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September 6, 2012
Stern: Brooklyn move means revenue jump to Nets
Atlantic Yards Report
So why again did we taxpayers have to give Bruce Ratner a billion dollars in subsidies and tax breaks?
From Bloomberg News, Stern Sees Nets’ Revenue In NBA’s Top Five With Move To Brooklyn:
The National Basketball Association Commissioner David Stern said the Brooklyn Nets may jump into the league’s five highest revenue teams in the franchise’s first season in the Barclays Center.
Speaking at the Bloomberg Sports Business Summit hosted by Bloomberg Link in New York, Stern also stressed the league’s desire to increase its brand in India, the world’s second most- populous country. Those inroads include a Hindi-English website, television agreements, tournaments and possibly a league that bears the NBA name.
The Nets’ revenue should improve from “pretty bad” during their last season in Newark, New Jersey, to one of the league’s top five or six, according to Stern.
“The Nets have these wonderful tent-pole sponsorships, they’re doing spectacularly in their season-ticket sales and they have retained a team that, in reading about it, looks like they’re going to compete,” he said.
So, did anyone quantify the value of selling "Brooklyn" to arena and team operators? No.
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Bloomberg, Stern Sees Nets’ Revenue in NBA’s Top Five With Move to Brooklyn
“I’m not looking at a lot of movement, but I am looking at a lot of price increases simply because when someone offers you a very high price for your asset, you have to decide whether you’re in it to pass it to your family or if it’s an asset that you may love but may not love enough to turn down a very high offer,” [NBA Commissioner David Stern] said.
Posted by eric at September 6, 2012 10:01 PM