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July 7, 2008
Net Losses Mounted Last Quarter
Nets Daily
The everything-Nets blog cites a report from Sports Business Journal about the latest lop-sided Nets loss — and it wasn't on the hardwood.
The Nets lost $7.2 million last quarter, more than double last year’s total, according to new filings by Forest City Enterprises. FCE is Bruce Ratner’s corporate parent and the team’s leading investor. It holds a 21 percent stake in the team but is responsible for around 31 percent of the operating losses. FCE has said it will continue to bolster team finances, expecting a large return when the team moves to Brooklyn.
NoLandGrab: We wonder how those Nets owners who aren't relying on their investment in the Nets to leverage Brooklyn's largest-ever real estate deal are feeling about mounting team losses.
Posted by eric at July 7, 2008 12:52 PM