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December 16, 2009
Deal to move NJ Nets from Meadowlands to Newark's Prudential Center falls apart
The Star-Ledger
by Ted Sherman
Looks like the New Jersey Nets will be spending the next two-and-a-half years (or more) in the Izod Center.
A complex deal to bring the Nets to the state’s largest city has all but collapsed.
The temporary move by the team had been part of a wider plan intended to end a war for entertainment dollars between the Izod Center in the Meadowlands, operated by the New Jersey Sports and Exposition Authority, and the privately owned Prudential Center in Newark. The two sides have been battling for the same concert, show and entertainment bookings.
The agreement would have allowed the Nets to break their lease at the Izod Center, opening the door to a temporary move by the struggling NBA team to the more modern Prudential Center, which hopes to become a showcase for sporting events in New Jersey. The Nets would share the building with the Devils hockey team, until the team’s planned move to Brooklyn by 2012.
Most non-sporting events, such as the lucrative concerts and family shows now at the heart of a tug-of-war between the two arenas, would in turn be shifted primarily to the Izod Center, which would become an entertainment venue.
Additional coverage...
Bergen Record, NJSEA won't waive Nets' penalty, its chairman says
“Theoretically, they could give us notice prior to Dec. 31 that they are not playing in our venue next year,” Goldberg said of the Izod Center. “But then they concurrently would have an obligation to tender a check to us for $7.5 million.
“I don’t see that there’s a possibility — given the holidays and everyone’s schedule — that there could be a thoughtful discussion [by board members] about waiving the penalty and allowing the Nets to play someplace else in 2010-11.”
In a statement, Brett Yormark, the Nets chief executive, did not address whether application of the penalty would erase any club interest in Newark.
“We continue to be encouraged about the prospect of making an interim move to the Prudential Center,” Yormark said. “Not only would this interim move be a positive for our New Jersey fans, but it would give future fans from Brooklyn and Manhattan the chance to get to know us now, given the access to mass transit near the arena.”
NoLandGrab: Could that be the same Brett Yormark who only a few months ago said the Nets had no interest in moving to Newark, even on an interim basis?
Posted by eric at December 16, 2009 11:51 PM