Jets will drop lawsuit against agency
EAST RUTHERFORD, N.J. -- The New York Jets will pay less rent to use Giants Stadium, under a deal announced Thursday with the New Jersey Sports and Exposition Authority.
In return, the Jets will drop a lawsuit against the authority, which owns the stadium where the team plays its home games.
The Jets sued in 2003, complaining that the New York Giants had been given a reduction and that the Jets should have one also. The Giants got a rent reduction in 1999, from 15 percent of ticket sales to 10 percent, and agreed to extend their lease through 2026.
Leases for both teams require the authority to make such offers. The sports authority said it was willing to cut the lease payment for the Jets if they agreed to a longer lease. The Jets said the two items should be separate.
Under their settlement, the rent payment will be 10 percent of ticket sales, said authority spokesman Bernard T. Spigner and Jets spokeswoman Marissa Shorenstein. The lease will continue to run through 2008.
The Giants plan to build a new stadium at the Meadowlands Sports Complex that would open for the 2009 season.
The Jets had hoped to occupy a new stadium in Manhattan, but suffered a major setback in June when New York state leaders refused to approve $300 million for the $2.2 billion structure, which was also envisioned as the stadium for the 2012 Olympics. The games were later awarded to London.
Copyright 2005 by The Associated Press
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