EAST RUTHERFORD, N.J., Sept. 29 (UPI) -- The New York Giants and Jets Thursday agreed to cooperate on a new stadium that will be built near their current home at East Rutherford, N.J.
The proposed 80,000-seat stadium will be part of a 75-acre development that would also include Xanadu, a $1.3 billion retail and entertainment center currently being built nearby.
Acting New Jersey Gov. Richard J. Codey said both teams will remain in New Jersey for the next 99 years.
"Today, the New York Jets and New York Giants reached a historic agreement," read a joint statement. "As part of a true, 50/50 partnership, the Jets and Giants will build the NFL's premier stadium at The Meadowlands."
The announcement comes on the deadline date set by the New Jersey Sports and Exposition Authority -- which had threatened to withdraw the deal it made with the Giants in April if the two sides did not come to an agreement. The facility will have 4,000 luxury suites.