NEW YORK TO GET NEW SOCCER STADIUM 2003-Jun-23 08:05: A new soccer stadium is set to be built for Major League Soccer (MLS) side New York-New Jersey MetroStars after the project received government funding. Government officials in Harrison, New Jersey, have agreed to a plan to fund construction of an soccer stadium for the New York-New Jersey MetroStars, removing one of the biggest obstacles to building the 25,000-seater facility which could cost between $80million and $90m. Harrison Mayor Ray McDonough and Harrison Redevelopment Authority chairman Peter Higgins III said the town has reached an agreement with Advance Realty Group of Bedminster, New Jersey, which already has begun construction on part of a 275-acre complex of office, retail and residential property along the city's waterfront. The stadium is part of the complex on the north bank of the Passaic River, across from Newark. Denver billionaire Phil Anschutz, who owns the MetroStars, will pay $30m toward the stadium, which Harrison will own and the Anschutz Entertainment Group will operate. The MetroStars have played at Giants Stadium in East Rutherford, New Jersey since the team's inception in 1996. The agreement with Advance Realty must be approved by Harrison's town council, which will vote July 1. If approved, Harrison would ask the Hudson County Improvement Authority, of which Higgins is a member, to sell about $55m in bonds. The agreement ensures Advance Realty would make payments to service the debt on the bonds until the stadium opens in April 2006 and produces revenue. If completed, the stadium would be the fourth built specifically for a Major League Soccer team. The Columbus Crew, owned by Lamar Hunt, opened their stadium in 1999. The Galaxy, also owned by Anschutz, opened the Home Depot Center two weeks ago, while the Dallas Burn, also owned by Hunt, is building a stadium in the suburb of Frisco, Texas, to open in 2005. Drew Barrand drewb@sportbusiness.com Source: © sportbusiness.com