Balance Sheet Changes in Brooklyn, Yormark Tells ESPN

NEW YORK, NY - MARCH 05: Construction on the Barclay Center, a sports arena and future home of the the National Basketball Association's New Jersey Nets, is seen in the reflection of a window displaying a t-shirt that says "Born in Brooklyn," on March 5, 2012 in the Brooklyn borough of New York City. The stadium is scheduled to open September 28, 2012; the New Jersey Nets will be renamed the Brooklyn Nets. (Photo by Andrew Burton/Getty Images)

In an interview with ESPN, Brett Yormark says the Nets financial picture will look a lot better in Brooklyn with those who own the team also owning Barclays Center.

"Our balance sheet changes dramatically with our move from New Jersey to Brooklyn," Yormark told Michele Steele. "We will have many more revenue streams. We will sell more tickets, sell more sponsorships. The building itself with be profitable." The Nets CEO said sales of the arena's 104 suites are 75% complete.

"Our goal is to own Brooklyn, Yormark added, when asked if the Nets could turn Knick fans into Nets fans. "If we can own Brooklyn, we will be very, viable...There are six million people within a 10-mile radius of the Barclays Center."

Later, Yormark tweeted "Great day for brooklyn nets. Season tickets and merchandise sales are better than expected. Brooklyn voting yes."

Not long after Mikhail Prokhorov bought the team in 2010, he told Russian Forbes that by 2015, he expected his investment to be worth $1 billion and produce an annual profit of $20 million.

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