MetLife Stadium is a stadium in the New York Metropolitan Area, part of the MetLife Sports Complex, in East Rutherford, New Jersey. It is the home of the New York Giants and New York Jets of the National Football League and is adjacent to the site of the former Giants Stadium, which was home to the Giants from 1976 until December 2009 and the Jets from 1984 until January 2010. Like its predecessor, the new stadium is the only NFL stadium shared by two teams. However, unlike Giants Stadium, in which the Jets were tenants of the NJSEA, the new stadium is a 50/50 partnership between both teams.
The stadium is owned by the New Jersey Sports and Exposition Authority on paper; however, the two teams jointly built the stadium using private funds, and administer it jointly through the MetLife Stadium Company. The stadium opened as New Meadowlands Stadium on April 10, 2010, featuring the Big City Classic lacrosse event. In 2011, MetLife, an insurance company based in New York City, acquired the naming rights to the stadium. At a construction cost of approximately $1.6 billion, it is the most expensive NFL stadium ever built, and is the largest stadium in the NFL in terms of permanent seating capacity.[