NEWARK NJ - OCTOBER 23: A general view of the Prudential Center prior to the game between the Buffalo Sabres and the New Jersey Devils on October 23 2010 at the Prudential Center in Newark New Jersey. (Photo by Mike Stobe/Getty Images)
Forbes, which chronicles what the rich do with their money, thinks that a lost season could benefit the Nets financial picture, that they're one of five NBA teams that will lose less money this year than they would have if the team played games. The financial picture was laid out a few days back by Mike Ozanian.
According to Forest City Enterprises, Bruce Ratner's parent company, the bulk of the team's $35+ million in losses will have to be eaten by the Cleveland firm. Under the 2009 deal between Ratner and Mikhail Prokhorov, the Russian agreed to handle up to 80% of the Nets losses in New Jersey with a ceiling of $60 million. That ceiling was reached in June and FCE is now responsible for much of the team's losses, just as it was before Prokhorov bought in.
And Prudential Center isn't going to miss the Nets much either. Bob Sommer, who runs the Rock, says the venue will be able to fill its dates whether the Nets play this season or not. “We won’t be financially disabled, perhaps we’ll even be better off," said Sommer. It appears the only people who will be hurt will be those dependent on the games for revenue, from restaurant and bar owners outside the arena to people like ball boys and scorekeepers inside.
- Five NBA Teams Would Lose Less Money With No Season - Mike Ozanian - Forbes
NBA lockout, N.J. Nets sales will not hurt venue
- Bob Holt - New Jersey Newsroom