Nets' Yormark Recruiting Barclays Center Sponsors In Europe

Yormark Eyeing Europe For New Barclays Center Sponsors

Nets Sports & Entertainment President & CEO Brett Yormark has "just returned from London and Turin, Italy, where he has begun attempts to entice foreign companies into becoming major contributing sponsors" for the Barclays Center, the team's new Brooklyn arena, according to John Brennan of the Bergen RECORD. While the Nets "expect to lose about $40[M] in the just-completed season," with similar losses "expected annually" for the foreseeable future at the Izod Center, the estimated cost of the Barclays Center has "soared to $950[M], or more than twice the price of any" NBA or NHL arena ever built in the U.S. Yormark: "What differentiates (the Barclays Center) from any other building is that you have (foreign) companies that are looking to build a brand or to launch a brand in the U.S. And when you come to the U.S., well, you have to be in New York." Yormark added that the Barclays commitment "provides a 'comfort level' for many prospective European partners," and that some of the partners "may be announced" in May when the Nets open their midtown Manhattan sales office. Yormark noted that architect Frank Gehry, who is designing the Barclays Center, is "revered in Europe," as Gehry's projects include the Guggenheim Museum in Bilbao, Spain, and the "Dancing House" in Prague, Czech Republic. Yormark: "We've never pitched this as an arena -- we've pitched it as a landmark." Brennan noted the Nets "eagerly accepted an opportunity to play pre-season games" against the Heat in London and Paris this fall, when Yormark "expects to accelerate his foreign sponsorship efforts" (Bergen RECORD, 4/21).