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Could Barclays Center be renamed? Documents suggest not for long time!
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Photo by Alex Trautwig/Getty Images
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., reportedly 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 got reworked twice with the annual payments reduced to $10 million along with a reported $2 million for the Nets.