National Basketball Association commissioner David Stern confirmed the plans during a visit to the 275-seat, 17,000-sf NBA City restaurant located at Universal Orlando's CityWalk attraction. The Orlando restaurant's operation would be used as a prototype for the New York establishment.
Global expansion plans were scrubbed last year after Hard Rock Café International bowed out as an NBA City partner. NBA City opened in September 1999. Gross revenue figures to date have not been disclosed.
NBA receives licensing revenue from the use of the NBA name and logo at the restaurant but does not receive a share of the operating revenue until the restaurant is profitable, according to Stern. The NBA is funding some of the marketing and promotional expenses for the restaurant but is not financing any of the venture's debt.
Burnet owns RWB Financial, a privately-held real estate development and mortgage banking firm in Minneapolis. He is also a part owner of the NBA's Minnesota Timberwolves team.
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