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June 10, 2011
Nets' Big Losses Continue ... Even Beyond Prokhorov's Cushion
NetsDaily
As part of his agreement to buy the Nets, Mikhail Prokhorov agreed to fund team losses in New Jersey for up to two years and up to $60 million. Forest City Enterprises, Bruce Ratner's parent company, said Monday losses continue and exceed Prokhorov's guarantee. So, FCE will have to fund them as it did in the past.
FCE's new CEO David LaRue said "entities controlled by Mikhail Prokhorov committed to fund up to $60 million of the team's losses from acquisition to the completion of the arena. We now anticipate that $60 million cap will be reached sometime in the second [current] quarter of the year, at which point Nets Sports and Entertainment, the ownership group of which we are the managing member, will need to fund the overage."
NoLandGrab: Here's betting that the NBA's first Russian owner is wishing he was the NBA's first Cuban owner.
Posted by eric at June 10, 2011 9:19 AM