Anticipating their eventual move to Brooklyn, New York, the New Jersey Nets will move to the Prudential Center in Newark for the 2010-2011 and 2011-2012 seasons.
"An administration official briefed on the terms of the deal reached today said the Nets will be allowed to break the lease at Izod with the payment of $2 million to the Sports Authority annually over the next two years. The account was confirmed by another official with direct knowledge of the negotiations.
Those early termination fees could be partially offset by the Nets with credits of up to $250,000 for proceeds to benefit Newark Symphony Hall, under the agreement approved by the authority. It would be further offset with $100,000 in credits for the lease of suites at the Prudential Center for Nets games and general events. Advertising revenues could generate an additional $100,000 in credits against the termination fees.The agreement also contains a non-disparagement clause aimed at ending the arena wars between Izod and Prudential -- which are just miles apart and compete for many of the same concerts and entertainment." (NJ.com).
In many ways this is a good move. The Nets should be playing in Newark at the Rock. For starters Newark is one of the state's largest cities, and second having a basketball team there could be a boon to the economy over there as well.
It is sad in a way that the move will be temporary, because the Nets belong in New Jersey, not Brooklyn, New York. Then again, the way this project in Brooklyn has been delayed over the years, maybe the Nets stay in Newark will be a lot longer than two years.