February 28, 2007
Nets for sale? Document suggests cash flow stops in 2013
Atlantic Yards Report
Norman Oder comes up with a possible explanation for why Ratner's financial projections, released today, only run until 2013 for the NJ Nets.
Could the Nets be for sale after the Atlantic Yards project is under way? There's certainly a hint of that in the Combined Returns Summary prepared by Forest City Ratner and released by the Empire State Development Corporation. The document estimates cash flow and investment internal rate of return starting in 2004 for both the "Team and Arena Investment" and also the "Real Estate Investment."
The "Team and Arena Investment" ends in 2013.
This wasn't the first hint either. Read on.
NoLandGrab: It would really suck if Ratner built the arena, sold the team and the new team owner threatened to move the team to Piscataway, unless the city built a newer state-of-the-artier arena.
Posted by lumi at February 28, 2007 10:37 PM