"It's not easy to move stuff," explained Wayne Hasenbalg, president and chief executive officer of the New Jersey Sports and Exposition Authority, which operates the state-owned Izod Center.
"There are negotiations going on back and forth, but it's looking like some events will stay here through March 31.
We're trying to work it all out."
According to Hasenbalg
, the Izod Center
, which opened in 1981 with a series of sold-old shows by Bruce Springsteen, was on its way to losing $8.5 million this year.
Under the terms of the agreement, though, Pru would get the revenues for any extended dates after January, said Hasenbalg
Representatives from both the sports authority and the Prudential Center
have been talking with promoters, Hasenbalg
"That was a big one," conceded Hasenbalg of SummerSlam.
The sudden shutdown of the Izod arena, which came with no advance warning and was voted on by the sports authority's commissioners just a day after they were alerted to it in a vaguely worded resolution on a public agenda, was in the works for months, according to Hasenbalg
said they stopped booking events about a month and a half ago, as it became clear that a shutdown was possible.
While money was the main culprit, he
said concerns over construction work at the adjacent American Dream entertainment complex also factored into the decision.
The former Xanadu project is being expanded with an indoor water park and theme park.
"There is a very real issue with construction," he
Money, though, was the death knell, Hasenbalg
"We were burning through $700,000 a month," he
It wasn't so much the loss of the sports teams, though, as the new competing arenas in Newark and Brooklyn that sent the Izod Center
over the edge, said Hasenbalg
"If you look at the number of concerts, we had 18 to 24 before Pru and Barclays