Sources: New NJ stadium in sight after loan approval

It looks like the New York Giants and New York Jets won't have to go the way of the New Jersey Nets.

The NFL Players Association has agreed to allow an increase on the league's G-3 loan program to a maximum of $300 million, clearing the path for the Giants and Jets to collectively build a privately financed new stadium to replace the current one in the Meadowlands in East Rutherford, N.J., sources have told ESPN's Chris Mortensen.

NFL owners will now meet in Dallas on Dec. 7 to vote on approval for the loan. The proposed 80,000 seat stadium is expected to be built in the vicinity of Giants Stadium.

Rapidly rising construction costs and the union's concerns over revenue sharing had put the project in jeopardy. But the NFLPA finally signed off on the project last week.

The Giants and Jets have agreed to a 50-50 split on cost-sharing. One source says the goal is to have the stadium ready for the 2009 season.