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thelastonealive

Newark gets short end in Prudential Center revenue share ruling

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The problem he has is that this investment in downtown that is coming in drips and drabs does nothing for the quality of life for the citizens, it gives them some opportunities for service industry jobs but that's about it. So he has to be enraged and JVB is an easy target because he's a dead man walking. He has to play this act, it makes him look like a moron for people who KNOW, but like you said, the people that don't know, it looks good, he's fighting the man.

Still have no idea why this even went to court, there was no way they were going to win.

I couldn't agree more. If nothing else, the ruling helps the City by ensuring the Devils remain in Newark for likely the remainder of its lease even if they go into bankruptcy and are sold. That means they get to "tax payroll" of the Devils and continue to collect 75% of all parking tax revenue from events at the arena over the life of the lease. Meanwhile, the Devils get to play in their home arena practically rent free, and get to keep all concession and all non-hockey related revenue generated by the arena, which Booker claimed was $11 million last year clear of all taxes and expenses. Nowhere in this country (and probably Canada as well) will the new owners of the team find more favorable business conditions than the Devils have with this deal, not to mention the large media rights contract they have with MSG+.

The construction of the arena may have bankrupted JVB and the City of Newark, but I really can't see how a new owner taking control of the team and arena clear of most, if not all current debt (in the event of a bankruptcy), can't make this team profitable.

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I couldn't agree more. If nothing else, the ruling helps the City by ensuring the Devils remain in Newark for likely the remainder of its lease even if they go into bankruptcy and are sold. That means they get to "tax payroll" of the Devils and continue to collect 75% of all parking tax revenue from events at the arena over the life of the lease. Meanwhile, the Devils get to play in their home arena practically rent free, and get to keep all concession and all non-hockey related revenue generated by the arena, which Booker claimed was $11 million last year clear of all taxes and expenses. Nowhere in this country (and probably Canada as well) will the new owners of the team find more favorable business conditions than the Devils have with this deal, not to mention the large media rights contract they have with MSG+.

The construction of the arena may have bankrupted JVB and the City of Newark, but I really can't see how a new owner taking control of the team and arena clear of most, if not all current debt (in the event of a bankruptcy), can't make this team profitable.

Yep, it establishes that the Devils own the arena in all facets, except on paper. I mean, they could make more money in the Toronto area but why the hell would you spend so much money to put a team there, if the league ever told the Leafs to STFU and like it. Much cheaper options, you could probably buy the Isles for $20 right now

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Much cheaper options, you could probably buy the Isles for $20 right now

Or someone could pay you to take a piece of the Devils.

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I really wish I was there for the State of the Team thing this year lol, if the right people ask the right questions Saturday, JVB might give some interesting answers.

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Or someone could pay you to take a piece of the Devils.

Who would be stupid enough to do that? The purchase price of the Devils because of the debt is going to be enormous.

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i wonder what JVB reaction to this will be?

Link for video of presser for those that didnt see it.

http://www.ustream.tv/recorded/21591310#utm_campaign=t.co&utm_source=21591310&utm_medium=social

Thanks for the link. Booker sounds like an idiot and is distorting the truth. Imagine, Newark goes from taking in $10 mill in parking revenue to $7 million through a fair and legal case..and this warrants this whole circus press conference and outrageous insults?

Hate the bad PR this is gonna give us going into the playoffs. Bad vibes...

One more thing: Booker has been mayor over tragic murders and atrocities and never once displayed anything close to this level of outrage. It just doesnt add up.

Edited by devlman

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Who would be stupid enough to do that?

Ray Chambers. And you don't amass a billion dollar fortune by being stupid.

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The audio's missing from the vid.

In any rate, he can't be THIS moronic. This might be typical political grandstanding. He even said on Twitter he's a fan of the team.

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I really wish I was there for the State of the Team thing this year lol, if the right people ask the right questions Saturday, JVB might give some interesting answers.

I can see it now.

07-minister.jpg

The audio's missing from the vid.

In any rate, he can't be THIS moronic. This might be typical political grandstanding. He even said on Twitter he's a fan of the team.

Funny also considering Chambers was one of his biggest backers.

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Just saw the video: WOW he blew that way out of proportion, I felt like he was talking about Stalin and the citizens of newark were poor oppressed Russian citizens. He even incited class warfare there. That was really ugly.

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Hate the bad PR this is gonna give us going into the playoffs. Bad vibes...

I dunno about that, '95 worked out well during the whole moving-to-Nashville fiasco, and '03 turned out swell during Marty's dirty laundry divorce issues.

Quick, someone remind me of negative publicity during the 2000 Cup run to finish out the triad.

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I dunno about that, '95 worked out well during the whole moving-to-Nashville fiasco, and '03 turned out swell during Marty's dirty laundry divorce issues.

Quick, someone remind me of negative publicity during the 2000 Cup run to finish out the triad.

Um, firing Robbie Ftorek while leading the Atlantic Division with 8 games left of the season seemed like a bad thing at the time, no?

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Um, firing Robbie Ftorek while leading the Atlantic Division with 8 games left of the season seemed like a bad thing at the time, no?

That's true. I don't count late-season coach-firing-when-doing-well anymore though, since it didn't work when Lou canned Julien in '07. But, for purposes of the argument, I'll take it!

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I dunno about that, '95 worked out well during the whole moving-to-Nashville fiasco, and '03 turned out swell during Marty's dirty laundry divorce issues.

Quick, someone remind me of negative publicity during the 2000 Cup run to finish out the triad.

Besides, this is a non-story by tomorrow...who besides the people here really cares about Cory Booker going on a rant about a court decision that went against him?

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Ray Chambers. And you don't amass a billion dollar fortune by being stupid.

NO.... who would be stupid enough to take on money to own a non-controling portion of a heavily indebted team that is going to be sold one way or another?

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I dunno about that, '95 worked out well during the whole moving-to-Nashville fiasco, and '03 turned out swell during Marty's dirty laundry divorce issues.

Quick, someone remind me of negative publicity during the 2000 Cup run to finish out the triad.

Not sure if it was negative but I sure got tired of ESPN showing marty's (future ex) wife bouncing in the stands every time something happened in the game...

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Can these remarks by Booker be interpreted as defamation of character against Vanderbeek, thus resulting in some kind of lawsuit? I'm curious to see how Jeff reacts to these accusations. I mean, what Booker said was really harsh.

Vanderbeek is a public figure... defamation is hard to claim...

Think Sarah Palin

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After all of that vitriol, insults, threats, he then asks Vanderbeek to come back to the table... "most despicable owner ever"

Booker says the city has spent $8M for police to cover the arena. What about the 5% ticket surcharge they added?

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http://www.nj.com/news/index.ssf/2012/04/newark_mayor_booker_slams_devi.html

Ledger article. Seems like they're taking the Devils' side on this one.

Vanderbeek challenged Booker’s statement that the Devils "dragged (the city) through the courts for the last five-and-a-half years."

RELATED COVERAGE:Newark gets short end in Prudential Center revenue share ruling

He noted it was the housing authority that initiated the arbitration after sending a "notice of dispute" in May 2010. But the Booker administration was unaware the agency took that action, according to electronic messages between Booker aides and the Devils, reviewed by The Star-Ledger.

Booker condemned Vanderbeek for going back on a plan to build a 20,000 square-foot recreational center near the arena, which the mayor said Vanderbeek guaranteed when he was first elected.

"He suddenly picks up his papers and walks away like a kid taking his marbles or his basketball," Booker said, recalling the early negotiation.

The lease agreement stipulates the Devils were not required to build the center.

Vanderbeek also cited $346,000 the Devils paid for job training and youth sports, as well as sponsoring a popular youth hockey program.

Booker admitted the "collateral benefit" of what the arena has brought to Newark’s downtown is undeniable. In previous statements, he has said the Courtyard Marriott, which is being built adjacent to the arena, could not have been constructed without the Devils ownership.

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so i decided to tweet him yesterday

@CoryBooker you need to calm down. JVB has done nothing wrong. IIRC, Sharpe James agreed to deal. Replacing blame. Typical politician.

and he Direct Messaged me this

I appreciate ur thoughts but understand. Jeff made commitments to me AFTER james, he broke promises, he broke his word and let down a city

I agree james signed a bad deal, but jeff represented countless times that he would make it right.

so now contracts are based on promises and word of mouth? if its not in writing then you can't be mad about this suit.

and the thing that got me is that he was tweeting and retweeting everyone else calling JVB a cheat and a swindler, a liar, but he had to PRIVATE message me to disagree. God forbid he undermine James publicly via twitter and lose all those hangover votes. Hes just a sore loser.

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had everything gone well for vanderbeek, he probably would've followed through on his promise. but instead vanderbeek is low on funds and desperate to sell the team.

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