Positive Impact Retained to Perform Asset Review of the Prudential Center Arena
Contact: William Tuccillo, Project Associate
CRANBURY, NJ (April 2, 2014) -– For the third year in a row, Positive Impact Sports and Entertainment assisted WithumSmith + Brown with their annual review of the lease for the Prudential Center. The Prudential Center is home to the New Jersey Devils and serves as a multipurpose event venue.
WithumSmith + Brown are auditors to the Newark Housing Authority (NHA), the landlord and arena owner of the Prudential Center. Positive Impact worked as a subject matter expert while evaluating financial operating performance of the arena.
Positive Impact thoroughly analyzed the terms of lease between the New Jersey Devils’ Operating Corporation (DAE) and the arena owner (NHA). The review of the terms and agreement examined all arena related income associated with naming rights, concession income, suite rentals, advertising renewals and other factors supporting lease payments by the arena operator to the landlord.