NEW YORK — The Los Angeles Rams and Dallas Cowboys agreed on a three-year deal to purchase and renovate the Meadowlands Stadium site.
The agreement will include $50 million in bonds for the stadium project.
The stadium site, located near the University of Texas campus, is adjacent to two of the nation’s busiest and busiest highways and is near major metropolitan areas including Los Angeles, San Francisco and Washington.
“The new stadium will be a showcase for the NFL and the NFLPA and will allow us to create a state-of-the-art, modern stadium that will be the envy of the league and its communities,” Rams president Nick Bisciotti said.
“This stadium will also serve as a model for the world as we continue to grow our fan base and bring more and more people to our cities.”
Our goal is to build a world-class facility that is an asset to the entire region, and we are confident this deal will lead to a long-term future for our communities,” he said.
The Rams have previously agreed to a multiyear lease to use the stadium site for the 2019 season.
The deal includes $50.5 million in new bonds to fund the stadium construction and will provide the team with $50 to $70 million in tax revenue over the first five years of the deal.
The Cowboys are also seeking $1 billion in tax relief from the state of Texas and the state’s transportation department.
The state has already issued $4 billion in bond relief and $500 million in additional debt relief.
The team is in the midst of a $1.5 billion renovation of the stadium and is expected to begin construction in 2018.
The NFL, the league’s private-equity owners, have pledged to donate $1 million a year in public funds to the project.
Bisciotti and the Cowboys said the $1,500 annual donation would be a first in the league.
The stadium is expected be ready for the start of the 2019 regular season in October.