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DEAL WITH THE DEVILS: NJSEA AND NHL TEAM STRIKE LEASE DEAL
Published July 14, 1995
The Devils agreed yesterday to play at Brendan Byrne Arena at least through next season, and for 11 more after that if a renegotiated lease with promises of new revenues from luxury suites and advertising is approved by September, according to the N.Y. TIMES. If the deal is not completed by September 15, the NJSEA would reactivate its request for a temporary restraining order to keep the team from terminating its current lease (Richard Sandomir, N.Y. TIMES, 7/14). Devils President & GM Lou Lamoriello: "The reality is that if the Sports Authority delivers what has been promised, the Devils have a 12-year lease and commitment to remain in New Jersey. There are no escapes if the Authority keeps its word" (N.Y. POST, 7/14). In the N.Y. DAILY NEWS, Colin Stephenson reports that promised improvements to the arena will include 14 new luxury boxes, 1,600 club seats, additional advertising space sold inside the arena and the construction of restaurants and exclusive "club rooms" for club seat patrons (N.Y. DAILY NEWS, 7/14). Larry Brooks notes that the Devils have also moved to prevent another professional franchise from relocating to the Meadowlands. Funding for the renovation work will be generated, in part, by selling the naming rights to the arena (N.Y. POST, 7/14). YANKEES LOST IN YONKERS?: Larry Brooks notes that the Devils "have done their part to see to it that another New York team -- the Yankees -- cannot now use the Meadowlands to hold this city hostage" (N.Y. POST, 7/14). Yankees Exec VP & General Counsel David Sussman, from a prepared statement: "It appears that the New Jersey Sports and Exposition Authority has decided it would prefer to have a National Hockey League team over a Major League Baseball team playing in the Meadowlands" (N.Y. NEWSDAY, 7/14).