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October 30, 2008
New Jersey Nets owner Ratner denies talks with investors
The Star-Ledger
By George E. Jordan
Bruce Ratner is denying reports that he spoke with investors from Russia and Dubai and has reiterated that the NJ Nets franchise is not for sale.
However, another source has come forward and confirmed earlier reports and adds that overseas investors ARE interested in the project as a real estate deal, but Ratner is hoping to unload the team as part of the deal.
Nets owner Bruce Ratner said Wednesday that he welcomes hearing from potential investors from around the world interested in buying into his NBA franchise and its planned Brooklyn arena.
But Ratner denied a report that he is already entertaining overtures from investors in Russia and Dubai as potential sources of ready cash for the team and the Atlantic Yards project that includes the arena.
Yahoo Sports, citing two unnamed NBA sources, reported Wednesday Ratner is talking, or has spoken with, separate investor groups from Dubai and Russia that want to buy the team and take control of Atlantic Yards.
The Star-Ledger spoke with another person who said Ratner has been in contact since last summer with foreign investors. "It's absolutely true," said the person, who claimed knowledge of the talks but sought anonymity because he was not authorized to speak for the developer.
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The Nets released a separate statement Wednesday night that said the "Nets are not for sale."
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The person contacted by The Star-Ledger said investors from Asia, Russia and the Middle East are shopping for deals in New York City. The source said the foreign investors were more interested in Atlantic Yards than the NBA franchise."There's no mystery about where financing is at now. The Russians and Asians are strong and the Arabs are very strong, and they've got into a head-to-head battles over real estate in New York," the person said.
"So the Asians have cash. The Arabs have cash and Russians have cash. They want to buy the real estate, not the basketball team. But Ratner is trying to get them invested in the basketball team as well as the real estate."
NoLandGrab: It's ironic that the NJ Nets was originally the red herring to get the land deal, but now it's the project's ball and chain.
Posted by lumi at October 30, 2008 5:56 AM