The New Jersey Sports & Exposition Authority is hiring sports consultant MZ Sports LLC to help the agency in its negotiations with the New York Giants over the club's request to redo its lease.
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The Giants want to manage Giants Stadium and keep much of its sports and non-sports revenue, in return for footing the bill for an up to $275 million renovation of the facility that would make it suitable for a Super Bowl.
"We have no" problems with "the Giants taking control of Giants Stadium," said George Zoffinger, the NJSEA president, speaking from the floor of the facility as it was being prepared for a Bruce Springsteen concert. What he would not say is at what cost, and that's where MZ Sports comes in.
"From my standpoint, I want to make sure we do what is the right thing to do for the interests of the taxpayers of New Jersey, and I want to make sure we have professional help to do that," Zoffinger said. "I would anticipate we would use [MZ's] services in our negotiations with the Giants."
Zoffinger said the authority has been in discussions with MZ, and he expects to hire the firm soon.
The NJSEA and Giants, whose lease does not expire until 2026, have been in talks this summer, and it is unclear when, or if, the two sides will hammer out an agreement.
MZ Sports is a 2-year-old outfit started by Mitchell Ziets, the M and Z in the company name. He is an expert at leases and stadium financing, having worked for Public Financial Management in Philadelphia through the late 1990s before a brief stint with Legg Mason.
