The unravelling of fantasy versus reality in the world of Forest City Ratner continues, as John Brennan, a veteran sports business journalist, takes a look at the booking potential of the Barclays Center on NorthJersey.com. He notes that a recent press release promises that the venue will host "more than 200" events per year, but Brennan does the math and has a hard time coming up with a number even close to that. Norman Oder, who remembers ALL the numbers (he notes that at one point FCR promised 250 events a year) elaborates on Brennan's observation:
...we should consider that not long ago, arena boosters were promising 225 events--even though that total was based on an utterly flawed premise.
Brooklyn residents may be happy to have fewer nights of Barclays-induced traffic jams, but in the end the odds are that if the Arena falls short of its financial fantasies, in one way or another New York taxpayers will be picking up the slack.
wrote 12/2/09, I tried to follow up on the news that a Moody's analyst said the firm's
just-above-junk rating for $511 million in Barclays Center PILOT bonds depended in part on 225 events a year.
Noting that the
arena sponsors most recently
predicted "over 200" events a year. I asked if Moody's was confident of the stated total of 225 events.
I didn't get a number.