Nets Liking The Prudential Center

Posted by Stephen Rhodes under SDC COMMENTARY

Prudential Center

Folks, numbers do not lie. Typically, regardless of the NBA franchise in question, attendance numbers at their home arena during the preseason usually aren’t that great, save for perhaps the final home game at the arena of record. Yet, two consecutive games at the Prudential Center in Newark, NJ has all of a sudden given the New Jersey Nets options as far as where they play their regular season home games.

On October 13 against the Boston Celtics, the Prudential drew 12,790 while Wednesday’s game against the New York Knicks brought in nearly 16,000; from that, you can probably see why the Nets’ brass are open to possibly playing at the Prudential in the future. But unofrtunately for the team, there are stumbling blocks to making this a reality:

The Nets’ lease with the New Jersey Sports and Exhibition Authority runs until 2013; the team can opt out at just about any time as long as they’re moving to Brooklyn.
Team owner Bruce Ratner seems to be hesitant about a temporary move to Newark from their current home (The Izod Center), perhaps of his preconceived notion that the move would undermine plans for the relocation to Brooklyn and gove New York state officials the impression that they’re playing one side against another.

Then you also have to factor in the fact that Ratner has to break ground on the proposed Brooklyn site no later than December 31 of this year in order to beat an IRS-mandated deadline for the issuance of tax-exempt bonds which will be used to finance construction costs. He also has to resolve a legal issue involving a decision made by the New York State Court of Appeals about the legality of using “eminent domain” to acquire land at the proposed site.

Let’s not forget the tentative agreement to sell the team to Russian billionaire Mikhail Prokhorov; last month, Prokhorov agreed to purchase 80% of the team and 45% of the proposed arena in Brooklyn by putting $200 million into the project. Also under the agreement, Ratner’s group (Forest City Enterprises) will retain controlling interest in the Barclays Center (the arena in Brooklyn), but relinquish the basketball operations.

It also allows for Prokhorov’s group (Onexim Group) to purchase up to 20% of the Atlantic Yards Development Company, which will develop the area around the $800 million arena. Once the local issues are addressed to the Nets’ satisfaction, then the build can take place – especially the “eminent domain” issue.

The next 2 months will be crucial for the team as it will be key as to where they play their home games in the near- and presumably the long-term future.

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