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NFLPA willing to aid stadium effort
Bloomberg News
Dec. 5, 2006 12:00 AM
The NFL players union is willing to cut its salary ceiling by $800 million over 15 years to help win approval for a new stadium for the New York's Giants and Jets, a top union official said.
Richard Berthelsen, general counsel for the NFL Players Association, said the proposed $1.2 billion East Rutherford, N.J., stadium would generate at least $2 million each year in additional player salaries, offsetting any losses from the reduced payroll limit. This season's limit is $102 million per team.
"It's like spending 50 cents to make a dollar," Berthelsen said.
"The stadium is going to bring in additional revenue that wasn't there before."
NFL spokesman Greg Aiello said the league had discussed the issue with the union, declining further comment.
NFL owners are scheduled to meet Thursday in Frisco, Texas, to vote on a request by the Giants and Jets for $300 million in loans from a league stadium-financing program. The stadium would raise labor costs for teams around the league because players receive a share of stadium revenue, even though teams don't share that money with each other.
Berthelsen said offering to give up $800 million might help reduce those costs and convince owners to vote for the loans.
NFLPA willing to aid stadium effort
Bloomberg News
Dec. 5, 2006 12:00 AM
The NFL players union is willing to cut its salary ceiling by $800 million over 15 years to help win approval for a new stadium for the New York's Giants and Jets, a top union official said.
Richard Berthelsen, general counsel for the NFL Players Association, said the proposed $1.2 billion East Rutherford, N.J., stadium would generate at least $2 million each year in additional player salaries, offsetting any losses from the reduced payroll limit. This season's limit is $102 million per team.
"It's like spending 50 cents to make a dollar," Berthelsen said.
"The stadium is going to bring in additional revenue that wasn't there before."
NFL spokesman Greg Aiello said the league had discussed the issue with the union, declining further comment.
NFL owners are scheduled to meet Thursday in Frisco, Texas, to vote on a request by the Giants and Jets for $300 million in loans from a league stadium-financing program. The stadium would raise labor costs for teams around the league because players receive a share of stadium revenue, even though teams don't share that money with each other.
Berthelsen said offering to give up $800 million might help reduce those costs and convince owners to vote for the loans.
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