July 5th, 2012
Arena Names Can Spell Embarrassment
By Richard Sandomir
New York Times
Barclays picked an awful time to be caught in a scandal and for its chief executive to resign.
In less than three months, Barclays Center in Brooklyn will open with a concert by Jay-Z, a minority owner of the Nets. That will be followed a couple of weeks later by two nights of music from the high priestess of the borough, Barbra Streisand. Soon after the buttah melts, the Brooklyn Nets will open their season.
And so while a lot has gone right for the Nets in the last 72 hours — agreements for a big trade and the re-signing of Deron Williams — the Barclays episode feels right out of the team’s haunted past.
After all, the Nets traded Julius Erving, the franchise’s original sin; they moved nomadically between New York and New Jersey; they played lousy basketball; they waited patiently through legal challenges to the building of their new arena, and then Barclays gets itself into a world of trouble for trying to manipulate interest rates for its own benefit and winds up paying $450 million to settle the accusations against it.
Read more: http://nyti.ms/NoWvLH