SBD/2/Franchises

NJSEA NOT TAKING OFF WITH CONTINENTAL; MCMULLEN WANTS OUT

          The NJ Sports & Exposition Authority (NJSEA) is "having
     a hard time breaking even on running" Continental Airlines
     Arena, according to Thomas Fitzgerald of the Bergen RECORD. 
     The NJSEA "expects to clear just" $167,000 on $38M in arena
     revenues this year, according to the agency's budget.  That
     "reflects the continuing costs" of "major lease concessions"
     it made with the Devils to keep them in NJ in '95, as well
     as "some concessions" it made with the Nets.  Fitzgerald
     reported that the NJSEA lost $22,000 on the arena last year. 
     NJSEA CEO Robert Mulcahy said that he is "optimistic" that
     the arena "could do better than projected" because both
     teams are "sure bets to make the playoffs this year, meaning
     extra games with extra revenue" (RECORD, 2/28).
          DEVIL'S ADVOCATE: Devils Owner John McMullen's drive
     for a new arena in Hoboken, NJ, was examined by Frank Brown
     in the N.Y. DAILY NEWS.  McMullen called Continental
     Airlines Arena (CAA) "antiquated" and said the team "cannot
     survive" there.  McMullen, on why he wants a new arena: "The
     question is, can an individual or a family organization
     compete against a big corporate owner?  In order to do it,
     you need a certain stream of income.  I get not a penny out
     of this thing, and nobody should expect me to do it forever. 
     Certainly, my heirs aren't going to do it; they'll sell the
     damn thing" (Frank Brown, N.Y. DAILY NEWS, 3/1).

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