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September 24, 2008
Finance…and Now Politics…Complicating Arena Schedule
Nets Daily
Sports Business Journal thinks arenas with financing in place are in good shape, but those still waiting for deals — like the Nets’ Barclays Center — could face delays. SBJ says “financial support remains in doubt for building a new arena in Brooklyn” … in spite of the Nets’ oft-stated claim that ground will be broken by year’s end. Meanwhile, a change in control of the New York State Senate may hurt the project.
NoLandGrab: Could a change in the State Senate really alter the way NY State wields the power of eminent domain when Assembly Speaker Sheldon Silver, arguably the most powerful pol in NY, is a supporter of the project?
On the other hand, the question about what deals will get done and which ones will have to wait for better times is one to watch. Gumby Fresh recently noticed that Goldman Sachs, the same firm working on the Nets arena financing, "closed a pretty solid, if somewhat subsidy-larded financing for the Louisville Arena the other day."
Posted by lumi at September 24, 2008 5:45 AM