Despite the slumping economy, a British bank is standing by Brooklyn’s planned Nets arena.
Barclays bank vowed yesterday not to exercise an out clause and kill its record $400 million naming-rights deal for the venue, the centerpiece of developer Bruce Ratner’s $4 billion Atlantic Yards project.
The deal was contingent on Ratner’s having financing for his entire project – which also includes 16 towers of residential and office space – set by the end of this month. That is now impossible because of pending litigation to block the project.
But sources told The Post that Barclays agreed to an extension.
“Barclays is unwavering in its commitment to the Barclays Center,” said Gerard LaRocca, a chief administrative officer for Barclays.