EAST RUTHERFORD, N.J. -- Giants Stadium LLC, an entity related to the ownership of the New York Football Giants, and the New Jersey Sports and Exposition Authority today announced that they have signed a memorandum of understanding for the development of a new, 80,000-seat, 100% privately financed professional football stadium, including practice and training facilities, retail shops, restaurants and a Giants' hall of fame and team store, at the Meadowlands Sports Complex.

"We are delighted to have come to this agreement with the NJSEA and congratulate Governor Codey and Chairman Goldberg on their stewardship of the public trust in this matter," said John K. Mara. "It is wonderful news for Giants fans and for New Jersey taxpayers alike. This new stadium will require no public funding or debt, yet will generate significant economic benefit to the Garden state."

"For our fans and for our organization, it has been our strong desire to stay in what has become over the past 30 years our home," said Steve Tisch. "We very much appreciate the Governor's and Carl Goldberg's efforts to work with us to resolve the issues that separated us so we could move this extremely beneficial agreement forward. We are confident that this memorandum of understanding will form the basis for a definitive and mutually beneficial agreement on a new Giants Stadium in the Meadowlands."