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March 6, 2009
The Nets-to-Newark scenario is bolstered by an interesting rumor
Atlantic Yards Report
Norman Oder analyzes the latest rumors about NJ Nets to Newark:
In a blog post headlined Brooklyn or bust, New York Daily News sports columnist Filip Bondy suggests that, if Atlantic Yards stalls more than two years, the losses suffered by the team, $30+ million a year, might force a sale.
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Here's the rumor:A very specific report has been circulating around the team that Ray Chambers and Lewis Katz are preparing to invest $150 million with Ratner, as part of a contingency deal. If he can get the Brooklyn arena done in two years, fine. Otherwise, Chambers and Katz would purchase the team and move it to Newark.
I have to imagine that there's a little more wiggle room in that plan. It's unlikely that the Brooklyn arena would be completed in two years. The earlier arena design was supposed to take 32 months.
Even if the main remaining lawsuit (on eminent domain) is dismissed, as is likely, efforts will be made to file an appeal. Even if construction were to begin later this year, there's no guarantee that things would work smoothly.
Posted by lumi at March 6, 2009 5:52 AM