Venue Detail
New Jersey Nets
Revenues From Sports Venues Pro Facilities Report
January, 2010
New Jersey Nets
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Izod Center East Rutherford, NJ 07073 Phone: 201-935-8888 Fax: 201-935-1088 URL: www.nba.com/nets Owner: Bruce Ratner and Mikhail Prokhorov League: National Basketball Association Eastern Conference, Atlantic
Venue
Izod Center, 50 State Rt 120, East Rutherford, NJ 07073 Owner: New Jersey Sports & Exposition Authority Managed by: Owner Built: 1981 Capacity: 19,023 Permanent concession stands: 11 Concessionaire: Aramark Suite caterer: Aramark Soft drink: Coca Cola Beer: Anheuser-Busch InBev
Naming rights
Sold to: Izod Price: $7, 000,000 Term: 5 years Expires: 2012
Ticket prices
Season tickets range from $299 to $12,232 Single tickets range from $15.00 to $210.00 2007 average attendance: 16,972 2008 average attendance: 15,656 2009 average attendance: 17,586
Luxury Suites
Quantity: 29 Term: 1 to 3 years Price: $190,000 to $265,000 Seats: 14 to 20 Includes: Tickets to Devils and Nets games, all other events, 2 parking passes.
Financing
The $85 million arena is financed with bonds issued by the sports authority. Revenue from the adjacent horse racing track funds the debt. Pct. public: 100
The arena is home to the NBA Nets, but that will change when the team moves to a new arena in 2012.
Bruce Ratner made plans to move the Nets to the arena in Brooklyn after the Devils moved to a new arena in Newark.
The Atlantic Yards project has more than 6,000 apartments, high-rise towers and a hotel on 22 acres near Downtown Brooklyn.
The Ratner plan calls for a 20,000-seat arena as part of the $2.5 billion development. Ratner said he would fund the $500 million arena by borrowing from the city against future revenue generated by ticket sales.
What Ratner didn’t count on was a major economic crisis that would stall the project and delay the arena. By the end of 2009, Ratner had met his deadlines and finalized funding for the venue. While work has begun, there are still legal challenges ahead for the venue, but none are expected to stop its construction.
Bunker suites at the Izod Center, located beneath and behind the seating deck on the arena’s east side, cost $350,000 annually and include 20 club seats and access to a large private lounge. (Facilities, Financial, Professional Sports, Venue)