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December 5, 2008
NBA's Knicks top Forbes ranking while Nets sit near the basement
The Deal.com
[T]he NJ Nets, who play only eight miles away in East Rutherford, N.J., at the Izod Center (to some known as the swamp or Meadowlands), slipped nine spots [in the Forbes annual ranking of NBA franchises] to a 26th-placed ranking with a valuation of $295 million.
This couldn't have come at a worse time for Nets owner Bruce Ratner, who has denied regular rumors that he may sell the team. Whatever the status of a divestment, given the state of the economy Ratner will likely postpone any notions of selling his franchise in the near future.
For Ratner, the 2008 valuation is slightly less than the $300 million he paid for the Nets in 2004. Forbes reports that the Nets -- who didn't make the playoffs for the first time last year since 2002 -- tallied an operating loss of $900,000 last year. But the Daily News reported in October an NBA source saying the team has been losing between $20 million to $25 million annually for the last couple of years, which may be one reason for the sales rumors. Ratner's loss also may be getting bigger because of his, so far, unsuccessful attempt to build an arena in Brooklyn for his Nets. Common wisdom suggests these delays have left the team with a weak fan base as most New Jersey residents have lost interest in the team.
Posted by lumi at December 5, 2008 4:23 AM