December 4, 2008
As the value of the Nets declines, the pressure to build the Brooklyn arena must increase
Atlantic Yards Report
Earlier this week, Sports Business Journal named the NJ Nets as one of the worst brands in all of US professional sports. Now a survey of NBA team valuations by Forbes ranks the Nets near the bottom:
The stakes for New Jersey Nets principal owner Bruce Ratner grow even higher and the pressure to build a valuable new arena increases, now that Forbes reports, as summarized in NetsDaily, Nets Now Worth Less than When Ratner Bought Them.
The ownership group he led spent $300 million in 2004 but the team is now worth $295 million and ranked 26 out of 30, while last year's article valued the team at $325 million, good enough for a rank of 16.
Now the Nets' debt/value ratio is a league-leading 71%. That suggests a need to turn things around soon and move to a new arena--or maybe even sell the team.
Norman Oder explains the pros and cons of holding on to the team as the Atlantic Yards project remains stalled.
Posted by lumi at December 4, 2008 4:43 AM