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May 12, 2010

After NBA approval, Forest City's deal to sell Nets to Prokhorov finalized; Ratner talks about jobs and housing

Atlantic Yards Report

Even though the deal involves hoops--the Nets basketball team and the Atlantic Yards arena--note that Bruce Ratner is still talking about jobs and housing.

(Yes, there will be construction jobs but not the 10,000 office jobs initially promised. One tower might begin construction later this year.)


NoLandGrab: Why would Bruce Ratner let the truth start to get in the way of his bullshit now?

Additional coverage...

Curbed, Russki's Atlantic Yards Deal Sealed; Williamsburg Wreckage

Well-armed Russian billionaire Mikhail Prokhorov closed on the Atlantic Yards deal with developer Bruce Ratner today. In a statement Prokhorov said, "This much-anticipated day has finally come and now the real fun begins of building a championship team with a state-of-the-art home in the Barclays Center at Atlantic Yards." Such hope!

NJ.com, Done Deal: Mikhail Prokhorov Owns the New Jersey Nets

The new principal owner, who was overseas when the final papers were signed in Brooklyn, closed the deal at 12:30 Wednesday afternoon with Bruce Ratner’s group, according to a statement issued through his holding company, Onexim Sports and Entertainment Holding USA, Inc.

AP via USA Today, Sale of New Jersey Nets to Russian billionaire complete

The team was ruined by cost-cutting moves under Ratner, who signed off on the trades of Jason Kidd, Kenyon Martin, Vince Carter and Richard Jefferson.

Bloomberg Businessweek, Developer Forest City closes sale of Nets stake

Shares of Forest City Enterprises rose 41 cents, or 2.7 percent, to $15.50 in afternoon trading.

Gothamist, New Nyets Owner Approved To Begin Giving Out False Hope

The Brooklyn Blog [NYPost.com], Russian billionaire closes deal to buy Nets and move club to Brooklyn

Cleveland Plain Dealer, Russian billionaire closes Nets deal with Forest City subsidiary

Posted by eric at May 12, 2010 6:31 PM