NEW YORK, 23 March 2005 — The New York Jets have offered the state $720 million for the Manhattan site where they want to build a sports stadium, The New York Times reported yesterday.

The proposed stadium is central to New York’s plans to stage the 2012 Olympic Games. The city is in a race with London, Madrid, Moscow and Paris to win the right to host the Games, with the winner to be announced on July 6.

Monday’s deadline offer was well above the team’s original $100 million offer and added a residential development to the original plan.

The offer was more than the latest made public by rival bidder Cablevision Systems Corp., the cable television operator, which also owns the Madison Square Garden indoor sports arena in Manhattan.

Cablevision, which has pledged to build 5,800 housing units, a five-acre park and a 750-room hotel on the site, and another unnamed bidder also increased their offers for the site on Monday, the Times reported.

Bids were submitted to the Metropolitan Transportation Authority, which owns the site, shortly before a late afternoon deadline the authority set last month. Authority officials hope to make a decision by March 31.

The New York 2012 bid team has been left in no doubt that the proposed stadium is key to their hopes of winning the right to stage the Olympics.

The International Olympic Committee’s 13-strong evaluation commission inspected New York last month and commission chairwoman Nawal El Moutawakel received assurances from New York mayor Michael Bloomberg.

“They gave us all assurances,” the Moroccan 400 meters hurdles gold medalist at the 1984 Los Angeles Games said at the end of the visit.

“He’s a winner and his team is a winning team, so we trust that between now and the end of March or July this project will hopefully come to an end.”

El Moutawakel stressed it was a crucial issue.

“We will follow (developments) closely so we can deliver an honest report to IOC members,” she added.

The New York bid organization has offered no back-up plan for the stadium that would hold opening and closing ceremonies and track and field competition.

Bloomberg said he was confident of agreeing the stadium deal but stopped short of making a guarantee.

“I think we will get it done,” he said. “I think the stadium is the right thing for New York City before you even consider the Olympics. It is the catalyst we need to develop the whole West Side.”