The National Basketball Association Commissioner David Stern said the Brooklyn Nets may jump into the league’s five highest revenue teams in the franchise’s first season in the Barclays Center.So, did anyone quantify the value of selling "Brooklyn" to arena and team operators? No.
Speaking at the Bloomberg Sports Business Summit hosted by Bloomberg Link in New York, Stern also stressed the league’s desire to increase its brand in India, the world’s second most- populous country. Those inroads include a Hindi-English website, television agreements, tournaments and possibly a league that bears the NBA name.
The Nets’ revenue should improve from “pretty bad” during their last season in Newark, New Jersey, to one of the league’s top five or six, according to Stern.
“The Nets have these wonderful tent-pole sponsorships, they’re doing spectacularly in their season-ticket sales and they have retained a team that, in reading about it, looks like they’re going to compete,” he said.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…