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January 26, 2010
Nets Could Face $7.5 Million Fine if They Move to Newark
The New York Times
by Ken Belson
New New Jersey Governor Chris Christie will be looking for soon-to-be-new Nets owner Mikhail Prokhorov to fork over some rubles.
New Jersey’s new governor, Christopher J. Christie, wants the Nets to pay a $7.5 million penalty if the team breaks its lease at the Izod Center and moves to the Prudential Center in Newark next season.
The suggestion was included in a 20-page document issued by the New Jersey Gaming, Sports and Entertainment Committee of the governor’s transition team. The report, compiled before the governor took office last Tuesday, focuses largely on the state’s casinos and horse racing, both of which, the committee said, were “broken.”
The report identified agreements made during previous administrations that the Christie Administration hopes to revise or undo. One is a plan created last year to allow the Nets to break their lease at the Izod Center two years early and move to the Prudential Center until their new arena in Brooklyn opens.
NoLandGrab: No doubt, Bruce Ratner and his cronies are working on a plan by which New York State and New York City taxpayers would cough up the $7.5 million payment.
Posted by eric at January 26, 2010 12:48 PM