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Devils finally reach agreement with Newark over Prudential Center

Feb 26, 2013, 9:55 AM EDT

Comments Off on Devils finally reach agreement with Newark over Prudential Center
NEWARK, NJ - MAY 30: A general view of the arena prior to Game One of the 2012 NHL Stanley Cup Final between the Los Angeles Kings and New Jersey Devils at the Prudential Center on May 30, 2012 in Newark, New Jersey. (Photo by Jim McIsaac/Getty Images) Getty Images

New Jersey Devils and City of Newark have reached a revenue-sharing arrangement for the Prudential Center, according to the Star-Ledger.

If the deal is approved by the city council, it would be the end of a lengthy and heated saga that involved Mayor Cory Booker calling Devils owner Jeff Vanderbeek “a highfalutin, high-class huckster and hustler.”

That statement came after arbitrators ruled that Newark had to pay the hockey franchise $2.7 million a year in parking revenue. The new agreement will reportedly continue that practice.

The city will also construct a new parking deck on Green Street, which is guaranteed to generate some income because the Devils have already committed to renting spaces.

This deal, if approved, also means that Newark will put a 1.37% tax on tickets for the Devils’ home games — as well as for any other tenant events. The state Legislature would need to sign off on the tax.

When everything is said and done, Newark could raise $50 million over the span of what’s believed to be at least a 25-year agreement.

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