Working with public records, Norman Oder of the Atlantic Yards/Pacific Park Report reports that despite the rise in NBA valuations, including the Nets, Barclays Center is not yet profitable.
Specifically, Oder reports the records show that while arena operations makes a small profit, it is not enough to cover debts owed on arena construction bonds. In the past, Oder notes, Joe Tsai has personally covered the losses since taking over Barclays as part of his $3.2 billion purchase of the team and arena in 2019. Tsai owns the two through a family trust.
According to the latest financial disclosures to bondholders from the Barclays Center operating company, the arena company still isn’t earning enough profit to cover construction bonds—but a significant uptick in ticket sales may point to a better future.