The proposed stadium would be $1.4B

Updated: September 12, 2004, 5:41 PM ET
Associated Press

EAST RUTHERFORD, N.J. -- New York City will be forced to abandon its bid to host the 2012 Olympics if a deal is not reached soon on a $1.4 billion stadium for the New York Jets, Mayor Michael Bloomberg said Sunday.

"If we were not to get the stadium going very soon, we will have to drop out of our bid for the Olympics," Bloomberg said before participating in the coin toss at the Jets' opener against the Cincinnati Bengals.

The plan calls for a $1.4 billion stadium built above a rail yard on Manhattan's far West Side. But the idea has met with opposition from neighborhood residents, local politicians and some civic groups.

The proposed stadium would house the Jets and anchor the city's bid for the Olympics. Under the proposal, the Jets would spend $800 million and the city and state would add $300 million each.

The Jets play in New Jersey, sharing a stadium with the New York Giants.

New York is one of five finalists for the 2012 Olympics, along with Paris, London, Madrid and Moscow. The International Olympic Committee will announce the winner in July.

Copyright 2004 by The Associated Press