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November 1, 2008

Brooklyn: Too Big To Fail?


In my first post on the effect of the global meltdown of markets, let's tackle the question of a deepening financial crisis that effects New York, New Jersey, and Connecticut more dramatically than any other part of the country. A depression so sudden and disarming that New York is no longer the global financial epicenter of prosperity but just another backwater big city with an auction house.

Already there is the observation that the global power-players who have cash to burn are interested in New York properties and Ratner whose Nets have been little more than a money sink for years may be expendable.

In an exhausted New York economy, it is not inconceivable that an Asian buyer of a team like the Nets might simply pack up their acquisition and move them out to Seattle rather than keep them in the New York metro area.

Whether it is the Nets or another team, expect the face of the NBA to change dramatically and suddenly as the economic cancer spreads through the American sports market.

It won't be long before the Knicks are playing the Sheiks.

NoLandGrab: Ratner insists he hasn't spoken to foreign investors, but that seems 'Dubai'ous.

Posted by amy at November 1, 2008 10:11 AM