Nets jump to New York illustrate The Perils of Mortgaging your city for a Sports Stadium


Looking past all the excitement that millionaire Jay-Z took the subway.

Newark leased the Newark Airport and the Port Authority of New York and New Jersey for $200m. All of this money was used to build the Prudential Center for the New Jersey Nets and the New Jersey Devils. Now the Nets have up and bolted to Brooklyn.(Prudential kicked in 100m for naming rights for two decades)

Newark is left with a stadium that will be utilized much less and collecting less revenue than expected and a 100m dollar sized hole in their budget.