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May 17, 2010
It came from the Hovasphere...
NY Post, Jay-Z's 99 problems: Sour economy gives mogul's investments a bad spin
Even the world's most successful hip-hop star isn't immune to the Great Recession.
While his music and apparel businesses appear to be humming along, ringing up mega-profits, Brooklyn's Jay-Z -- not just a businessman but a business, man -- has suffered a few financial bumps of late.
...Jay-Z Inc.’s losers
NJ Nets:
Paid $4.5M in December 2004 for a minority stake in the team. Sale price of $300M means he owns 1.5%. Forbes valued the team at $269M this season, down 9% from the previous season. Operating deficit of 13.9M. In 2004, Team owner Bruce Ratner said he wanted to have team in Brooklyn for the 2006-07 season but 2012 looks more promising.
Wall St. Cheat Sheet, 6 Companies Salivating to Get Lebron James on the New York Knicks
A guy you never heard of is claiming credit for hooking up Jay-Z with Bruce Ratner.
Let’s face it: the New York Knicks have sucked for a while now. In the City that prides itself on attracting the best and brightest, this can’t last.
When I worked at sports boutique investment bank Inner Circle Sports LLP, it was my idea to bring Jay-Z in as a part-owner when our client Forest City Ratner Companies wanted to buy the New Jersey Nets and take them to Brooklyn. Now, I have some less expensive advice for a few New York City companies which could use the same type of synergetic aid.
Posted by eric at May 17, 2010 9:56 AM