Sponsorships Paying Big Part of Arena Cost

[pegs]

<div class='quotetop'>QUOTE (NetsDaily)</div><div class='quotemain'>Brett Yormark notes that sponsorship deals are now paying about $500 million, or a little more than half, of the projected $950 million cost for the Barclays Center … and more are expected. The team needs to demonstrate revenue flow before it can secure financing for the arena. Meanwhile Yormark says in spite of news reports, “We’ve never been approached by any politicians” about a move to Newark.</div>

Basketball team ‘Nets’ sponsor money for controversial move. - John Majeski - Real Estate Weekly

Umm...this is cool.

 

[BrooklynBound]

And how much are they making the taxpayer kick in?

 

[Claud]

I wonder if the arena will be done by 2010-2011 season... How is it looking?

 

[Petey]

<div class='quotetop'>QUOTE (BrooklynBound @ Jun 2 2008, 09:43 PM) <{POST_SNAPBACK}></div><div class='quotemain'>And how much are they making the taxpayer kick in?</div>

... the rest.

-Petey

 

[BrooklynBound]

<div class='quotetop'>QUOTE (Petey @ Jun 3 2008, 08:55 AM) <{POST_SNAPBACK}></div><div class='quotemain'><div class='quotetop'>QUOTE (BrooklynBound @ Jun 2 2008, 09:43 PM) <{POST_SNAPBACK}></div><div class='quotemain'>And how much are they making the taxpayer kick in?</div>

... the rest.

-Petey
</div>
Absolutely ridiculous. The taxpayers should get ~50% of the profits then as well. But we know that won’t happen. Hey, they created some jobs. That’s enough!