147 replies to this topic

[The Facepainter]

Not sure what to believe, but TG tweeted back at one of the posters at HFboards and said that the error in the first 10 words of the article isn't the only one. TG said that's what he's being told.

[Marv4Life]

One thing I want to question is how all of a sudden the arena is needing the Nets to make money? Wasn't the arena one of the busiest in the world?

Exactly. 3rd in the US in revenue yet it's "at risk". Oh and according to TG the article is chock full of errors.

[Devils Dose]

One thing I want to question is how all of a sudden the arena is needing the Nets to make money? Wasn't the arena one of the busiest in the world?

The Nets were a part of that busy-ness.

If I'm not mistaken, a big problem for this year is that those dates slated for Nets games cannot be rescheduled until they are officially canceled. So while a lockout that destroys the first part of, maybe even the whole NBA season is likely, the PruCenter must hold those dates back, meaning they can only be filled with small gigs at best once the NBA gets to actually canceling its games.

[ghdi]

The Nets were a part of that busy-ness.

If I'm not mistaken, a big problem for this year is that those dates slated for Nets games cannot be rescheduled until they are officially canceled. So while a lockout that destroys the first part of, maybe even the whole NBA season is likely, the PruCenter must hold those dates back, meaning they can only be filled with small gigs at best once the NBA gets to actually canceling its games.

And I think they'd be lucky to get those small gigs. Newark is not a prime touring location with NYC a stones throw away. If this article has some truth behind it, the loss of the NBA season will certainly hurt the Prudential Center. However, the Nets are horrible and they sold so few tickets that it may have even cost more to put the game on than not.

[DaneykoIsGod]

From what I understand, sporting events are relatively low-revenue events for arenas. Stuff like concerts, circuses, ice shows, etc. are where the real money is, and IIRC The Rock has been gaining those kinds of dates, not losing them.

[Chimaira_Devil_#9]

Busy does not always = $$$$

I realise this but back in January, the arena was scheduled to make a profit.

What I was asking is do the Nets actually bring that much revenue to the arena, because they are pretty much dead last in attendance in the NBA and in the Izod they were giving tickets away ten at a time.

[DaneykoIsGod]

A couple of comments from Gulitti on his blog:

I’m not going to say much about the Devils finances/Post story right now. I expect to have something accurate on it later today.

It might take some time, but I will have something today.

I will tell you that I’ve been told that Chambers and Vanderbeek are close to a deal in which Chambers will sell Vanderbeek his share of the team. That’s something they’ve been working on for a while

They did have their differences previously, but as I reported a few months back they’re working together now for a peaceful resolution of the sale.

Posted by Tom Gulitti on 09/12 at 08:59 AM

The writer of the NY Post article is a business writer.

He is the same reporter who did a story three months or so back that resulted in Vanderbeek and Chambers putting out a joint statement saying it was not true.

Posted by Tom Gulitti on 09/12 at 09:45 AM

That’s all I have for you for now other than, from what I’m told, the incorrect opening sentence that states training camp starts tomorrow sets a tone for the remainder of the article.

Posted by Tom Gulitti on 09/12 at 10:44 AM

[Marv4Life]

And I think they'd be lucky to get those small gigs. Newark is not a prime touring location with NYC a stones throw away. If this article has some truth behind it, the loss of the NBA season will certainly hurt the Prudential Center. However, the Nets are horrible and they sold so few tickets that it may have even cost more to put the game on than not.

Again, they were 3rd in the nation in ticket revenue only behind MSG and Staples Center. http://newyork.cbslo...lication-finds/

Edited by Marv4Life, 12 September 2011 - 10:24 AM.

[DevsMan84]

I do hope there is a deal in place between Chambers and JVB. I will only believe it though when or if it happens.

[Bryan]

This article is also up on Foxsports.com for those wondering about the legitimacy or reach of the article.

I too was surprised to read this. I had no idea it was this bad or in the area of being this bad.

[devlman]

This article is sounding more bark than bite the more I think about it. I'm sure the devils finances aren't great but I'm sure its nothing extraordinarily dire either.

[Marv4Life]

This article is also up on Foxsports.com for those wondering about the legitimacy or reach of the article.

I too was surprised to read this. I had no idea it was this bad or in the area of being this bad.

It was copied from the Post.

[adam85491]

I don't believe it at all.

Unlike many teams/arenas, the Devils own the Prudential Center. Concerts, the Nets, and any other events, make the Devils money.

This also means that concessions + other sh!t that is sold in the arena yields a MUCH greater % of profit than it did at CAA and does for teams who do not own their arena.

You also have to look at the premium seating (acela club, fire/ice/platinum lounges, etc)..corporations pay tons for these seats. Even if a seat is empty, it doesn't mean that it's not paid for.

This is all concrete fact, not speculation.

[DevsMan84]

I don't believe it at all.

Unlike many teams/arenas, the Devils own the Prudential Center. Concerts, the Nets, and any other events, make the Devils money.

This also means that concessions + other sh!t that is sold in the arena yields a MUCH greater % of profit than it did at CAA and does for teams who do not own their arena.

You also have to look at the premium seating (acela club, fire/ice/platinum lounges, etc)..corporations pay tons for these seats. Even if a seat is empty, it doesn't mean that it's not paid for.

This is all concrete fact, not speculation.

You know exactly what their margins are for those seats and concessions? lol are you their accountant?

[Amberite]

I don't believe it at all.

Unlike many teams/arenas, the Devils own the Prudential Center. Concerts, the Nets, and any other events, make the Devils money.

This also means that concessions + other sh!t that is sold in the arena yields a MUCH greater % of profit than it did at CAA and does for teams who do not own their arena.

You also have to look at the premium seating (acela club, fire/ice/platinum lounges, etc)..corporations pay tons for these seats. Even if a seat is empty, it doesn't mean that it's not paid for.

This is all concrete fact, not speculation.

But there are facts that don't paint such a rosy picture. Chambers DOES want to sell his stake, and I doubt he'd want to if the arena was producing a nice profit. Not to mention that it's taking him over a year to find a buyer and that he's had to lower his asking price. Plus there have been reports for years now that the organization is late on payments, etc.

[Devils731]

You know exactly what their margins are for those seats and concessions? lol are you their accountant?

The Devils got nothing for concessions at the Meadowlands so we know they're doing better now.

[adam85491]

You know exactly what their margins are for those seats and concessions? lol are you their accountant?

Did I say I had exact margins? No, I didn't.

It doesn't take a genius to figure out that if the devils were fine at CAA, where profit margins were undoubtedly lower (of course, exact figures aren't available) and they made 0 dollars on other events, that they're fine now, where they profit much more on EVERY SINGLE THING AT PRUDENTIAL CENTER.

Stop with your FUD and bitterness, 84.

[Devils731]

the article had an unnamed source saying the Devils have already declared bankruptcy. How is that being kept quiet?

[Devils731]

It was copied from the Post.

Star Ledger did pretty much the same thing. They didn't credit the Post but kept the error about camp opening tomorrow so we can tell where the info came from.

[justdo3043]

From what I understand, sporting events are relatively low-revenue events for arenas. Stuff like concerts, circuses, ice shows, etc. are where the real money is, and IIRC The Rock has been gaining those kinds of dates, not losing them.

this...how i understand it is the arena makes its money here but you can't have kelly clarkson or whomever rock out the rock everynight but you do have a lot of fixed costs such as taxes ext. and the devils just need to break even more or less to pull their weight which is not happening

the owners have taken a bath on the devils yes...business man and devils fan

im pretty sure 84 is no older then 17...he won a devils prize one game and i saw him with the devils dancers so no need to get on his case