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April 10, 2010
Nets Seek Lebron James, Rights to Brooklyn Stadium Location
Sports Fans Coallition
Would-be owner of the New Jersey Nets Mikhail Prokhorov has wasted no time in declaring his intent to sign Duke Basketball Head Coach Mike Krzyzewski for an astounding $14 million a year to take the bottom-feeders of the NBA to the top. Likewise, this bull in a china shop has bought his tickets to the Lebron James sweepstakes this off-season hoping to sign the free agent in time to name the new stadium ‘the house that James built’.
The only problem with that dream scenario for the Russian Billionaire who would stand to become the first overseas owner of an NBA franchise is that the property in Brooklyn, Atlantic Yards, is not yet in the hands of the state of New York. A vote by the collective NBA ownership was set to take place this week, but was delayed a week due to this all important detail.
According to the NY Times, “Mr. Prokhorov is paying $200 million for 80 percent of the team and 45 percent of Barclays Center, the team’s arena that is being built near downtown Brooklyn as part of the $4.9 billion Atlantic Yards project. He will also finance up to $60 million of Nets losses until they move into the arena and be responsible for 80 percent of the team’s debt of $207 million.”
All that appears to be on the up and up until you read how the state of New York is fighting to take people’s land to get the deal done. New York residents’ tax dollars at work indeed.
Posted by steve at April 10, 2010 8:41 AM