|New Meadowlands Stadium is the only facility that's home to two NFL teams. (David Drapkin/Associated Press)|
Insurance giant MetLife is in "very advanced but not complete" talks with New York's NFL teams about acquiring the naming rights to the stadium, Sports Business Daily reported Monday.
Neither team nor MetLife, which is based in New York, would comment on the report when asked by The Associated Press. The deal would be worth between $17 million and $18 million annually, according to Sports Business Daily.
New Meadowlands Stadium is a $1.6 billion facility that was privately built in East Rutherford, N.J., and is co-owned by the Jets and Giants, who began play there last year. The stadium also will be the site of the 2014 Super Bowl.
MetLife currently pays about $7 million annually to be one of four cornerstone sponsors for the stadium. It would drop that position if it acquired the naming rights, opening a sponsorship for another company. The other cornerstone partners are Verizon, Anheuser-Busch and PepsiCo.
If the deal is finalized, MetLife would join Progressive (Cleveland Indians) and Farmers (Los Angeles' planned NFL stadium) as insurance brands with sports venue naming rights, according to Sports Business Daily.
The Associated Press contributed to this report.