March 13, 2003
Newark arena deal looks dead
The plan, five years in the works, to build an arena in Newark for the New Jersey Nets and Devils is "on the verge of collapse," according to the Newark Star-Ledger. Negotiations over the $355 million project, which would have included $210 million from the city of Newark, have broken down in the face of a $5 billion state budget deficit and worsening economic fortunes of YankeeNets, the teams' corporate parent. If the arena really is dead, the two teams would likely re-up for a lease extension at the Continental Airlines Arena, where if nothing else they'd have some interesting company.
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