- 01/15/2015 (4:27:26 pm)
- Bob Mulrenin
…
EAST RUTHERFORD — New Jersey today abruptly pulled the plug on the 34-year-old state-owned Izod Center arena in the Meadowlands, citing $8.5 million in losses and mounting state subsidies.
With little warning and no public notice, the New Jersey Sports and Exposition Authority voted this afternoon to shut down the arena by the end of the month and shift the remaining few events on its schedule—including Chris Brown and Trey Songz in February and the Maroon 5 World Tour in March—to the Prudential Center in Newark, eight miles away.
Officials said the Izod Center’s continuing losses left them no no choice but to temporarily shut down the facility. In its agreement with Prudential, the state will keep the arena dark for at least two years, receiving $2 million in compensation for the added events.
“We’re in a situation none of us like,” said Michael Ferguson, chairman of the state authority. “Operating this authority is not easy. Easy solutions don’t exist.”
The authority acted despite emotional pleas from local officials, union leaders and members of the Legislature, who urged the board keep the arena open while at least seeking bids from a private operator
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