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January 22, 2010
Unloading Pistons might be tough sale for Karen Davidson
The Detroit News
by Terry Foster
An article about the potential market for the Detroit Pistons cites the New Jersey Nets as a benchmark.
According to Forbes, Grizzlies owner Michael Heisley saw the value of his team decline 13 percent to $257 million. Bobcats owner Bob Johnson has debts of $160 million and his team is worth $22 million less than the $300 million he paid for it six years ago.
It's even worse in New Jersey. Nets owner Bruce Ratner announced he was moving the team to Brooklyn after buying the team in 2004. That has yet to materialize, and the team now is giving away tickets. The value of the team has declined by $31 million and is expected to be sold to a Russian businessman.
NoLandGrab: The reporter obviously didn't talk with Nets Sports & Entertainment CEO Brett Yormark, who would've told him that things couldn't be better in New Jersey [wink].
Posted by eric at January 22, 2010 11:24 AM