Though their new team name will sound tougher, with Brooklyn being the tougher side of New York, (or so they say…) the team agreed to extend their lease at current home, Continental Airlines Arena for five years.
Does THAT means the New Jersey Nets, when the 2009-10 NBA Basketball season arrives, will have two arenas, one in Jersey and one in Brooklyn? Sure sounds like it. And they’ll have that privilege through the 2012-13 NBA Basketball season.
If the Nets move anywhere besides Brooklyn or Queens they would have to pay an escape fee ranging from $12.1 million after the 2007-08 season to $2.6 million after the 2011-12 season, according to a summary of terms provided by the New Jersey Sports & Exposition Authority.
Authority president and CEO George R. Zoffinger said the new lease guarantees some income to the state every year, a departure from past years.
‘’In no circumstances will the sports authority lose money on this lease. We’ve lost up to $1 million a year on this lease,’’ Zoffinger said. He also said that the projected net income to the state is $350,000 the first year.
Oh yeah, Zoffinger also said that the team is welcome to stay in East Rutherford, New Jersey as much as they want. If the Brooklyn arena doesn’t get built by 2009, Zoffinger and his boys are willing and hoping to strike a long-term deal to keep ‘em imprisoned in Jersey.
New Jersey Nets owner Bruce Ratner bought the team in 2004 and is trying to get approval for the Brooklyn arena, part of his $4.2 billion Atlantic Yards project. The Nets would be the first major professional sports team in Brooklyn since the Dodgers left in 1957.
The project is to be built over and around a rail yard and was designed by architect Frank Gehry. It includes an 18,000-seat arena, apartments, office buildings, stores and a hotel.
Can the New Jersey Nets win the 2007 NBA Finals? Here are some outright odds from Sports Interaction on who will do just that.Comments