SBD/October 27, 2010/Franchises

Nets Hope Newark Stay Boosts Finances To Pre-Recession Numbers

Nets Hoping Move To Prudential Center Will Cut Annual Losses
Nets CEO Brett Yormark said his goal for the team's first year in Newark is to get finances "back to pre-recession numbers," according to Dave D'Alessandro of the Newark STAR-LEDGER. That means Yormark is "ready to lose" $25-30M this season, which is "better than losing $64 million as they did in fiscal 2009." The Nets for the next two seasons are playing at the Prudential Center before their planned move to Brooklyn in '12, and Yormark said, "I look at it like a really good bridge to Brooklyn. It's like Brooklyn to a smaller degree -- urban market, rail access, 250,000 people instead of 2.5 million. It's a good testing ground. I'm anxious to see how fans gravitate to the amenities we have here" (Newark STAR-LEDGER, 10/27). In N.Y., Ken Belson notes Nets fans will "likely see a lot" of Owner Mikhail Prokhorov this season. Prokhorov "plans to attend about a quarter of the Nets' home games," including the "first three games." Prokhorov "will not sit courtside." He "will keep to his owner's box, where he can survey his team." Belson notes the Nets "have sold 2,800 new full-season ticket plans, though they are offering steep discounts for their early home games to lure additional fans" (N.Y. TIMES, 10/27).

COMING ON BOARD: The Nets today announced a multi-tiered sponsorship with Aeroflot, marking the Russia-based airline's first deal with a U.S. pro sports team. The agreement includes TV-visible courtside signage during Nets home games that will air in Russia during the '10-11 season, as well as on-screen branding during YES broadcasts of Nets away games. Aeroflot also will be an associate sponsor for "An Evening of Russian Culture" during the Jazz-Nets game on Jan. 19 (THE DAILY). Yormark said of signing more sponsors, "We're targeting some of the traditional categories … that typically you see around sports: Quick-service restaurants, insurance, things of that nature, automobile. Those are categories that we're working very diligently on currently, and I do expect to have some additional announcements in the short-term" (Bloomberg TV, 10/27).
Return to top

Related Topics:

Brooklyn Nets, Franchises

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug