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September 30, 2008

Arena, 2012? The Nets likely have four more seasons in New Jersey

Atlantic Yards Report

Norman Oder stays one step ahead of the mainstream media as he tries to pin down the constantly slipping timeline for Bruce Ratner's Atlantic Yards arena:

Bruce Ratner admitted yesterday that a state appeals court decision not to dismiss the pending eminent domain lawsuit "may" delay an announced December groundbreaking for the Atlantic Yards arena by six months. It almost certainly will do so--and could delay it even longer.

That means that the long-promised 2010 arena opening, already discredited by Ratner's own words (after promises of openings in previous years went by the wayside), is impossible.

Also, though Ratner previously told investors the arena would open in 2011, it's highly unlikely the arena would open that year. An early 2012 opening seems more likely. Given the difficulty of moving a team in mid-season, that suggests, in the best-case scenario, that the New Jersey Nets would not become the Brooklyn Nets until the fall of 2012.

That means four more seasons in the creaky Meadowlands--2008-09, 2009-10, 2010-11, and 2011-12--unless there's a move, say, to Newark.

Oder reviews the timeline math, explains how the Barclays naming-rights deal was not fully examined in recent coverage, and how a renegotiated deal with the banking giant would presage the need for more subsidies.

article.

Posted by lumi at September 30, 2008 7:37 AM