Giants, Jets land $1.3b stadium financing deal.

The New York Giants and the New York Jets closed on two independent $650 million financing deals late last week, helping to pave the way for the New Meadowlands Sports Complex, which may open as early as 2010. "The financing represents the next step in building what is going to be the most

spectacular stadium housing two NFL teams anywhere in the country," said Alice McGillion, spokeswoman for the New Meadowlands Stadium Corp. Though design plans are still being finalized, the open air arena is expected to seat 82,000 fans. Excavation work began last Spring, and a formal groundbreaking is anticipated to occur in September.

The $1.3 billion adds to the $300 million in loans NFL owners gave the teams earlier this year to help finance the stadium construction. Citicorp and the Royal Bank of Scotland are financing the Jets. Goldman Sachs and Lehman Brothers are financing the giants.

Additionally the Giants are constructing a 20-acre practice area adjacent to the Meadowlands stadium. The Jets are creating their practice grounds on 20 acres in Florham Park.