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October 28, 2008
Morning Scoop: Coming Clean?
HoopsWorld
Selling The Nets?: Reports from New Jersey are suggesting that Nets majority owner Bruce Ratner met with potential investors about selling the team earlier this year. The Nets have been losing massive amounts of money for some time and it's one of the core reasons Ratner was able to purchase the Nets back in 2004 for the paltry $300 million he and his partners paid for the team. The unnamed source for the New York Daily News was one of the possible investors, who said Ratner's motivations were to get "equity" in the situation and cash out some of his losses. In 2004 Forbes valued the Nets at $296 million; the 2007 value of the Nets is projected at just over $338 million.
...The Nets new arena was originally scheduled to open in 2010, it is now looking more like 2011 and possibly 2012 before the building would be complete.
NoLandGrab: Let us not forget that the Nets new Brooklyn home was originally originally supposed to open in 2006.
Posted by eric at October 28, 2008 11:22 AM