A mysterious organization called AOTA LLC bought it from a guy named Barrington Adrian, who had bought it 10 years before from Rosa Perez, a Puerto Rican lady, who had lived there for 30 years with her son Eddie, and still lived there when I moved in in 2011. Although the Clippers are the second team in L.A., he (Tsai) wants to be them compared to where they are at this point.”Ĭorrection: This story was updated to reflect the Nets’ revenue.On December 12, 2013, a three-story brick townhouse in a swank part of Brooklyn sold for $20,000. If the team remains competitive, says Grantham, “it’ll be like the Los Angeles Lakers and Clippers. Still, that won’t bring the Nets close to Tsai’s projection. After the NFL brokered a $100 billion rights package in 2021, media executives predicted the NBA would land one worth $75 billion. The league’s current deal is valued at $24 billion and expires at the end of the 2024-25 season. In addition, the NBA is next in line for a media rights increase, which should boost the Nets’ revenue. Ticketing and local media rights aside, there’s potential in immersive sports, and online betting is active in New York. “When the doors close,” he said, “is it $1 billion or $750 million? Where do you want us to be? You can say one thing that becomes public and another private.”Īlthough $1 billion looks like a stretch, BSE Global should make additional revenue in the coming years. Asked for any advice he’d give the new Nets CEO, Dolich said identifying the “real number.”ĭespite stockpiling Hall-of-Fame-caliber players, the Nets have not had much success in the NBA playoffs. To lure non-sporting events, BSE Global needs to negotiate favorable terms with promoters, leaving little room for profit.ĭolich, a former team president of the NBA’s Memphis Grizzlies and MLB’s Oakland Athletics, said BSE Global is “firewalled” with its real estate. The NHL’s New York Islanders moved there in 2021 after a failed experiment playing at Barclays Center. The arena is now squeezed between the famous MSG and the prestigious $1 billion UBS Arena in Elmont, New York. The audit shows Barclays Center had a net loss of more than $60 million. To get a better glimpse of the finances, Forbes reviewed a 2019 audit of holding company Brooklyn Events Center LLC. A September 2021 audit reviewed by Forbes shows Barclays Center had a net loss of $112 million last year. Rival executives who spoke with Forbes highlighted the arena’s inept parking, overcrowded entrances, unattractive suites and exterior design.īarclays Center is losing money, too. It didn’t work.”īarclays Center isn’t the worst sports arena in the NBA, but it has problems. They were using the Nets to create that kind of real estate project. “Once (Ratner) saw it couldn’t work,” Grantham said, “he slowly got out of it. As a result, Atlantic Yards was renamed the Pacific Park Brooklyn project. In 2013, Ratner sold the majority stake in the project to a China-based real estate firm, Greenland Holdings. Local politics and a lack of financing spoiled the plan, however. More sports owners are becoming landlords via developing areas near arenas because it aligns revenue streams like naming rights and sponsorships for entertainment districts that attract large crowds.įormer Nets owner Bruce Ratner initially planned for Barclays Center to be the anchor of Atlantic Yards, a $4 billion commercial and residential project. Barclays Center sits on land owned by New York City. BSE Global doesn’t have much real estate under its umbrella. Tsai's company owns the Barclays Center but not the land it sits on. “The key is: Do they win?” Grantham said. ![]() The Dallas Cowboys top the NFL with nearly $1 billion in annual revenue.Ĭharles Grantham, a sports management professor at Seton Hall University, suggested the Nets owner is being optimistic. Should Zussman reap $1 billion for the Nets, that would place Tsai’s company with bigger entertainment firms like the publicly traded Madison Square Garden Sports, which owns the New York Knicks and the NHL’s Rangers. BSE Global declined a Forbes request to discuss the matter. The company also operates the WNBA’s Liberty, an NBA G League team and an esports team. It’s unclear if Tsai’s goal of $1 billion is counting just the Nets or BSE Global as an overall enterprise. ![]() In 2018-19, the last full season before the pandemic, revenue was $304 million, according to Forbes data. The previous season, much of which was played before the pandemic struck, the Nets made $280 million. Tsai told website Sportico that he was “ confident” the Nets would make $1 billion over a “seven-year period.”įorbes estimates the team made $212 million in revenue during the pandemic-impacted 2020-21 season. ![]() The former IMG executive follows the departure of John Abbamondi, who took over in February 2020. As a team owner, though, rival executives suggest Tsai is on a learning curve.
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