Nets to Newark Deal Complete

[Teletopez]

After months of speculation over whether the struggling NBA team would leave Izod Center in the Meadowlands for a two-year stay at the new Prudential Center in Newark, a deal was struck today to allow the Nets to break their lease for $4 million and move to Newark, according to officials involved in the negotiations.

 

The early termination fees could be offset in part by advertising, suite revenue and other credits.

 

The agreement came after the New Jersey Sports and Exposition Authority voted in secret to approve the deal at a special meeting this morning. A formal announcement is expected later today by Gov. Chris Christie.

 

The plan will have the Nets and Devils playing together in the state’s largest city. The move is temporary, with the Nets still planning to move to a new arena in Brooklyn by the start of the 2012 basketball season. But the hapless team, with a miserable record and playing to empty seats at the oldest arena in the NBA, saw the Prudential Center, which is operated by the Devils, as a possible new beginning for a club that has been steadily losing fan base. At the same time, two pre-season games at the Pru Center sold well.

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Awesome, I was worried when it seemed like the plan was going to crash. We can finally get away from the depressing arena and move to...

 

http://blog.nj.com/njv_guest_blog/2009/07/large_newark-night-prudential-center.jpg

http://www.pedimentbooks.com/media/catalog/product/cache/1/image/5e06319eda06f020e43594a9c230972d/2/5/25_history_nj_devils_opening_night_prudential_center_hockey.jpg

http://hockey.ballparks.com/NHL/NewJerseyDevils/newaerial2.jpg

 

Now, it's not the end of the world if we have to wait another year for the Barclays Center to finish.

[Universe]

Will be interesting to see the amount of fans we get. Not very easy to market the last place team.