With Nets, Islanders and Events, Barclays Center Expected to Produce $70 Million Profit

Jason Szenes

The Nets main investors --Forest City, Bruce Ratner's parent company, and ONEXIM Sports USA, Mikhail Prokhorov's investment vehicle-- also control Barclays Center. That's a far cry from New Jersey where the state of New Jersey owned IZOD and the city of Newark and the Devils owned Prudential Center. Although the Nets are nominally a tenant in Barclays Center, the profits made by both essentially go to the same people, just in different amounts. It keeps everyone happy.

Now, there are some indications of just how profitable the two will be. Forest City Enterprises this week told investors this week that they anticipate the arena will earn a profit of $70 million a year. That will include the revenue from the Nets, Islanders (in 2015 or earlier) and the menu of concerts, family shows, etc.

How much will the Nets make? On purchasing the team two and a half years ago, Prokhorov said that "conservatively" he anticipated that the Nets would make $20 million a year. In an interview for the Russian edition of GQ last year, the Nets chairman, Christophe Charlier, told writer Kim Belov that Prokhorov expected the Nets to be the NBA's most profitable once the team moves into Barclays Center. That would mean a profit well in excess of $20 million. The Bulls have earned more than $55 million on average of the last five years. This year, Adam Silver told Tim Bontemps, "For financial reasons, [Brooklyn’s] hugely important. In fact, the team is projected to become a revenue sharing payer, instead of a recipient, which makes a big difference."

Norman Oder, critic and chronicler of Barclays Center and Atlantic Yards, reported on the anticipated profits of Barclays Center this week in his Atlantic Yards Report.

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