City and club officials agreed on changes to an agreement signed late last year for the 81,000 seater in the Meadowlands which will see the state not have to finance £30m of infrastructure costs around the stadium.
Other key amendments include the clubs pocketing cash for selling the naming rights to the venue and dropping plans for a retractable dome roof.
The stadium should open in time for the 2010 season.
The creation of a $1bn super-stadium for the NFL’s New York Giants and Jets has taken a significant step forward after new financing terms for the venue were agreed.
