page_title: MetLife Stadium
section_title: Lease terms
hierarchical_section_title: MetLife Stadium / Technical agreements / Lease terms
caption_attribution_description: English: View from an aircraft on approach to Newark-Liberty International Airport (EWR) of MetLife Stadium (under construction) and Giants Stadium in July 2009.
context_page_description: MetLife Stadium is an American sports stadium located at the Meadowlands Sports Complex in East Rutherford, New Jersey, 5 mi west of New York City. It is the home stadium of two National Football League franchises, the New York Giants and the New York Jets. Originally known as New Meadowlands Stadium upon opening in 2010, its naming rights were acquired in 2011 by New York City-based insurance company MetLife. The stadium is owned by the MetLife Stadium Company, a joint venture of the Giants and Jets, which privately financed the construction of the venue on land belonging to the New Jersey Sports and Exposition Authority. At an approximate cost of $1.6 billion, it was the most expensive stadium ever built at the time.
context_section_description: The two teams formed the New Meadowlands Stadium Company, LLC (now MetLife Stadium Company), a 50/50 joint venture, to build and operate the stadium. The two teams leased the parcel of land on which the stadium stands from the NJSEA for a 25-year term, with options to extend it which could eventually reach 97 years. After the 15th year of the lease, and every five years, hence; one of the two teams may opt out of the lease after giving the state 12 months notice. The first such opportunity to opt out will occur in 2025 with a notice date of 2024. There will then be an opportunity to opt out in 2030, 2035, 2040, etc... However, if one team leaves for a new stadium, the other team would have to remain for the remainder of the lease. However, the high cost of building and relocating to a stadium makes it very unlikely. The teams also get parking revenue from the Meadowlands' western parking lots year round, even when there are no events at the stadium (this would occur when other parts of the Meadowlands host events).
caption: View of MetLife Stadium (under construction) and Giants Stadium (on right) in July 2009
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