NFL allows Giants, Jet to borrow $1.5 billion

The New York Daily News is
reporting that the NFL is allowing the New York Giants and Jets to
borrow as much as $750 million each to help finance a new shared
stadium to be built in East Rutherford, NJ. Traditionally teams are
allowed to only borrow $150 million but because of the high cost of
building in the New York metropolitan area the sky is the limit. The
teams plan to break ground in May on the stadium, Cross said. The
project, estimated to cost at least $1.4 billion, will be built near
their current home, Giants Stadium, and is scheduled to open in 2010.