« ROGEREAD? | Main | It's all about cash flow: Ratner, according to report, pushing harder to sell part of Nets »
July 24, 2009
New Jersey Nets owner Bruce Ratner on verge of enlisting investors willing to move team to Brooklyn
The Star-Ledger
By Dave D'Alessandro
It appears that Atlantic Yards developer and NJ Nets team owner Bruce Ratner is trying to sell the team to an ownership group that shares his vision of moving the team to Brooklyn:
[A]ccording to numerous officials throughout the organization, Ratner may soon find someone to help alleviate the team's crushing debt load and facilitate the construction of the Atlantic Yards project, and the candidates range from the former CEO of Yahoo to a billionaire industrialist from Russia -- each of whom would still move the team from New Jersey.
"I would be surprised if it doesn't happen fairly soon," said a high-ranking Nets official, who requested anonymity so as not to jeopardize Ratner's plans. "Bruce has looked into several options. He's had offers, he's made counteroffers, and at some point in time -- probably by the time the season gets under way -- something will transpire."
To what degree Ratner needs help is uncertain, even to some of the team's own investors. One who is admittedly skittish over the team's annual losses and the dubious plans for Brooklyn said earlier this week that Ratner needs "significant" financial assistance to keep the team afloat.
DDDB.net, Ratner Desperately Seeking Buyers For His Share of Nets
Meanwhile, Develop Don't Destroy Brooklyn noted:
At last night's Atlantic Yards "informational meeting" Forest City Executive MaryAnne Gilmartin was asked if Forest City Ratner is looking to sell it share of ownership of the New Jersey Nets as has been reported, most recently, in Sports Illustrated.
Her one word answer was, "no."
...
It leaves us wondering (though not too hard): Are we to believe anything that comes out of the mouths of Forest City Ratner representatives?
Posted by lumi at July 24, 2009 5:38 AM