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In the face of the economic crisis, developers of the new arena in Brooklyn that is to host the then Brooklyn Nets have put on a brave face. But after sources told the New York Daily News that lead developer Bruce Ratner will hire "value engineers" to trim the budget back, opponents to the development are now saying the deal is "definitely on its last legs."
The plan calls for massive reevaluation of the arena's structural plan, using cheaper materials and cutting "bells and whistles" in order to lower the $1 billion in investment Ratner needs to finish the project. Construction has halted at the site, and is now facing further delays past the 2011 projected completion date.
So what does this mean to the average NBA fan?
Well, the Nets were long expected to coincide the move to Brooklyn with the acquisition of LeBron James, and indeed use that as an incentive for James to build his empire in New York. With these questions plaguing the project, you have to wonder if the project will even get finished. If that's the case, landing James becomes very difficult, because if he does decide to leave Cleveland (which he may not, Cleveland fans. Rest assured, I think it's very likely he stays), he's likely going to be looking for a major market. And New Jersey is not nearly as attractive a location, as say, Madison Square Garden.
Additionally, if you want to extrapolate it further, it presents a likely scenario for long-term stability through the recession for where teams are. Oh, to be sure, there will be financial losses, massive ones by the smaller-market teams. But arenas are a huge expenditure. And if New York can't find investment capital, it's unlikely the other small markets looking for teams will be able to come up with the scratch. I'm sure that puts Sonics fans right at ease.
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