Izod Center, Prudential Center Deal Could Lead To Nets Move
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Izod Center-Prudential Center Deal Could Mean
Nets Move To Newark For Next Two Seasons |
A truce between Izod Center and Prudential Center "appears to be imminent -- and if the deal is signed, it could have the Nets moving to Newark next fall for two seasons (or more) and the Izod Center becoming the long-term concert and family show mecca for North Jersey," according to John Brennan of the Bergen RECORD. New Jersey Sports & Exhibition Authority (NJSEA) Chair Carl Goldberg and New Jersey state economic development chief Jerry Zaro "confirmed Thursday that they have been meeting for four months, at [Gov. Jon] Corzine's insistence," with Devils Owner Jeff Vanderbeek to "complete such a deal." Nets CEO Brett Yormark also has been part of those discussions "in recent weeks." Zaro said, "I think this deal works for the Devils in terms of getting another tenant, if it comes to pass. It works for the Nets, and it works for Izod, because it's incontestable how well they stage family events and concerts." Brennan writes the Nets franchise is in a "critical moment in its history." The team "needs to win a ruling in the New York State Court of Appeals next month and sell at least $600[M] in bonds for Barclays Center construction, while also breaking ground in Brooklyn before year's end." Prospective Nets Owner Mikhail Prokhorov's agreement to purchase a controlling stake in the club is contingent on a move to Brooklyn, so if that does not transpire, the franchise "may be more attractive to local bidders if a deal to move to Newark already is in place" (Bergen RECORD, 10/23).
RUSSIAN INFLUENCE: NBA Commissioner David Stern Thursday said that the proposed sale to Prokhorov "will be put to a vote of NBA owners by the end of the year." In N.Y., Howard Beck notes Prokhorov "met with a subcommittee of owners Wednesday, during the league's board of governors meeting" in Manhattan, and Stern described the meeting as a "'robust and lively discussion' that focused on Prokhorov's rise from stevedore to blue-jeans salesman to banker to metals investor to billionaire." Stern "made the deal sound almost like a given," saying, "We're looking forward to the completion of that transaction" (N.Y. TIMES, 10/23). In N.Y., Rich Calder notes Prokhorov "took a half-dozen comrades" to restaurant Nello on the Upper East Side Wednesday afternoon. The tab and tip "totaled close to $19,000." Nello Owner Nello Balan said that Prokhorov "acted like the deal to buy majority ownership" of the Nets and "move the club to Brooklyn was already done" (N.Y. POST, 10/23).
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