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April 22, 2005
Nets losing $20M this season
The Newark Star-Ledger
By Matthew Futterman
The Nets are headed to the playoffs -- and a major financial loss.
Despite their late-season drive for the eighth and final spot in the Eastern Conference and a recent sellout crowd at Continental Airlines Arena, the Nets will lose roughly $20 million this season, according to recent tax filings described to The Star-Ledger.
The team accrued the losses despite a massive sales and marketing effort that began in January when Brett Yormark took over as the team's chief executive. The Nets have tried everything -- from paying fans' tolls at the New Jersey Turnpike's Exit 16W to offering season tickets-holders scores of free tickets to putting greeters in the parking lot to make customers feel more welcome.
Edwin Steir, who serves on the team's management committee with owner Bruce Ratner, said he was satisfied with the long-term financial outlook for the team. Steir represents members of the team's former ownership group which still owns a 20-percent stake.
Posted by lumi at April 22, 2005 7:39 AM