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June 11, 2009
Clock ticking on Nets move to Brooklyn
NorthJersey.com
by John Brennan
The Nets have just over six months left to wrap up their planned move to Brooklyn, Nets Chief Executive Brett Yormark said today.
“We have to break ground this year for various reasons,” Yormark said during a panel discussion at the audience at the annual Sports Facilities and Franchises event in Manhattan.
One reason is the Dec. 31 expiration of an IRS provision allowing tax-free bonds to be issued for construction of the team’s proposed Barclays Center in Brooklyn.
...Yormark was asked during the panel discussion what would happen if the Dec. 31 deadline was not met.
He said that he asked Ratner the same question when being interviewed for the job several years ago. He said he was told, “There are no other options.”
A few hours later, Devils principal owner Jeff Vanderbeek said Newark’s Prudential Center could be an option if the Brooklyn plan falls through.
“We’ve always said that we would” share the Newark arena, he said when asked about the idea by an audience member. “We’d welcome them with open arms. I think that they certainly would do very well here.”
Posted by eric at June 11, 2009 8:20 AM