EAST RUTHERFORD -- The New York Giants and the New York Jets, the Tisch, Mara and Johnson families, New Jersey Governor Jon Corzine and the New Jersey Sports and Exposition Authority today jointly announced that the Governor has completed his review of the Memorandum of Understanding related to the development of a new football stadium for the Giants and Jets at the Meadowlands Sports Complex. Although the principal terms of the original Memorandum of Understanding remain unchanged, the parties have agreed to adjustments that relieve the State of predevelopment costs and grant the New Meadowlands Stadium developer certain additional opportunities to reap the economic benefits of its development.

"Governor Codey made a tremendous effort to keep the Giants and Jets in New Jersey and today's announcement confirms the partnership that has been fostered between New Jersey and the teams," said Governor Corzine. "The stadium that will be built will be a world-class facility that will set a new standard for football venues. I am also excited that the Jets will practice in Florham Park and I welcome their decision."

"We are very grateful to the Governor for recognizing the importance of this project," said Woody Johnson, Chairman and CEO New York Jets. "We are looking forward to moving ahead and beginning work on the new stadium as planned."

Giants Chief Executive Officer John Mara said, "Today's announcement is great news for the fans of both teams, and we thank Governor Corzine, former Governor Codey, the NJSEA and our partners, the Jets and the Johnson family, for the tremendous effort put forth to bring us to this stage."

Steve Tisch, Chairman of the New York Giants said, "We are very excited that the Jets and the Giants will have the opportunity to make history when this stadium opens as one of the premier facilities in the NFL."

Former N.J. Governor Richard Codey, an ardent supporter of the stadium project, said, "I am pleased that the parties have reached what I believe to be a fair deal, and I think all parties agree that it is time to put shovels in the ground and make this project, which will be so beneficial for the State of New Jersey, a reality."

NJSEA Chairman, Carl Goldberg remarked, "With these negotiations behind us, we can now focus on working with the Johnson, Mara and Tisch families to finalize the land plan so that construction can begin on this exciting project at the Meadowlands."

FLORHAM PARK SELECTED BY JETS FOR PRACTICE FACILITY
In addition, the Jets today announced they have decided on a location for their new headquarters and practice facility, a site in Florham Park that was formerly the headquarters of Exxon.

The practice facility will house all football operations and most corporate functions including a 110,000 sq. ft. building housing 100 employees, three outdoor football fields and one indoor football field. Relocating the facility from Long Island will generate a number of local jobs and more than $10 million in new annual tax revenue, the Jets said. The move is part of the Jets agreement to build the joint Meadowlands stadium with the Giants. The Giants will build their own new training facility on a site within the Meadowlands Sports Complex.