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October 26, 2008
Facelift: Nets Step Back to Step Ahead
Newsday
by Ken Berger
This article looks at the struggles involved in rebuilding the New Jersey Nets. Included are growing doubts as to when the New Jersey Nets would be able to move to an arena in the proposed Atlantic Yards development.
Groundbreaking on the Brooklyn arena was delayed again last month when an appellate court declined to dismiss an appeal challenging New York State's intended use of eminent domain to seize land tied to the $4-billion Atlantic Yards project. Adding to the trouble, a clause in Barclays' $20-million-a-year naming rights deal allows the global investment firm to pull out if ground isn't broken by November.
Barclays has stated publicly that it remains behind the pro- ject, but the international credit crisis has cast doubt on every aspect of it. All of this directly affects what the Nets are do- ing on the court. James already has hinted at the attractiveness of joining his good friend Jay-Z, the rap mogul and Nets part-owner, in Brooklyn, which he described as his favorite borough during a summer event in the city with Team USA. There was no mention of Newark being his favorite outpost this side of Akron.
Posted by steve at October 26, 2008 8:09 AM