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May 01, 2008
Nets-to-Newark move in the works?
It's been rumored before, but today's Newark Star-Ledger has the first published reports of talks to move to New Jersey Nets to Newark's Prudential Arena instead of to Brooklyn's troubled Atlantic Yards project. The Star-Ledger reports that New Jersey Devils owner Jeffrey Vanderbeek and Newark mayor Cory Booker are working on putting together an investment group to buy the Nets, and have held preliminary meetings with Nets owner Bruce Ratner and his development company about such a plan.
Being second fiddle to an NHL team usually isn't as enticing a prospect as having your own arena, but there are some special circumstances here: The Nets are currently losing an estimated $40 million a year playing in the Meadowlands, and are stuck there at least another two seasons before a Brooklyn arena could be ready. And they're facing an increasingly tougher financial road there as well, despite heavy public subsidies. As George Zoffinger, former head of Jersey's sports authority, told the Star-Ledger: "When you start to spend north of $500 million for an arena, you can't generate the cash flow necessary to generate a decent return on the investment. If the number is $900 million, it's absolutely, positively not viable from an economic standpoint."
Ratner, meanwhile, insists the team isn't for sale, which could be read either way: It could be meant as a sign of reassurance to Brooklyn legislators who might be wondering if they should pull the plug on Atlantic Yards; or, you might wonder whether, if Ratner's really serious about getting more money out of Brooklyn, he wouldn't want to raise the specter of a Newark move to up the ante. I wouldn't hazard a guess, but it's worth noting the Nets wouldn't be the first team to stay in New Jersey after initially insisting it was not an option.
So if the nets move to newark they won't draw there either. Its time for the nets to move out of the area completely. Plus Dave law and order Stern doesn't want the nets in jersey anymore
Posted by dan on May 1, 2008 02:29 PM
Read what brett yormark said in the newark star ledger they are not going to newark. I went to a job fair they said they are still on target to move to brooklyn. When Iasked them if long island was a option he kinda smiled. And Iasked him about newark thats not a option.
Posted by dan on May 1, 2008 08:07 PM
I've passed by the area of Brooklyn where they want to build the arena and building complex. It would be a complete desctruction of an already busy/crowded/vibrant neighborhood. The roads down there can't even support the current crowds.
Posted by Mark from NYC on May 2, 2008 02:01 PM
There will be people taking the train there too. So you are telling me having msg on 7th ave and 33 rd street isn't a problem or having yankee stadium in a neighorhood isnt a problem.Lets be honest anywhere you build a stadium in ny isnt 100 percent perfect. And look at the meadowlands honestly that xanadu project is a total disaster one of those football will want to leave when they can get out of there lease.
Posted by dan on May 2, 2008 05:51 PM
The issue isn't the arena itself, but the 50 huge buildings they want to construct next to it. The roads in Manhattan are 5 or 6 lanes wide going 1 way. The roads in Downtown Brooklyn were built for cows.
Posted by Mark from NYC on May 2, 2008 11:47 PM