In surprise, BSE Global CEO Abbamondi to leave after Nets season; a two-year tenure overseeing arena/team business

In a surprise, on 2/1/22 came the announcement that John Abbamondi, CEO of BSE Global, who helped the Brooklyn Nets to "more than double its ticket and sponsorship revenues from pre-pandemic levels" (as predicted), will leave at the end of the NBA season, effective July 31. 

That means a two-year tenure, officially, but likely an earlier departure, given that the last day for the NBA Finals is June 19.

NetsDaily noted that such announcements usually come in the off-season. The press release (below) came with the requisite happy talk from both Abbamondi and BSE Global head Joe Tsai.

But why?

The reasons are unclear, though surely COVID affected plans. The lack of events, notably concert tours, has kept the arena operating company in the red.

Or, perhaps, Abbamondi clashed over some issues with Tsai, who previously ejected CEO David Levy, the successor to Brett Yormark, after just two months, apparently because Levy sought more control over basketball operations.

Or there could be a universe of reasons.

New revenue, but arena naming rights static

"During Abbamondi’s tenure, the Nets announced multiple groundbreaking new partnerships including international marketing and jersey patch partner Webull and ticketing partner SeatGeek," stated the press release. 

Indeed, the Webull deal, at $30 million a year, is worth way more than the $10 million a year Barclays pays in arena naming rights, which goes until 2032. That's long been ripe for renegotiation, or BSE paying Barclays an exit fee, so maybe that was a deal that Abbamondi couldn't get done.

Of course much of that is attributable to the Nets' acquisition of three superstars, who have commensurately raised the payroll. Abbamondi also introduced the plush Crown Club, hyped as the "finest premium dining experience in professional sports."

The press release

BSE GLOBAL CEO JOHN ABBAMONDI TO DEPART FOLLOWING NBA SEASON

FEBRUARY 01, 2022 | BROOKLYN NETS

BROOKLYN - BSE Global, the parent company of the Brooklyn Nets and Barclays Center, has announced the resignation of CEO John Abbamondi, effective end of July 2022. Abbamondi will continue serving as CEO through the end of the current NBA season, and a search for a new CEO will begin immediately.

“We are grateful for John’s leadership and many contributions to our organization,” said Joe Tsai, chairman of BSE Global and Governor of the Brooklyn Nets. “John has demonstrated tremendous heart and expertise in guiding BSE Global through the challenges of the pandemic. During his tenure, the Brooklyn Nets set franchise records for attendance, ticket revenue and sponsorships. We appreciate John’s help in ensuring a smooth transition for his successor, and we are excited about the future of BSE Global.”

Abbamondi joined BSE Global in July 2020, at a time when Barclays Center, the Nets and the entire National Basketball Association were shut down due to COVID-19. Under his leadership, Barclays Center was able to support the Brooklyn community through the challenges of the pandemic by serving as a food distribution center, a polling location for the 2020 General Election, and a COVID-19 testing and vaccination site. When New York State allowed fans to return to Barclays Center in limited numbers during the 2020-21 NBA season, the Nets quickly became one of the NBA’s team leaders in ticket and sponsorship revenues. During Abbamondi’s tenure, the Nets announced multiple groundbreaking new partnerships including international marketing and jersey patch partner Webull and ticketing partner SeatGeek. The Nets organization took innovation to the next level by launching new video for fans, the Netaverse, alongside technology partner Canon and broadcast partner YES Network. The team, which is in its 10th season at Barclays Center, is expected to more than double its ticket and sponsorship revenues from pre-pandemic levels.

With Abbamondi at the helm, Barclays Center also implemented a host of fan-friendly upgrades, including Crown Club, widely regarded as the finest premium dining experience in professional sports; the American Express Shop, New York City’s first contactless arena shopping experience; and Brooklyn Market, a food hall showcasing minority- and women-owned Brooklyn restaurants. Abbamondi also oversaw BSE Global’s efforts to benefit Brooklyn’s diverse community, including launching the company’s Supplier Diversity Program and SkillBridge initiative for military veterans.

“I want to thank Joe, Clara and Oliver for the opportunity of a lifetime. I am humbled to have had the privilege of leading BSE Global during such a challenging period, and to have been part of the organization’s strong business performance over the course of the last two seasons,” said Abbamondi. “BSE Global is on a solid foundation and is positioned for continued success. I am grateful for the support of my management team and honored to have worked with such a dedicated group of professionals.”