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February 18, 2010
NJ Nets will move to Prudential Center in Newark
The Star-Ledger
The Nets are making a fast break to Newark.
After months of speculation over whether the struggling NBA team would leave Izod Center in the Meadowlands for a two-year stay at the new Prudential Center in Newark, a deal was struck today to allow the Nets to break their lease for $4 million and move to Newark, according to officials involved in the negotiations.
The early termination fees could be offset in part by advertising, suite revenue and other credits.
The agreement came after the New Jersey Sports and Exposition Authority voted in secret to approve the deal at a special meeting this morning. A formal announcement is expected later today by Gov. Chris Christie.
Posted by eric at February 18, 2010 9:41 PM