Fourteen years ago, then Nets CEO Brett Yormark pulled off a coup in getting Barclays, the big British bank, to sponsor the new arena not yet under construction at the corner of Flatbush and Atlantic. Barclays, then planning on opening retail banks in the U.S., agreed to pay $20 million a year for 20 years, a $400 million bonanza that Yormark’s boss, Bruce Ratner needed to prove the arena could be viable financially. The deal reportedly got reworked twice with the annual payments reduced to $10 million along with a reported $2 million for the Nets.
Barclays never built a network of retail banks but now, with the Nets success, the $10 million is a bargain for the bank even without that network. With new ownership, new management and a new marketing team, is a change of name at the nine-year-old possibility?
Brian Lewis and Josh Kosman of the Post report Sunday that the Nets parent company, BSE Global, is mounting an aggressive campaign to wring more dollars out of the arena and team sponsorship agreements, driven by CEO John Abbamondi, hired last July after a stint with MSG. That list would include the agreement for arena naming rights which Lewis and Kosman report has an “out” next year — 10 years after the arena opened — that would permit new bidding.
Before that bidding starts, Abbamondi and Joe Tsai’s other managers are looking at possible new deals for the uniform patch, which is up after this year, and the entrance plaza, named for GEICO, the…