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November 14, 2008
BANK: WE WON'T BAIL OUT ON NETS ARENA
NY Post
By Rich Calder
Barclays bank vowed yesterday not to exercise an out clause and kill its record $400 million naming-rights deal for the venue, the centerpiece of developer Bruce Ratner's $4 billion Atlantic Yards project.
The deal was contingent on Ratner's having financing for his entire project - which also includes 16 towers of residential and office space - set by the end of this month. That is now impossible because of pending litigation to block the project.
But sources told The Post that Barclays agreed to an extension.
The Star-Ledger, Harris ready to help New Jersey Nets
Seeking to dispel doubts about the Atlantic Yards project, the Nets issued a short release yesterday quoting Barclays Chief Administrator Officer for the Americas that reiterated the bank's pledge to carry on. "Barclays is unwavering in its commitment to the Barclays Center, and we are very pleased with our long-term alliance with our great partners," said Gerard LaRocca, whose institution has committed $400 million to the deal.
Posted by lumi at November 14, 2008 6:14 AM