The Devils and Nets will get a new $325 million arena in Newark, under an eleventh-hour, $215 million financing deal worked out between YankeeNets, which owns the teams, and Gov. Christie Whitman. The arena most likely will be ready for the 2004 season.

The plan improves upon Whitman’s $75 million offer last August and was cheered by the YankeeNets organization. However, it came under attack by Senate President Donald DiFrancesco, who takes over as acting Governor today as Whitman moves to Washington, D.C., to take over as President Bush’s new commissioner of the Environmental Protection Association.

The financing plan has to be approved by the state legislature.

If approved, the Nets and Devils will leave Continental Airlines Arena after the 2003-04 seasons and move into a luxury suite-packed arena in Newark.