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June 13, 2008
Nets still tanking
The Brooklyn Paper
By Sarah Portlock
The New Jersey Nets are losing even more money — adding yet another wrinkle in the team’s plans to relocate to Brooklyn.
Despite a promise to bring the Nets here, Forest City Enterprises, which partly owns the team, admitted this month that the squad has lost $10.2 million more this year than at this point last year.
The company reported an $18.5-million loss in its just-released first-quarter report, and its loss from its 22-percent investment in the Nets represents more than half of that downturn.
Those posted losses don’t mean Atlantic Yards developer Bruce Ratner might abandon his plan to bring the Nets to Brooklyn because what’s a $10 million loss in a $4-billion project, one analyst said.
NoLandGrab: Right-o — just because the Nets are leaking money doesn't mean that Bruce Ratner will abandon the project. It means that they'll keep leaking money as the project continues to stall, and that CEO Brett Yormark's energetic efforts to increase sponsorship aren't paying off in the short run. Ouch!
Posted by lumi at June 13, 2008 5:30 AM