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The New York Giants and Jets received approval for $300 million in National Football League stadium loans, a major step toward building a shared $1.2 billion home field in the New Jersey Meadowlands.
Representatives of the league's teams, meeting in Dallas, voted 30-2 to grant each New York franchise $150 million through a program that provides financing for stadium construction, Giants co-owner Steve Tisch said in an interview.
The Cincinnati Bengals and the Buffalo Bills voted against the proposal, Tisch said. No other single project has received more than $150 million since the NFL's program began in 1999. The stadium plan faces a state environmental hearing next week.
``With no other foreseeable obstacles, we're in good position to break ground on the new stadium in the spring,'' Tisch said. ``It really clears the deck to move ahead.''
The Jets-Giants request risked being the first that the owners rejected. Some owners were concerned that increased revenue from the new stadium, once added to the players' salary pool, would boost payrolls for all teams. Owners of both teams said the privately financed stadium was contingent on the $300 million NFL contribution.
The NFL players union said this week it was willing to cut the salary ceiling by $800 million over 15 years to reduce the stadium's impact on other teams. It said a new facility would raise salaries on each team by around $2 million a year.
Representatives of the league's teams, meeting in Dallas, voted 30-2 to grant each New York franchise $150 million through a program that provides financing for stadium construction, Giants co-owner Steve Tisch said in an interview.
The Cincinnati Bengals and the Buffalo Bills voted against the proposal, Tisch said. No other single project has received more than $150 million since the NFL's program began in 1999. The stadium plan faces a state environmental hearing next week.
``With no other foreseeable obstacles, we're in good position to break ground on the new stadium in the spring,'' Tisch said. ``It really clears the deck to move ahead.''
The Jets-Giants request risked being the first that the owners rejected. Some owners were concerned that increased revenue from the new stadium, once added to the players' salary pool, would boost payrolls for all teams. Owners of both teams said the privately financed stadium was contingent on the $300 million NFL contribution.
The NFL players union said this week it was willing to cut the salary ceiling by $800 million over 15 years to reduce the stadium's impact on other teams. It said a new facility would raise salaries on each team by around $2 million a year.
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