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December 9, 2006
Nets for sale? Revised ESDC document gives Ratner an out
Atlantic Yards Report
There's a tantalizing hint in the revised Atlantic Yards General Project Plan (GPP) issued today by the Empire State Development Corporation (ESDC) that the money-losing New Jersey Nets might be for sale before the planned Brooklyn Arena opens in 2009.The revised GPP, issued as part of the ESDC's approval of Atlantic Yards, includes a section on Transferability that did not appear in the GPP released in July.
It states, in part:
In addition, in the event the Nets professional basketball franchise is sold to another entity prior to the completion of the Arena, Project Sponsors may transfer their interest in the Arena to the purchasing entity or its affiliate, provided ESDC and the City are reasonably satisfied that such entity can satisfactorily complete the development of the Arena or if such entity retains the Project Sponsors to develop the Arena.
Posted by amy at December 9, 2006 11:44 AM