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NJ Devils delay to settle $2 million rent leads to possible arbit

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#1 thelastonealive


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Posted 14 May 2010 - 07:54 PM


The Newark Housing Authority has sent a "notice of dispute" to the Devils over back rent on the Prudential Center arena, starting the clock toward arbitration.

The Devils have not made a payment to the housing authority since the arena opened in October 2007, arguing several construction deadlines were missed leading to costly delays for the organization. According to the lease, the amount of back rent owed is at least $4 million.

The team also has argued additional work to the area surrounding the arena was not complete on the timetable promised to the Devils.

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#2 newarkdev01


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Posted 03 June 2010 - 10:20 AM


The record has been following this one rather closely and I think they will work out a settlement rather than risk binding arbitration. Good part is that it takes the negative press away if the deal gets done and they follow it.
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