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Izod Center profitable, says Corzine

Izod Center is profitable and shouldn't go away yet, according to New Jersey Gov. Jon Corzine, countering allegations by New Jersey Devils owner Jeff Vanderbeek.

Izod Center is currently profitable and shouldn't be closed, according to New Jersey Gov. Jon Corzine.

His comments came after New Jersey Devils (NHL) owner Jeff Vanderbeek alleged the Meadowlands arena is losing $10 million annually — losses that should force its closure. Which, of course, would help Vanderbeek's financially struggling Prudential Center.

Of course, the profitability at Izod Center is somewhat of an illusion. Staff has been slashed there to the point where it's a bare-boned group running things. The New Jersey Nets will there for at least two more seasons, and perhaps a third, but when the Nets disembark for Brooklyn a steady cash flow for the arena will be gone, and there's no easy way to make that up. Vanderbeek may have lost this battle, but he's still poised to win the war.

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