EAST RUTHERFORD - (AP) - MetLife is upping the ante andtaking on a bigger role at the new home of the Jets and Giants, and the 2014 Super Bowl.
The New York-based insurance giant signed an agreement Tuesdaywith the NFL teams to buy the naming rights to the $1.6 billionstadium that will be the site of the league's title game in threeyears.
None of the parties would say how much North America's largestinsurance company paid for the right to call the one-year-oldfacility MetLife Stadium for the next 25 years, although there havebeen multiple reports that the deal will net the co-owners between$17 million to $20 million annually.
MetLife chief executive Steven A. Kandarian said his companywanted to partner with a world-class venue that would expose itsbrand to an even higher level.
As part of the deal, the Meadowlands sports complex - at leastthe area that includes the stadium, the Meadowlands Racetrack andthe Giants headquarters - will be known as the MetLife sportscomplex.
The state of New Jersey owns the land, but it gave the Jets andGiants permission to sell the complex naming rights when theyagreed to privately fund and build the stadium.
MetLife has been associated with the teams for almost threeyears. It had been paying them between $7 million to $8 millionannually to be one of four cornerstone sponsors for the stadiumalong with Verizon, Anheuser-Busch and PepsiCo.