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January 19, 2007
NETS' ARENA BANKS IT IN
BARCLAYS COURT$ RENOWN
NY Post
By Rich Calder
The big word of the day was "investment:"
It is the most lucrative deal for an indoor arena in the United States, more than doubling the $185 million over 20 years that Royal Philips Electronics is paying to name Atlanta's Philips Arena.
...
"I think from Barclays point of view, this is going to be one of the best investments they ever make, giving them visibility they couldn't get anyplace else," Mayor Bloomberg said at the announcement.
...
Barclays will invest another $2.5 million over the next few years in partnership with the Nets on a nonprofit organization aimed at assisting Brooklyn's youth. The Nets-Barclays Sports Alliance will repair and renovate run-down basketball courts and other sports facilities and sponsor tournaments and clinics.State officials approved the project last month, but it faces three lawsuits from residents whose homes are being seized through eminent domain to make way for the 22-acre project.
NoLandGrab: Score one for Ratner's PR team for getting the press corps to repeat the message that Barclays is investing in Brooklyn.
Barclays is giving Ratner money in hopes that you will like them as much as you like Bruce.
This deal is about ADVERTISEMENT, not "investment." They don't own anything except for the right to attach the "Barclays" name to the arena project.
It's like saying that Barclays is "investing" in page C5 of today's New York Times, where readers will find a one-page ad, touting the deal.
Posted by lumi at January 19, 2007 8:57 AM