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November 15, 2009
Report: Nets could remain in New Jersey if Brooklyn move falls through
The Star-Ledger
By Dave D'Alessandro
The Nets, via Ratner, Yormark, et al., have said that if the Nets don't move to Brooklyn, then abosolutely, positively, oligarch Mikhail Prokorov would drop his deal to purchase the Nets. It turns out that's not true.
Both Bruce Ratner and David Stern have stated recently that if Atlantic Yards doesn’t get under way, it’s a deal-breaker, and that Prokhorov will take his billions and go home — leaving Ratner with no other option but to seek out-of-town buyers, perhaps from Seattle.
But that might have changed in the months since those assertions.
One minority partner, who requested anonymity so he could speak candidly, said Saturday it is believed that Prokhorov “might be inclined to still buy and keep it in Jersey” if the price could be worked out.
Nets CEO Brett Yormark insists construction for a Nets arena in Brooklyn will begin in mid-December. It could be true, but he seems to forget that there are court cases and financing to get in order, first.
Yormark would only say that the Jersey option will be moot as soon as the Nets take possession of the land in Brooklyn: “There are bulldozers on the site right now,” the CEO said here Saturday. “There is preparatory activity, and we will commence construction in mid-December. We’re just as confident as ever that we’ll be in Brooklyn.”
That cannot happen until some eminent domain issues and bond sales go forward, however.
Posted by steve at November 15, 2009 8:00 AM