way or the other if the Jets get a new stadium, but the MTA should damn well get as much money as they can for this property.

I thought read in the NY Times that the other offer was just slightly larger- $760. mill. and was not substantiated. Is my info incorrect? (Not sure of all the facts.) :confused:

[ March 31, 2005, 03:43 PM: Message edited by: copman ]

George Twins fan

Mar 31 2005, 09:13 PM

The news report I saw today said the other offer (from cablevision I believe?) was almost double that of the Jets.

Joe in Philly

Mar 31 2005, 09:38 PM

From the NY Times website article:

QUOTE

Last week, seeking to bolster their bid, the Jets brought together six developers who agreed to pay $440 million for unused development rights over the railyard if the city would rezone the site, a process that could take at least a year. But the authority had warned against contingent bids, and yesterday Mr. Kalikow rejected the $440 million addition without discussion. Also, the Jets' previous $280 million part of the bid was discounted to $210 million, after a maintenance fund was subtracted and long-term payouts were adjusted.

So the $720 mil figure comes from the $440 mil and the $280 mil figures above. Cablevision's offer according to the article was $400 million. I think they had similar add-ons to what are listed in the Jets' offer which led to the higher reported amounts. The MTA apparently decided to consider only strict cash-up-front bids for the property.

The Times article also says:

QUOTE

The authority's chairman, Peter S. Kalikow, argued that the Jets' plan would be of greater benefit to the city, because it would assure the city's intention of extending the No. 7 subway line to the west, and would make it possible for the agency to sell development rights for the stadium property. Several members said those rights - which they said could be transferred to nearby properties to allow higher buildings - could be worth as much as $1 billion over time.

Both arguments were fairly new, and may have represented an effort by the board to justify its reasoning in preparation for a lawsuit.

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