EAST RUTHERFORD, N.J. (CBSNewYork/AP) — The Izod Center, the former home of the Devils and Nets, will shut down Jan. 31 after a board voted to cease operations at the financially strapped arena.
The New Jersey Sports and Exposition Authority board voted 10-2 on Thursday to close the facility. Most of its events that were booked for the next few months to come, if not all, will be shifted to the Prudential Center in Newark — although promoters could try to opt out of their contracts and cancel.
New Jersey kicks in money to the Izod center, but the authority decided it cannot shoulder projected losses of $8.5 million in 2015, CBS2’s Dave Carlin reported.
Board members stressed that the plan is a temporary closure for two years while construction of the American Dream megamall and entertainment center next door is completed, WCBS 880’s Jim Smith reported. Then officials envision another operator taking control of the Izod Center in some new capacity.