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Devils owe 4 million in un-paid rent

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05-17-2010, 02:59 PM
  #1
Scottyk9
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Devils owe 4 million in un-paid rent

Guess we missed this over the weekend

http://www.nypost.com/p/sports/devil...WhY6k5fS0pBY6I

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05-17-2010, 03:01 PM
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Seems like a misunderstanding. The Mayors office seems to agree. Anyways, $4 million is not a lot for JVB to fork over.

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05-17-2010, 03:04 PM
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Originally Posted by Scottyk9 View Post
Guess we missed this over the weekend

http://www.nypost.com/p/sports/devil...WhY6k5fS0pBY6I
It's an old story. Has to do with construction delays and such, and the Housing Authority wanted a luxury box and didn't get one, etc. They've been stomping their feet ever since. It'll go to arbitration because the Housing Authority isn't going to accept any deal that the Devils/Booker come up with.

They're lucky they finished the building on time and there was alot of meddling. Of course, Booker was involved in that, but like any good politician...

the funny aside is how bad the deal with Sharpe James was for Newark. the Devils have essentially never paid Newark the rent... and that's all that they owe?

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05-17-2010, 03:05 PM
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LOL - It took long enough for someone to post this!

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05-17-2010, 03:29 PM
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Is Stephen Abootman behind this?

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05-17-2010, 03:33 PM
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Will they accept Brian Rolston instead?

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05-17-2010, 03:35 PM
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Originally Posted by jkrdevil View Post
Will they accept Brian Rolston instead?
http://vodpod.com/watch/1168021-instant-rimshot

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05-17-2010, 03:41 PM
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zomgzzzz were gonna getz eviktid!

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05-17-2010, 03:43 PM
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05-17-2010, 03:47 PM
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Cowbell232
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Newsflash: The Devils own the arena. They can't "pay rent". They might owe money or taxes or whatever the deal was, but guess what, it's not rent. And I'm willing to bet the Devils are arguing that, and winning.

This comes and goes every few months... and no one ever seems to want to sort it out on either side.

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05-17-2010, 03:48 PM
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Can someone explain to me why is story pops up every year and hasn't been resolved? Its four million, in the scope of things this should be a non story.

Who cares about the millions of dollars have brought into the city of Newark anyway rightv

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05-17-2010, 03:50 PM
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Originally Posted by ILikeItVeryMuch View Post
Can someone explain to me why is story pops up every year and hasn't been resolved? Its four million, in the scope of things this should be a non story.

Who cares about the millions of dollars have brought into the city of Newark anyway rightv
If the Housing Authority accepts the money, it can't ***** anymore and can't ask for more money. Stupid non-story this is.

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05-17-2010, 04:10 PM
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Quote:
Originally Posted by Cowbell232 View Post
Newsflash: The Devils own the arena. They can't "pay rent". They might owe money or taxes or whatever the deal was, but guess what, it's not rent. And I'm willing to bet the Devils are arguing that, and winning.

This comes and goes every few months... and no one ever seems to want to sort it out on either side.
They don't own it. It's a 50/50 split, where I believe Newark owns and the leasee/manager (Devils) give them basically nothing. A brutally awful deal.

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05-17-2010, 04:56 PM
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Is Stephen Abootman behind this?
He's not your buddy, guy.

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05-17-2010, 04:58 PM
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Not again

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05-17-2010, 04:59 PM
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Will they accept Brian Rolston instead?
I came here to post this, word for word. I'm seriously disappointed now.

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05-17-2010, 06:45 PM
  #17
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New Coach? D-Man? Sign Kovy? (NO) Who cares its all legal BS that eventually they will settle on. Meanwhile the only ones benefiting from it are the Lawyers.

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05-17-2010, 08:35 PM
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Technically, the city of Newark (through the Newark housing authority) owns 100% of the Prudential Center. They contributed $200 million through bond sales and used deferred payments that would have gone to the Port Authority for Newark Int. Airport to pay off the interest on those bonds.

The deal was that if JVB and the NJD contributed $100 million of their own money and build a practice rink, give Newark residents jobs, community centers, youth hockey for Newark, etc, that the team would be guaranteed a certain cut from the revenue from all tickets & concession sales and control the arena itself. The team also had to pay "rent" to the city for playing in the city's arena. This is the source of the controversy.

Anyhow, this will get resolved regardless of how that bored numbskull at the New York Post tries to spin it.

This deal was Sharpe James at his best. I love him and he deserves to be tongue kissed for this shady, backroom, extortion of a deal that ensured that my favorite sports franchise most likely will stay in NJ for a long time.

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05-17-2010, 09:01 PM
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Originally Posted by Muttley View Post
Technically, the city of Newark (through the Newark housing authority) owns 100% of the Prudential Center. They contributed $200 million through bond sales and used deferred payments that would have gone to the Port Authority for Newark Int. Airport to pay off the interest on those bonds.

The deal was that if JVB and the NJD contributed $100 million of their own money and build a practice rink, give Newark residents jobs, community centers, youth hockey for Newark, etc, that the team would be guaranteed a certain cut from the revenue from all tickets & concession sales and control the arena itself. The team also had to pay "rent" to the city for playing in the city's arena. This is the source of the controversy.

Anyhow, this will get resolved regardless of how that bored numbskull at the New York Post tries to spin it.

This deal was Sharpe James at his best. I love him and he deserves to be tongue kissed for this shady, backroom, extortion of a deal that ensured that my favorite sports franchise most likely will stay in NJ for a long time.
the cut the Devils get is virtually 100%. that's why they keep throwing taxes and fees in. such an awful deal. it was hilarious when Booker tried to reopen the deal and all he got was a "youth center", a small park and the right to use the outside video wall.

speaking of Sharpe James, before one of the playoff games he was sitting in a chair, by the coatcheck in the restaurant.

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05-17-2010, 10:53 PM
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And I thought my rent was expensive.

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05-18-2010, 12:52 AM
  #21
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I know you all got $4 Million in your couch cushions. Stop being greedy you bums!

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05-18-2010, 02:08 AM
  #22
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Is Stephen Abootman behind this?


"What does Canada want?"
"We want... more moneh."

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Old
05-18-2010, 09:56 AM
  #23
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The Devils and The Rock have made Newark a city that people actually come in to after 5pm instead of fleeing it.

The NHA should **** already and let Booker and VBK work something out.
Millions of dollars have been spent and infused in to the Newark economy over the past few years due to The Rock and us fans attending events.

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Old
05-26-2010, 08:38 AM
  #24
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Apparently parking is holding up the rent now!

http://www.nj.com/news/index.ssf/201...ter_begin.html

Quote:
After nearly three years of failed negotiations about how much the Devils owe the city of Newark on their lease for the Prudential Center, the dispute comes down to a single issue: Parking.

A letter signed in 2005 by former Newark Housing Authority Director Harold Lucas, former city Business Administrator Richard Monteilh and Devils Chairman Jeff Vanderbeek guarantees the hockey team $2.7 million a year in parking revenue.

But Mayor Cory Booker and Keith Kinard, the current housing authority director, said the agreement is not legally binding because it was not approved by authority commissioners.

The Newark Housing Authority was the developer for the arena project and acts as its owner, but the bulk of revenue is supposed to be handed over to the city.

"Nobody has given away what Newark has given away," Booker said. "This deal made (Vanderbeek) probably the most successful owner in America."

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Old
05-26-2010, 08:44 AM
  #25
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wow... that's the way Cory. cockblock a previous signed deal and start poisoning the relationship with one of the best things to happen to Newark in a long time.

He was on Real Time with Bill Maher and did not impress me with his grandstanding there either.

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