New York, NY (Sports Network) - Officials from New York City and the state of New York have announced a proposal for a new stadium on the city's west side that would house the New York Jets.
The $1.4 billion stadium would be part of a plan to modernize New York City's convention industry, bring the Jets back from New Jersey and strengthen the city's bid for the 2012 Olympics.
"When I became owner of the team in 2000, I pledged that my highest priority was to bring the Jets back to where they belong, right here in Manhattan," Jets owner Woody Johnson said. "Today was a long time in the making, but well worth the wait for a home to call our own."
The multi-purpose facility, a sports and convention center, would feature a 75,000-seat stadium and a 200,000 square foot exhibit hall. The plan would also include an expansion of the Jacob Javits Convention Center, which would allow for a "Convention Corridor" on Manhattan's west side -- north from 30th to 40th streets along 11th Avenue near the Hudson River.
The Jets will commit $800 million to the plan, the largest private investment for a comparable facility, while the city and state will contribute $300 million each to build a deck over the rail yards and a retractable roof for the stadium.
"The Jets are proud to invest $800 million in the future of our city to create the greatest sports and convention center in the world," Johnson added. "And we thank New York City and State for committing the resources to make that investment possible."
In addition to football, the new stadium could be used as a potential site for the Final Four in the NCAA Tournament, concerts and trade shows. The opening and closing ceremonies of the Olympics would also be staged in the building.
New York City mayor Michael Bloomberg and governor George Pataki have endorsed the plan, but resistance from neighborhood businesses and residents, as well as environmentalists, will likely be an issue.
The Jets currently share the Meadowlands with the New York Giants, with a lease that expires in 2008.