July 28, 2010
Prokhorov: Nets Will Be Worth $1 Billion by 2015
NetsDaily
Looks like Mikhail Prokhorov is playing fantasy basketball.
The cover of August's Forbes Russia shows a tall man in a suit holding a basketball, and asks, "Mikhail Prokhorov and American basketball: Who Will Be the Winner?"
In the article, "I told America I come in peace," Prokhorov goes over much the same ground he has in press conferences and interviews with U.S. media, but talks more about the team's financial prospects.
The Nets' owner says the team will continue to lose money in Newark but the team's move to Brooklyn, plus his ambitions to create a dynasty, will make the Nets both profitable and valuable, suggesting the team will be worth $1 billion and earn an annual profit of $20 million.
NoLandGrab: To put that figure in perspective, Forbes estimates the value of the Los Angeles Lakers, who won 45 more games than the Nets this past season (and the NBA title), at $607 million. Prokhorov is "guaranteeing" a Nets championship by 2015, as well.
Posted by eric at 10:26 AM
July 16, 2010
Prokhorov Preaches Patience: Nets Owner Moves to Plan B After Failing To Land Big Free Agents
Brooklyn Daily Eagle
by John Torenli
Mikhail Prokhorov, the Russian billionaire who took the tri-state area by storm just over two months ago when he was officially named owner of the New Jersey (soon-to-be-Brooklyn) Nets, had a new message for diehard fans this week.
“Be patient. Support our team. We will win for sure,” Prokhorov insisted Tuesday during his state-of-the-franchise address at the Four Seasons in New York.
After failing to land one of the prized free agents on the team’s July wish list — LeBron James, Dwyane Wade and Chris Bosh — Prokhorov didn’t panic and sign a player his management group was less than enamored with in the hopes of pacifying a loyal but frustrated fan base.
Instead, he simply went to one of several back-up plans the organization had in place, just in case the “Big Three” turned down his monster pitch.
“Really I’m very happy with how things have played out,” Prokhorov said calmly. “Just after my meeting on the first of July, I had a different anticipation. I have predicted a lot of what has gone on. We have Plan A, we have Plan B and we have Plan C and even Plan D.
NoLandGrab: OK, it's one thing for a reporter to mindlessly boost a team, but it's a completely different thing to lose one's grip on reality. Does John Torenli really believe that somewhere the Nets had a plan to acquire four guys nobody's ever heard of, and hire as their president the executive who built the Sixers into the sixth-worst team in the NBA, one that missed the playoffs last season by 14 games? That sounds more like Plan W.
Posted by eric at 10:27 AM
July 15, 2010
Mikhail Prokhorov Says One Thing, Nets Do the Opposite
Former Sixers G.M. latest curious move in Prokhorov's first summer as owner
NBC New York
by Josh Alper
There's no doubt that the addition of Mikhail Prokhorov to the roll call of team owners makes the American sports landscape a more interesting one. We're starting to have some second thoughts about how much he means any of the things he says, however.
Case in point is an interview that Prokhorov gave to Nets Daily on Monday while he was flitting through the sky on his Gulfstream. The first question had to do with the departure of team president and general manager Rod Thorn and the search for a replacement who would help the Nets fulfill Prokhorov's promise of a championship within five years. The owner professed to be in no rush to hire a new man because, as a new owner, "I need to touch and smell everything myself and this takes some time."
Fast forward to Wednesday when the Nets announced that former Sixers G.M. Billy King would be joining the team and assuming Thorn's duties. Maybe rush translates differently in Russian?
His job title is general manager so Prokhorov may still be taking his time to find a president but that would appear to be, in one form or another, a semantic distinction that won't make much difference if King proves to be the same guy who ran the Sixers into the ground after Larry Brown left the team. The team ran through numerous coaches, spent barrels of money on mediocre players and generally resembled the Isiah Thomas Knicks without the same media spotlight.
NoLandGrab: Plan D?
Related coverage...
Develop Don't Destroy Brooklyn, Atlantic Yards Smells Bad
Josh Alper at NBC-New York scratches his head about Mikhail Prokhorov.
So do we.
Does this guy take anything seriously? If he treats free agency and his franchise this way, imagine what kind of humorous stylings he'll come up with when Atlantic Yards doesn't provide any affordable housing.
Posted by eric at 9:36 AM
Thorn had good run with Nets
Bergen Record
by Al Iannazzone
Rod Thorn, the only guy with any class in the whole Nets organization, is getting out.
With money tight under former principal owner Bruce Ratner, Thorn had to break up a championship contender and trade Kenyon Martin in 2004, cut salary nearly every season to avoid luxury tax penalties and move draft picks for cash.
The Nets finally have unlimited resources with Russian billionaire Mikhail Prokhorov signing the checks. Yet, Thorn is resigning.
...Thorn is not retiring. Teams have called him, but Thorn isn’t sure what he will do next.
He dispels reports he’s leaving because of money – Prokhorov offered a two-year, $8 million deal, down from the $5.5 million Thorn made last season — or doesn’t like new ownership.
"It’s time for me to go," Thorn said.
Posted by eric at 9:26 AM
July 13, 2010
The Nets draw blanks, but that's OK for Prokhorov and Ratner
Atlantic Yards Report
The Record's Al Iannazzone sums up, in an article headlined Nets look to solve puzzle, the team's positioning:
The Nets wanted Mike Krzyzewski or Jeff Van Gundy to be their coach. Tom Thibodeau was their third choice. The Nets hired Avery Johnson.
They hoped their 25-percent chance of winning the draft lottery would get them the top pick in the draft and John Wall. They took Derrick Favors third.
The Nets wanted team president Rod Thorn to continue to guide the basketball department. Thorn is resigning at the end of the week, with former Sixers’ president Billy King a candidate to replace him.
In free agency, they hoped – and wanted to believe – Mikhail Prokhorov’s money and global vision and Jay-Z’s appeal would result in LeBron James and other superstars coming to the Nets.
They wound up with Travis Outlaw, Johan Petro, Jordan Farmar and Anthony Morrow...
Well, for team fans, that's not so hot, but Prokhorov has already reaped enormous good publicity from his purchase and media tour.
And former majority owner Bruce Ratner and his partners at Forest City Enterprises are no longer saddled with the team's losses.
So some bad luck likely doesn't hurt them as much.
NoLandGrab: As for Brooklyn residents unlucky enough to live anywhere near Ratner's Atlantic Yards site, their bad luck will cause them pain for many years to come.
Posted by eric at 11:41 AM
July 11, 2010
Even without Lebron, Nets have a foundation in Brooklyn
The Brooklyn Paper
By Stephen Brown
In an apparently new meaning of the word "forward," this article tries to say that the inability of the Nets to sign Lebron James represents progress.
The first concrete sign of the Barclays Center is now in place — builders have begun to lay the foundation of the arena at Flatbush and Atlantic avenues.
The construction milestone came on the eve of the New Jersey Nets’ failure to land Lebron James — but is still seen as a major step forward for the Brooklyn-bound team.
Related coverage...
Atlantic Yards Report, The Brooklyn Paper plays catch-up and cheerleader
The Brooklyn Paper plays catch-up and cheerleader, in a July 10 article headlined Even without Lebron, Nets have a foundation in Brooklyn:
The first concrete sign of the Barclays Center is now in place — builders have begun to lay the foundation of the arena at Flatbush and Atlantic avenues.
The construction milestone came on the eve of the New Jersey Nets’ failure to land Lebron James — but is still seen as a major step forward for the Brooklyn-bound team.
(Emphasis added)
Is still seen? By the issuer of the press release, at least. Most other commentators are pointing out that the Nets lost big this past week.
...
That announcement came June 29--well before the NBA free-agent merry-go-round--and so did the court hearing also cited in the article:
Lawyers for the opposition reargued their claim last week that a longer construction timetable for the project was withheld from a judge to get a favorable ruling.
The Brooklyn Paper didn't bother to send a reporter to the hearing, but linked to my coverage.
It wasn't simply that the Development Agreement was withheld in the court case; it was that the deadlines in the document, had they been seriously considered by the Empire State Development Corporation board, would have triggered another look at the projected ten-year buildout.
Posted by steve at 8:25 AM
July 10, 2010
The Daily News turns on a dime, spurning LeBron James after months of pulling for him, aching for him
Atlantic Yards Report
The Daily News, which launched a GetLeBron.com website as part of a months-long push to attract the superstar, today turned on a dime, editorializing James and the giant mistake: LeBron decides he can't make it here:
Who needed him, anyway?
Last night, with pomp even the queen couldn't muster, the man who's known as the King made the biggest mistake of his young life. Instead of having the courage to man up and build a real legacy in the big city, he's signing on with a ready-made dream team in Miami.
He can have his Crockett and Tubbs. We'll keep our Serpico and Sipowicz.
He can have his chain steakhouses and pizza places, and the Burger King headquarters. We'll take Peter Luger and Grimaldi's and enough others to give you a hundred delicious heart attacks.
He can have his glitzy beaches and palm trees and clubs filled with people who, if they can fake it there, they can fake it anywhere. We'll take Coney Island - freaks, cigarette butts and all. We'll take Central and Prospect and Crotona and Van Cortlandt parks....
NoLandGrab: The Daily News criticizes Miami as a place of "chain steakhouses and pizza places, and the Burger King headquarters" even as it has endorsed destroying a real Brooklyn neighborhood for the bland, corporate dreams of developer Bruce Ratner.
Posted by steve at 8:26 AM
July 9, 2010
Notes from LeBron mania: Nets losses, reversible jerseys, bitterness in Cleveland, Zimbalist the media critic, and Yormarketing desperation in Florida
Atlantic Yards Report
Blueprint for greatness? We think not. As one NetsDaily commenter posted last night, "'Proky' is just Russian for 'Ratner.'"
Now that superstar LeBron James has signed with the Miami Heat, and the Nets' coach and owner remain positive, not everyone's convinced.
From the Times:
The Nets are so far the biggest losers in free agency, having failed to sign any of the players on the market, despite the best efforts of their charismatic new owner, the Russian billionaire Mikhail D. Prokhorov.
Well, you might say the teams that lost stars fell behind much more, but the Nets suffered in comparison to other teams that cleared cap space.
From Star-Ledger columnist Steve Politi, mindful of the short stay in Newark:
And, while it will be largely overlooked, his nine words — “I’m going to take my talents to South Beach” – have effectively ended New Jersey’s frustrating and fruitless dalliance with professional basketball.
...Nets owner Mikhail Prokhorov issued a statement not five minutes after the decision to “reiterate our commitment to winning a championship within five years.” But that billboard outside Madison Square Garden, the one declaring that Prokhorov and Jay-Z had the “blueprint for success” is 30 stories worth of hubris today, and the new owner looks as feeble as the old one.
Al Iannazzone on the Nets Insider connected a few dots:
This free agency continued the trend from the regular season.
The Nets had the best chance to win the Lottery and potential franchise-changer John Wall, and fell to third. At one point, they believed they were in the mix for James. Another loss.
Related coverage...
NetsDaily, Prokhorov: "Goals Remain Intact"
Nets owner Mikhail Prokhorov released a statement shortly after LeBron James announced his decision to join the Miami Heat.
"We have a vision of a championship team and need to invest wisely and for the long term," Prokhorov said. "Fortunately, we have more than one plan to reach success, and, as I have found in all areas of my business, that is key to achieving it. To Nets fans past, present and future, the goal of making the playoffs this season remains intact and we reiterate our commitment to winning a championship within five years."
NoLandGrab: Nets fans better hope that "Plan B" doesn't stand for "Plan Bruce."
AP via USA Today, Nets lose another one — LeBron heading to Miami
The New Jersey Nets had one of the worst seasons in NBA history and nothing changed on the free agent marketplace in the offseason.
The Nets' hopes for an amazing resurrection just months after winning 12 games collapsed on Thursday when two-time MVP LeBron James became the latest superstar to say nyet to new Russian owner Mikhail Prokhorov and his high-profile negotiating team that included hip-hop mogul Jay-Z.
NLG: LeBron apparently didn't feel the Nets' pitch was quite as "spectacular" as the Nets thought it was.
NetsAreScorching, THE DAY AFTER: WE’RE GOING TO BE OKAY NETS FANS
Perhaps, many of us were caught up in the way the Nets have been selling themselves the past week. The swagger, the taunting billboards, the “leaks” of information from negotiations… maybe it all created a false sense of accomplishment. They always tell a fighter not to lead with the chin, and Team Prokhorov has certainly put it all out there, inviting a backlash. But personally, after the past six years of Bruce Ratner’s focus on real estate, rather than basketball, I welcome an owner who’s willing to take calculated risks and not be ashamed if they don’t hit the bullseye when it comes to assembling a roster.
Brooklyn Daily Eagle, New Best Western Arena Hotel Opens at Crossroads of Bed-Stuy, Crown Hts, Prospect Heights
Brooklyn now has a brand new Best Western hotel that’s open and ready for business.
Originally to be named Best Western Downtown Brooklyn, it was renamed Best Western Arena Hotel because of its proximity to the Barclays Center at Forest City Ratner’s Atlantic Yards development.
...“Brooklyn is quickly becoming a top destination for tourists, business and leisure travelers, and with the new Barclays Center for the New Jersey Nets scheduled to open in 2011, our hotel will be a great addition to the city,” said Mukesh Patel, principal of Mukteshwar LLC, owner of the new Best Western. “We are only six blocks from the new arena and the only hotel at the first stop along the Long Island Rail Road, making it a convenient stay whether they’re in the area for work or play.”
NLG: That would be 2012, if they're lucky. Maybe they can advertise the hotel to Heat fans in Miami, who might want to come watch their team eat the Nets for lunch.
Posted by eric at 11:47 AM
July 8, 2010
LeBron mania to be resolved tonight, as nation will learn superstar's destination in prime-time special; Nets' chances drop
Atlantic Yards Report
Basketball superstar LeBron James's final choice of a city and team--er, sports entertainment corporation--will be revealed tonight in an hour-long special on ESPN, capping the mega-hype and drama that started months ago and ramped up a week ago when teams could approach him directly.
Given how the chess pieces have fallen in the past week--Dwayne Wade joined by Chris Bosh in Miami; Amar'e Stoudemire signing with the Knicks; Carlo Boozer signing with Chicago--the free agent-less Nets have lost ground, despite what the New York Post inaccurately hyped July 3 as Nets insider: Meeting with LeBron 'spectacular'.
(The self-serving, unidentified "insider" was referring not to the meeting but the team's pitch: And the Nets were the first team to try to impress James with a presentation one team insider dubbed “spectacular” after getting reviews from those involved.)
...Going too far?
[The Star-Ledger's Dave] D'Alessandro thinks things have gone way too far:
So now he’s ready to announce his decision. The free agent market in any sport is always a shameless function of ego, and one week of this was enough. Now the grand prize, a young man who refers to himself as The King, has concluded his vainglorious quest to keep our attention as he decides that he is either going to take one billionaire’s money or another billionaire’s money.
Buzz Bissinger, who with James wrote a book about the star and his high school teammates, told the Times:
“I’m disappointed because I think he’s handled this terribly,” said Buzz Bissinger, who helped write James’s 2009 biography, “Shooting Stars.” “I hate the idea that he is the king and that all these grown men have had to go grovel in front of him. It’s a side of him I didn’t see before.
...Some sobriety
In a Next American City essay July 2 headlined Cities to Lebron: “We Need You”, Ferentz Lafargue looked skeptically at the campaign for James, suggesting that the numbers bandied about regarding the local economic impact were not to be trusted.
New York Times columnist Clyde Haberman wrote June 29 about the impact of transit cuts on the poor, and looped in the buzz of the moment:
For example, on Thursday the fabulously wealthy LeBron James, a Cleveland basketball player, becomes a free agent. Some prominent New Yorkers desperately want him to play here, and they are throwing all sorts of freebies his way as inducements. After all, why should a zillionaire pay his own way? That’s what the less illustrious and the less affluent must do.
The courtship of Mr. James is supposed to fill us with civic pride. The good news is that we will have more time to read about it while we stand on the subway platform waiting longer than ever for an overcrowded train to arrive.
NoLandGrab: LeBron James? Yawn.
Related coverage...
NetsDaily, $32 Million and No One to Take It
The salary cap figures are out and the Nets now have $32 million--$31.929 million to be specific--in cap space with 10 players under contract (two partially guaranteed). If this was July 1, that would be a good thing, but it's about to turn into July 8. Not so good.
After striking out on Carlos Boozer, it now appears that David Lee won't be available either. Unless LeBron James chooses the Knicks, he'll likely be dealt in a sign-and-trade to the Warriors as early as Friday. The hope that James will choose the Nets is now very unlikely, with the the betting be he'll either stay in Cleveland or head to MIami to join the other Golden Ones.
So what do the Nets do now?
NLG: Make another run at the NBA record for futility?
slayer2022 via YouTube, Mikhail Prokhorov recruits Lebron James
Posted by eric at 10:42 AM
July 6, 2010
Ratner: Vandeweghe deserved better
ESPN The Magazine
by Ric Bucher
Bruce Ratner is shedding a few crocodile tears over the team's dismissal of Kiki Vandeweghe.
Bruce Ratner remains a minority partner in the New Jersey Nets, so he's not at liberty to question the decisions made by the team's new majority owner, Russian billionaire Mikhail Prokhorov. But if there's one consequence of the new regime's attempt to distance itself from last season's nearly historic -- as in historically bad --12-70 record that bothers him, it's how assistant general manager Kiki Vandeweghe was sent packing.
Enough so that Ratner's conscience apparently compelled him to speak out about it. Especially now that team president Rod Thorn is stepping aside as well and the team is in search of new leadership altogether.
"He didn't go out the way he should have," Ratner said now of Vandeweghe. "The team is in a really good position and he was instrumental in putting it there."
Ratner's conscience? We wonder if Bruce also feels that Daniel Goldstein "didn't go out the way he should have."
That said, Ratner doesn't see the Nets bringing Vandeweghe back. His gratitude for Vandeweghe's work and guilt over how he was dismissed stops short of going to bat for him.
"It's Mikhail's team now and he wants to put his stamp on it," Ratner says. "I can understand that."
NoLandGrab: You're a stand-up guy, Bruce. Maybe if you hadn't been desperate for Proky's cash to keep your crooked Atlantic Yards deal afloat, Kiki would still have a job. But that's not how it went down. So shut up already.
Posted by eric at 7:24 AM
July 5, 2010
ESPN's Ultimate Standings show Nets, in pre-Prokhorov season, declining to 118 (among 122 franchises), with Ratner still the second-worst owner
Atlantic Yards Report
Congratulations, Bruce Ratner! You're still the second-worst owner in pro sports, even though you don't even own most of your team anymore. And the only guy worse than you is "The Most Evil Man in Sports."
With no way to factor in a brighter future in Newark (and Brooklyn) and a deep-pocketed new owner, the New Jersey Nets actually declined from 111 to 118 in ESPN the Magazine's Ultimate Standings 2010, a ranking of how much the 122 franchises in four pro sports give back to the fans.
(The unimpressive New York Knicks nudged up to 119 from 121.)
The Nets ownership, led by Bruce Ratner, held steady at 121, the second-worst in all of sports, thanks to Donald Sterling of the Los Angeles Clippers, who paid $2.73 million last November to settle a housing discrimination lawsuit.
The best scores for the Nets were in the categories of Title Track (championships won or expected in the lifetime of current fans) and affordability. Look for the latter to decline, though perhaps not until the expected Brooklyn move, and the former to increase, at least if major free agents are signed.
Title Track: 99
Ownership: 121
Coaching: 121
Players: 114
Fan Relations: 113
Affordability: 82
Stadium Experience: 119
Bang for the Buck: 116The explanation, from ESPN's Insider (subscription only), comes with some digs at marketing man Brett Yormark:
Mikhail Prokhorov is a genius when it comes to buying low. And that's what he got with the Nets. "It was the single worst fan experience in ANY professional sport," says Net Income of Netsdaily.com. We feel you guys, we really do, because New Jersey hasn't been embarrassed this badly since Jersey Shore debuted. We're not even talking about the Vince Carter trade and the NBA-record 18-game losing streak to start the season. There were the reversible jersey promotions (one side: a New Jersey Nets player, flip it inside-out: Kobe Bryant!). And CEO Brett Yormark scolding a fan who donned a paper bag. Amazingly none of this even begins to address the IZOD Center, which housed this entire spectacle. Net Income, please do the honors: "It hadn't been updated in 30 years. It had virtually no amenities and was always crowded, perhaps even an unsafe concourse. Traffic and parking configurations were changed, sometimes game to game, to accommodate a massive and still-empty shopping mall, the construction of a new Giants/Jets stadium and then the destruction of the old one." Luckily for Nets supporters, the Ratner era ends with a temporary pit stop in Newark and an overhaul of the organization, Russian-billionaire style. "Nets fans on the whole are excited by the prospect of Prokhorov, if only because we know our owner is now committed to basketball rather than real estate," says NJ4Life of Netsdaily.com. Hey, that's not a bad place to start.
Posted by eric at 10:47 AM
July 1, 2010
The loss of Yi and the Nets' China ambitions
Atlantic Yards Report
Yi, we hardly knew ye.
Now that the Nets have traded Chinese forward Yi Jianlian to the Washington Wizards to clear salary cap space (and bid for two free agents, not one), what happens to the team's global ambitions?
(And when will they update the Nets' Chinese web site, which still features Yi, as in the screenshot at right?)
Well, notwithstanding the role of globetrotting Russian billionaire Mikhail Prokhorov as owner, there has to be a setback in the world's most populous country.
I didn't see that concern in coverage of the Yi deal in the AP, News, Post, or the official press release.
Some savvy
The Star-Ledger's Dave D'Alessandro wisely pointed out:
Ether way, Yi and his $4.05M salary are history -- so much for that foray into the Asian continent, unless they believe a billion Chinese fans are going to follow the owner, which doesn't seem likely.
Posted by eric at 10:11 AM
June 27, 2010
Jay-Z expected to be among first to visit LeBron
Yahoo Sports
By Adrian Wojnarowski
This article mentions the exit of Rod Thorn, General Manager of the Nets.
Nets general manager Rod Thorn and coach Avery Johnson will also make the trip, but Thorn has decided to leave his job and retire in July. He hasn’t been happy with the pay cut the new owner has offered, and he also feels that at 69 years old his appetite for the job’s grind has diminished.
NLG: A pay cut for Thorn? Is Mr. Billionaire Oligarch cheaping out, a la the Bruce? Isn't it supposed to be all "Lifestyles of the Rich and Famous" with the Nets now?
Posted by steve at 7:55 AM
June 17, 2010
Nets Basketball: First Newark, then Brooklyn ... and then the world
New Jersey Newsroom
by Evan Weiner
The NBA's worst basketball team has grandiose dreams of being the world's worst basketball team, aiming to transcend "borders and cultures and countries."
So how do you push your way onto the world stage and become a global sports brand name like Manchester United, Michael Jordan and Tiger Woods? That is the question that Irina Pavlova will be attempting to answer in the upcoming months as she leads the campaign to make the New Jersey, soon-to-be Brooklyn Nets a player on the world stage.
Posted by eric at 10:08 AM
June 15, 2010
Prudential Center tour might get Mikhail Prokhorov thinking Nets belong in Newark -- long-term
The Star-Ledger
by Steve Politi
Mikhail Prokhorov got his first look yesterday at the Prudential Center in Newark, the Nets' interim home for at least the next two years.
Maybe there is a very good reason his new partners, the ones who needed his billions to make their boondoggle Brooklyn project a reality, decided to wait so long to take the oligarch to the Rock.
Maybe they didn’t want him to see it.
Prokhorov isn’t the second richest man in Russia for making poor business decisions. You had to wonder, as he walked through the pristine building and shot 3-pointers with the city’s charismatic mayor, if the thought at least popped into his sizable noggin.
I’m paying how many rubles to build a new arena in Brooklyn when this place is already here?!
Posted by eric at 9:53 AM
June 14, 2010
Gov. Chris Christie says he's ready to get involved in N.J. sports issues
The Star-Ledger
by Steve Politi
You pushed the Nets to give up their territorial rights as part of the move out of the Meadowlands. Is there any hope for NBA in the future here when the Nets leave?
The Prudential Center is a world-class basketball arena, and it could attract interest from teams not doing very well in this area. And I do think this area, if it had good teams, could support three teams. We support three teams in hockey. I don’t think there’s any reason we couldn’t support three in basketball. So if the Nets do leave — and I’m still waiting for that building to be built in Brooklyn, I’ll believe it when I see it — I think it’s something we should look at aggressively.
Why the skepticism about Brooklyn?
Just the economy. I know they have lots of legal issues to get over — I know they’ve gotten over a number of them. This thing was supposed to be built already. I haven’t seen any steel go in the ground yet. I wish them all the luck, but we’re ready to host the Nets for the next two years. At least.
Posted by eric at 12:39 PM
June 7, 2010
Jay-Z not wooing LeBron James to Nets
Yahoo! Sports
by Mark J. Miller
Jay-Z is a minority owner of the New Jersey Nets, a team on the undercard for the battle for LeBron James(notes) this summer. The Nets are considered a long shot to land James in this summer filled with big-name, big-dollar NBA free agents, but Jay-Z tells Rolling Stone that he won't get involved in trying to woo his friend to his team, according to the New York Daily News.
"That's his decision," he told the magazine. "We're friends - we've still gotta hang out! I don't want to convince somebody to do something, then have to see him and say, 'Uh, yeah, we're 4-30 ...sorry.'"
Such confidence in his team! Of course, the real reason Jay won't get involved in the recruiting effort may be that the big boss told him "nyet."
Jay-Z is leaving all recruiting to the new owner, Russian billionaire Mikhail Prokhorov, who first met with the hip-hop exec at the Manhattan Four Seasons. "I'd been staying there for 10 years, and I always thought I was at the top level," Jay-Z told the magazine. "But when I met Prokhorov, they took me up to this extra, extra room that I had never even heard of before. Now there's something else to shoot for. There's always an extra level you don't know about."
NoLandGrab: You got that right, Hov, especially when you've only been brought in for "street cred."
Posted by eric at 9:55 AM
May 24, 2010
How Big Will Jay-Z Play in Free Agency?
Nets Daily
Everywhere Mikhail Prokhorov went his first day in New York, there was Jay-Z: having lunch with the new owner at the rapper's 40-40 Club, by his side at the Draft Lottery, having breakfast with Mayor Bloomberg. The unspoken but heavily implied message: the rapper and the Russian will combine to recruit LeBron James (even if Jay-Z will be on a European tour starting July 2.)
Jay-Z told Prokhorov of his desire to play a "more active role" with the team, but Prokhorov seemed to suggest Jay-Z is likely to be more cheerleader than recruiter, telling reporters: "I think it’s more than enough that he is very passionate with the team. I think it’s management job to look for free agents, and with agents, it’s a professional job. But of course Jay-Z’s passion is additional advertisement for the team."
NoLandGrab: It's not the movies, so the Russian guy doesn't need a sidekick named Mr. Z.
Posted by eric at 9:46 AM
May 22, 2010
Prokhorov: The Book of Laughter and Forgetting (and why the team might become the Brooklyn Bridges)
Atlantic Yards Report
Norman Oder provides a critical look at Mikhail Prokhorov that is missing from so much media coverage of the oligarch's appearance in the New York area .
New Nets majority owner Mikhail Prokhorov arrived with a good story--a Russian multi-billionaire with wit, insouciance, and the cash to realize his significant ambitions.
He proceeded this week to get the sports press to lap up more, showing far more public presence--if not exactly candor--than the saturnine, close-mouthed multi-millionaire who owns the Knicks. (Roundup 1, roundup 2.)
So no one asked very hard questions and, if it got a wee bit in that direction, they didn't follow up. The story line is the Russian mogul who'll revive a basketball team. Forget the NBA's opaque vetting process and the inability of the press to suss out the Zimbabwe controversy. Forget the huge footnote that should be added to Prokhorov's claim of being a "self-made" man.
Forget bogus blight and eminent domain, forget the giveaway of naming rights, forget a massive interim surface parking lot next to a historic district. Forget, forget, forget. It's a sports story, globalized.
And laugh at the witty guy ESPN columnist Bill Simmons dubs "Mutant Russian Mark Cuban." (Simmons predicts a name change; scroll down to why I disagree on his pick and expect the Nets to become the Brooklyn Bridges. Prokhorov must decide by October 1.)
And a rookie journalist who luckily snagged a one-on-one interview gets praised for (and celebrates) his exclusive, not scrutinized for his caricature of the Atlantic Yards controversy. Hard to blame him, right? Steve Kroft of 60 Minutes started it.
(Two voices of dissent: Dave D'Alessandro in the Star-Ledger, asserting that Prokhorov "knows less about the NBA than Bruce Ratner did when he showed up" and criticizing "some thicket of inane blather," and Dave Zirin in HuffPost, though he's conclusory about the Zimbabwe issue.)
Posted by steve at 5:11 PM
NJ Nets: Deconstructing Mikhail Prokhorov
The Star-Ledger
By Dave D'Alessandro
This article dares to ask, aside from having deep pockets, what qualities does Nets owner Mikhail Prokhorov possess to enable him to successfully run an NBA franchise?
We keep reading these stories about his bold vision and his savvy business sense and his urbane countenence – which is all fine, because the media always leads this ludicrous pep rally mentality.
But we think everyone might be missing something that might be relevant about Mikhail Prokhorov:
This guy knows less about the NBA than Bruce Ratner did when he showed up, and you know how that turned out.
To put it politely, with the possible exception of Sean Williams, the Russian gentleman is as ignorant as anyone we’ve ever encountered that had some connection – big or small – to the NBA.
...
Honestly, we liked him just fine. He used the same lame jokes throughout every stop on his media tour that day, but he’s charming – intuitive in some ways. He communicates very well – we loved his use of our colloquialisms (“I am looking forward to hanging out with him,” he said of Jay-Z). He has an air of casual arrogance, but he’s not condescending. And, yes, he's unintentionally amusing, with a voice and manner that sounds like it’s out of central casting: When he says, “You must have multiple strategy,” he sounds like he’s saying, “Drop gun and put money in lacquer box.”
No, the only thing that bothers us is that he’s just very NBA dumb. And if you don’t think that’s a problem, you have an exaggerated sense of whether money can fix this team anytime soon.
Posted by steve at 4:38 PM
CROOKLYN: NBA's Nets Sold to Russian Billionaire
The Huffington Post
By Dave Zirin
Contrasting much of the fawning attention given by some of the press to Nets owner Mikhail Prokhorov, this article reminds us that the NBA, due to money woes, has turned a blind eye to the oligarch's dealings.
Prokhorov, it was revealed in April, has extensive business arrangements with Robert Mugabe's regime in Zimbabwe. These dealings have been very lucrative yet could, if they continue, be in violation of US sanctions, now that Prokhorov has become league owner. Whatever one may think of the hypocrisy of the United States enforcing sanctions on Mugabe while linking arms with numerous noxious regimes, it is a stubborn fact that the nearly 90-year-old strongman has spent a career brutally repressing social movements -- when he hasn't looted the country with his IMF-backed structural adjustment programs.
When news of the Prokhorov-Mugabe partnerships became public, Representative Bill Pascrell Jr. said, "This is disgusting. Obviously, the Board of Governors of the NBA didn't do their job properly when they vetted this deal." Prokhorov was also arrested in 2007, although not charged, for arranging prostitutes for guests at a French Alpine Villa. The pressure on France by the Russian government to release Prokhorov was said to be very intense.
Yet NBA commissioner Stern vociferously denied that there was anything even slightly shady in Prokhorov's past, saying, "We are pleased that the NBA's Board of Governors approved Mikhail Prokhorov's purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league's first majority investor from outside of North America." He has also told everyone to just "call him Mike."
Posted by steve at 9:30 AM
The Mikhail Prokhorov Media Experience, In Brooklyn
The Huffington Post
By Vinnie Rotondaro
In an apparent effort to get some more mileage from his interview with Nets owner Mikhail Prokhorov, Rotondaro recounts what it was like to do the interview. Part of this article provides background that tries to reduce the Atlantic Yards controversy to a conflict between "royally pissed" opponents of the project and supporters "giddy at the prospect of employment."
What I knew for sure was that in Brooklyn he had helped stir serious controversy. I saw it for myself covering the groundbreaking of the Atlantic Yards Project a few months earlier for the Ink. Locals gathering outside Freddy's Bar, which was forced to move as a result of project, were royally pissed. They wore oversized poster masks of the "main culprits" of Atlantic Yards. Prokhorov was one of them. Conversely, some folks from Crown Heights had Brownsville seemed practically giddy at the prospect of employment. The two factions engaged in some light verbal sparring. "Who's true Brooklyn?" Et cetera, et cetera.
NoLandGrab: We're keeping an eye out for yet another piece from Rotondaro about what it feels like to read about what bloggers say about his interviewing skills.
Posted by steve at 9:08 AM
May 18, 2010
New Owner; Same Old Nets
Nets Are Scorching, WHAT WINNING THE DRAFT LOTTERY MEANS
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The graph above was done by Sleepy Freud of the Warriors blog Golden State of Mind, and it displays visually the Nets chances at the different picks. As you can see, there are only four colors represented on the Nets’ chart, meaning that the worst the Nets can do is the 4th overall pick. The Nets really need the number one pick though. It isn’t because of John Wall though, sure he is a fantastic player, but in all honesty I’d be happy with any of the players rumored to be in the top 4. The reason the Nets need to win the draft lottery is that they need to keep this “momentum train” rolling.
...If the Nets win the draft lottery, the good mojo continues and this new feeling that Nets’ fan have (I think it is called hope) keeps going. If the Nets lose, it is just the other shoe dropping, something Nets’ fans are used to.
...I think winning the lottery is what will help Nets’ fans finally close the book on the Bruce Ratner era for good and confidently start the Mikhail Prokhorov off on the right foot, optimistically.
NoLandGrab: Consider the "momentum train" derailed, and the other shoe dropped — the Nets drew the third straw in the NBA draft lottery.
Develop Don't Destroy Brooklyn, Prokhorov Promises Championship, Not Affordable Housing
In this video you can just feel the excitement and the dedictation to Brooklyn and affordable housing. Well, not really...but it is worth watching the new owner of the Nets and 40% of the Barclays Center Arena (and eventually possibly the whole arena and 20% of the rest of Atlantic Yards) humorlessly (and expressionlessly) explain how he'll pick up the pieces from the wreckage Ratner left behind.
NLG: Prokhorov's English is waaaaay better than our Russian, but Nets Daily really calls this guy "the most interesting man in the world?" They need to get out more.
Nets Are Scorching, LADIES & GENTLEMEN, GET UP & CHEER: MIKHAIL PROKHOROV HAS ARRIVED
Seriously, try to picture Bruce Ratner making this video. You can’t. He’d just say something about “maximizing our profit margin” and then continue to drown whatever small child he was holding at the time.
Posted by eric at 11:29 PM
SBJ: New owner Prokhorov quickly becomes face of Nets
SportsBusiness Journal via SportingNews.com
by John Lombardo
Welcome to the Mikhail Prokhorov era.
The New Jersey Nets are wasting no time trying to recast themselves. The hapless franchise that lost $64 million is undergoing a transformation under the new ownership as the Russian Prokhorov finally takes control of the team.
One thing that doesn't appear to be changing is Brett Yormark's role as the Nets' prevaricator-in-chief.
"Our fans are really excited about our fresh start, from new ownership, to the draft lottery, to a new coach, to free agency and to a new home," said Brett Yormark, president of Nets Sports and Entertainment. "We're off to the best start in new season-ticket sales in team history, in large part because our fans see how committed ownership is to winning and because we have such a compelling story to tell."
OK, wait for it...
Yormark did not disclose the new ticket sales numbers.
Posted by eric at 11:43 AM
May 17, 2010
Yormark claims Prokhorov purchase helps spur record sales of season tickets
Atlantic Yards Report
Nets CEO Brett Yormark tells Sports Business Journal, "We’re off to the best start in new season-ticket sales in team history in large part because our fans see how committed ownership is to winning and because we have such a compelling story to tell."
Well, maybe, but until and unless he releases statistics we can't be sure.
After all, Yormark's credibility is a tad thin, given that last July he claimed "we're having one of the best off-seasons that we've had in years."
NoLandGrab: Why, we'd almost be inclined to believe Yormark — if we hadn't spent the past five-plus years documenting his seemingly pathological lying hype.
Posted by eric at 11:32 PM
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 9:56 AM
May 11, 2010
NBA approves sale of Nets to Russian Prokhorov
AP
by Brian Mahoney
The first step in what the New Jersey Nets hope is a quick turnaround is in place. New owner Mikhail Prokhorov is eager to get started on the rest.
"For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about," the Russian billionaire said in a statement.
The Nets are now officially the Nyets.
Prokhorov's purchase of the team was approved Tuesday by NBA's owners, who welcomed the first non-North American into their club.
Russia's richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn from developer Bruce Ratner late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team's Barclays Center in Brooklyn. The Nets expect that transaction to close Wednesday, and the long-delayed 18,000-seat arena is to open in 2012.
NoLandGrab: And thus ends the "Bruce Ratner era," which firmly trounced "the Dark Ages," the "Great Depression" and "the '70s" for worst era ever.
NY Observer, NBA Approves Nets Sale From Ratner to Prokhorov
This ends a more than six-year stretch for Mr. Ratner, the Brooklyn-based developer whose Nets sunk to nearly the worst record in NBA history this season as he struggled to begin the project that attracted him to the Nets in the first place: Atlantic Yards, the planned $4.9 billion Brooklyn mixed-use development that holds a new Nets arena as a centerpiece.
Construction has finally begun on the arena, and last week, the holdout who had led so much of the fervent opposition to the project for years, Daniel Goldstein, moved out after the state claimed his land and he settled with Mr. Ratner for $3 million.
It's indeed a new era for Brooklyn, as the chapter of fighting and opposition has come to a close, clearing the way for a less dynamic narrative of construction.
NLG: Pending, of course, three lawsuits, including Peter Williams's air-rights challenge.
The Wall Street Journal, Russian Billionaire Takes Control of the New Jersey Nets
“We are pleased,” said NBA commissioner David Stern in a written statement. “We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”
...According to people familiar with the matter, NBA officials were satisfied that Prokhorov would play by the NBA rules and would be a suitable owner for the NBA franchise that has struggled financially.
NLG: i.e., he fit the league's ABB blueprint: anybody but Bruce.
The Internets [NYDailyNews.com], Prokhorov approved by NBA's board of governors
The league sent out an e-mail just after 5:30 p.m., putting an end to what had been anticipated since Prokhorov struck a deal to buy a majority share of the team from Bruce Ratner last September. Some final business needs to be taken care of tomorrow and then the Russian billionaire will official take control of the league's worst team and begin his mission of turning it into one of the best.
TrueHoop [ESPN.com], Mikhail Prokhorov, just in time
On the day that Mark Cuban is battling the notion that his Mavericks are barely solvent, Mikhail Prokhorov arrives on the scene to compete for the title of owner NBA fans most dream of becoming.
The Sports Section [NYMag.com], The Prokhorov Has Landed
It's impossible to overstate how much Prokhorov is going to change our area sporting landscape; we really might have our new Steinbrenner. The journey begins today. Don't say you weren't warned.
UPI.com, Prokhorov approved as N.J. Nets owner
"We are pleased that the NBA's board of governors approved Mikhail Prokhorov's purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league's first majority investor from outside of North America," said NBA commissioner David Stern.
The Star-Ledger, NBA Board of Governors approves sale of Nets to Mikhail Prokhorov
The Board of Governors vote, which was done via e-mail, was unanimous among the 29 NBA team representatives.
One adamant nay vote, however, came again Tuesday from Congressman Bill Pascrell, the Essex County representative who in recent weeks has changed that the NBA overlooked Prokhorov’s business ties with Zimbabwe – a country under U.S. sanction – and Russian organized crime.
Calling the sale “short-sighted,” Pascrell reiterated that the league’s vetting process was a “smokescreen.”
“Mr. Stern has refused to confirm or deny to me whether the league’s vetting operation looked at Mr. Prokhorov’s businesses in Zimbabwe and his investment bank’s ties to a massive public corruption scheme,” Pascrell said in a statement. “This is simply unacceptable to me and the millions of basketball fans across the country who hold the NBA to a higher standard.
“I believe there are plenty of fans who consider the NBA’s sacrificing of principles in the name of scoring a quick profit as a flagrant foul.”
Bloomberg Businessweek, Prokhorov’s $200 Million Nets Buy Gains NBA Approval
Prokhorov will be the first owner of an NBA team from outside North America and the second foreign owner of a U.S. franchise. Nintendo of America Inc. is the majority owner of Major League Baseball’s Seattle Mariners.
“Today’s vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball,” Prokhorov said in an e-mailed statement.
Brooklyn Daily Eagle, Prokhorov Approved to Own the Nets
True to form, the Eagle runs the press release.
Bruce Ratner, Chairman and CEO, Forest City Ratner Companies, the developer of the Barclays Center, said, “Mikhail and his team will bring tremendous innovation and excitement to the NBA. He has a love for basketball and a commitment to excellence. I also thank the Nets organization, for which I have worked very closely with over the last six years. I have never met a more hard working and committed group of professionals, who are dedicated to the team, and, more importantly, to the fans.”
NLG: "For which I have worked very closely with?" Bruce's grasp of the language is only rivaled by his grasp of pro basketball.
NY1, NBA Approves Nets Sale To Russian Billionaire
Prokhorov has made it clear he intends on moving the team to Brooklyn.
The sale had been held up over legal delays on Atlantic Yards.
The Wall Street Journal, Meet Prokhorov's Fixer-In-Chief
Posted by eric at 9:04 PM
May 10, 2010
Clock ticking on Nets' renewal
Bergen Record
by Al Iannazzone
With Prokhorov worth roughly $17 billion, the Nets won’t cut corners or use players as marketing tools, as they have in recent years. It doubtful any Nets will deliver pizzas, as Courtney Lee did for a promotion during this dismal 12-70 season. The focus will return to basketball and winning.
"They’re going to be one of the best organizations in the league," an NBA executive said.
Prokohorov, who made his fortune in precious metals, will own 80 percent of the Nets and 45 percent of the Brooklyn arena project. Rep. Bill Pascrell Jr., D-Paterson, tried blocking the sale, claiming Prokhorov’s business dealings with Zimbabwe violated U.S. sanctions. The NBA called Pascrell "misinformed."
The holdup has been clearing the Brooklyn site, which was accomplished Friday, all but paving the way for Prokhorov to try to do for the Nets what he did in Russia last decade.
NoLandGrab: "Misinformed?" The NBA's so-called "vetting" process appears to consist of making sure that the owner of the Nets is anyone other than Bruce Ratner. Prokhorov, who "made his fortune in precious metals," also does business in Zimbabwe, which appears intent on selling uranium to our good friends Iran. From The Guardian:
"Be also assured, comrade president Ahmadinejad, of Zimbabwe's continuous support of Iran's just cause on the nuclear issue," Zimbabwe's president, Robert Mugabe, pledged last week. The prospect that Iran had secured exclusive uranium rights in Zimbabwe for its nuclear programme emerged following Mugabe's comments.
And what person doing business in Zimbabwe has more expertise in mining than the soon-to-be Nets owner? Vet that, David Stern.
Posted by eric at 10:02 AM
April 23, 2010
NBA: Expect Prokhorov to take Nets reins in May
NY Post
by Fred Kerber
Could it really be that Forest City Ratner (and the NBA) wanted the Atlantic Yards footprint cleared of all human life by May 17th so Mikhail Prokhorov could be present for the NBA draft lottery?
Soon ... not as soon as some suspect ... but soon.
Like less than three weeks soon.
That's when Russian billionaire Mikhail is expected to take over ownership of the Nets, an NBA spokesman said yesterday.
With the vacant possession issue resolved and all pertinent tenants and businesses due out of the Brooklyn Atlantic Yards site by May, the league expects Prokhorov to be approved "by the middle of the month [of May],'' the league said.
Prokhorov needs the approval of the Board of Governors, a foregone conclusion. The board does not need to gather to vote and could do so by teleconference. Approval might lead to Prokhorov sitting on the dais at the May 18 lottery.
NoLandGrab: Remember when the Knicks won the 1985 draft lottery, which allowed them to select Patrick Ewing first overall? Many draft watchers believed the lottery was fixed. Who wants to wager that the Nets' 25% chance of winning this year's draft lottery is more like 100%?
Posted by eric at 10:24 AM
April 15, 2010
Could New Jersey end up with another NBA team after the Nets leave?
Evan Weiner Sports Comments
An era in New Jersey sports history ended earlier this week when the New Jersey Nets National Basketball Association franchise played the team's final game in the East Rutherford building that once was named after New Jersey Governor Brendan Byrne. For the next two seasons the Nets will call Newark home and then it is onto Brooklyn — maybe.
...The new building was the lure for [former Nets' owner Roy] Boe just like the new building in Brooklyn was the target of Nets owner Bruce Ratner's affections although Ratner probably looked at the Nets' moving to Brooklyn as strictly part of a real estate deal.
We can be sure that Ratner looked at this strictly as a real estate deal.
The Nets' 35-year New Jersey run will end in 2012, if an arena grows in Brooklyn. But that does not necessarily mean that New Jersey cannot get another NBA team even though one-time New Jersey resident and NBA Commissioner David Stern about five years ago trashed New Jersey politicians saying "you blew it" when Nets owners could not get an arena built in Newark.
Posted by eric at 11:26 PM
Byrne to Run: The (New Jersey!) Nets Exit the Meadowlands
The Awl
by David Roth
A long-time (New Jersey) Nets fan laments all the errors of the Bruce Ratner and Brett Yormark era.
All those cartoonish "Tales of Jersey" villains—Jersey City's Frank Hague and his 30 years of graft-intensive mayoralty; clowns like Hague's successor, "The Little Guy" John V. Kenny; venal flyweights like Joseph Vas and a dozen others like him—turned out to be nothing compared to Nets' owner Bruce Ratner and his marketing guru, Brett Yormark. Those slick motherfuckers came across the river to Jersey, bought the Nets from the gaggle of hapless millionaires that had mismanaged the team for decades, and showed a state that knows from ruins how ruination is done. On Monday, in a swamp-bound, half-empty arena dwarfed by the nearby hulk of a failed "destination mall" called Xanadu, an embarrassingly outsized chapter in my life closed with a half-assed Nets loss to the mediocre Charlotte Bobcats. I was too worn out, both by the experience of the game and Ratner's tenure as Nets owner, to even feel bad about it.
...Ratner bought the Nets in 2004, in order to make a new Nets arena on Flatbush Avenue—originally one of those crashed-UFO Frank Gehry designs, then a widely derided pseudo-fieldhouse, and now a compromise between the two: the centerpiece of his plan to redevelop Atlantic Yards. If it ever gets built, the arena will be a very lucrative revenue source, but for the past six years Ratner has been stuck actually paying rent to the New Jersey Sports and Exposition Authority for the privilege of playing in the erstwhile Byrne Arena. With his debt reaching levels untenable even for real estate developers, Ratner will soon sell the Nets to Russian oligarch Mikhail Prokhorov, unless Prokhorov's dealings with Robert Mugabe's Zimbabwe derail the sale. So, yes: a class act all around. And yet still, somehow, something both sully-able and sullied by Yormark's assaultive marketing.
Posted by eric at 11:55 AM
April 13, 2010
War of Words Heats Up Over Prokhorov's Zimbabwegate
Runnin' Scared
by Neil deMause
It's Day Three of the Great Zimbabwe Flap, and the rhetoric over a New Jersey Congressman's challenge to Russian bazillionaire Mikhail Prokhorov's purchase of the Nets is heating up. Prokhorov fired back at Rep. Bill Pascrell Jr. (D-My-Constituents-Don't-Want-to-Drive-Through-Two-Tunnels-to-Watch-the-Nets-Lose) yesterday, calling the charges that he'd violated economic sanctions against Zimbabwean dictator Robert Mugabe "erroneous," and saying that "we have no dealings whatsoever with companies or individuals on the sanctions list."
The NBA — which has already put on hold Prokhorov's approval as the new Nets majority owner (and minority owner of the planned Barclays Center arena) until the state figures out how to unchain Freddy's patrons and clear the arena site — chimed in that Prokhorov was fine in their book, issuing a statement reading in part: "U.S. companies are not prohibited from doing business in Zimbabwe; rather, they are prohibited from conducting business with specifically identified individuals or entities in that country. The NBA is aware of no information that Mr. Prokhorov is engaged in business dealings with any of these individuals or entities."
To at least one sanctions expert, though, Prokhorov's Zimbabwe dealings are far from trivial. Usha Haley, an Economic Policy Institute research associate who told the Post that Prokhorov was engaged in "sanctions-busting," tells Runnin' Scared that she doesn't buy the metals magnate's defense: "They have been working with Zimbabwe's officials that have been banned by the U.S. government — there's no doubt about that."
Read on for much more with Haley about Prokhorov and Mugabe and how companies and rogue nations skirt sanctions. deMause concludes:
If Prokhorov were somehow sidelined, however, it would likely lead to the demise of the entire Atlantic Yards deal, since his cash is key to Bruce Ratner's razor-thin margins. The betting lines still have to have this as a longshot, but stranger things have killed development deals in this town.
Posted by eric at 2:29 PM
Bruce Ratner reflects on past with Nets, looks to future under Prokhorov
The Internets [NYDailyNews.com]
by Julian Garcia
Bruce Ratner talking basketball sounds almost as phony as Bruce Ratner talking international sanctions.
"I’m gonna miss this place," Ratner said of the Meadowlands arena. "It’s been six years of ownership and we were fortunate to be in the playoffs three times and three times we didn’t make it. Obviously it was a difficult year. The team stuck with it though and the last third of the season they played hard and the last 12 games they won five. So I think we’ll do well next year."
..."I think we thought we’d win 25 or 30 games and we did worse than that," Ratner said. "But the purpose was to try to get ourselves better and I think we’re in a great spot. We’ll have a great draft choice opportunity and there’s also free agency. So I think we’ll be great. We’ve got three or four very good players."
As for the transfer of power, Ratner said "everything is in great shape" despite accusations by New Jersey Democratic Congressman Bill Pascrell that Prokhorov is violating U.S. sanctions against Zimbabwe by doing business with that country.
"It was inaccurate," Ratner said of Pascrell's accusation. "Not accurate."
Related coverage...
Develop Don't Destroy Brooklyn, Noted Basketball Genius Bruce Ratner Gives an Exit Interview on the Nets; Denies Zimbabwe Problem
International human rights law expert and basketball genius Bruce Ratner attended the Nets' final (losing) game at the Meadowlands IZOD Center last night.
...It was inaccurate," Ratner said of Pascrell's accusation. "Not accurate."
Interesting. Both inaccurate and not accurate. What is certainly accurate is that Bruce Ratner will go down in history as one of the worst sports team owners ever.
Posted by eric at 1:28 PM
Nets Are Looking Ahead to a Fresh Start in a New Home
The New York Times
By Jonathan Abrams
This take on the Nets' last game ever at the Izod Center explains the lack of nostalgia.
The Nets join several New York-area sports teams — the Yankees and Mets and Giants and Jets — to find a new home. But the Nets’ departure is different. They announced intentions to move to Brooklyn several years ago, ostracizing much of the fan base.
Since then, the organization slashed payroll and traded recognizable faces. They lost millions of dollars each year while performing for what can kindly be described as a tidy crowd.
In an addendum to this article, the issue of Mikhail Prokhorov's alleged dealings with Robert Mugabe was addressed. Guess what -- the NBA says there's no problem. Hopefully, the Treasury Department will heed Congressman Bill Pascrell's call for a real review of Prokhorov's Zimbabwe dealings.
An N.B.A. spokesman said the Russian oligarch Mikhail D. Prokhorov was still on pace to acquire majority ownership of the Nets, despite a congressman’s denouncing Prokhorov’s dealings in Zimbabwe. “U.S. companies are not prohibited from conducting business with specifically identified individuals or entities in that country,” the spokesman Mike Bass said in a statement. “The N.B.A. is aware of no information that Mr. Prokhorov is engaged in business dealings with any of these individuals or entities.” The response followed a New York Post article that stated that Representative Bill Pascrell, a New Jersey Democrat, asked for Prokhorov to be investigated for violating economic sanctions with business in Zimbabwe. Prokhorov’s Onexim Group called it “erroneous media reports.”
Posted by steve at 9:44 AM
Former Nets coach Larry Brown leads Charlotte Bobcats to 105-95 victory over former team in final Meadowlands game
The Star-Ledger
By Dave D'Alessandro
The Nets completed a 12-69 season and have played their last game ever at the Izod Center and will be moving to Newark next season. The occasion was barely noted.
And when it was over, there was a strange pall over the entire proceedings. Principal owner Bruce Ratner, who hadn’t shown up more than a handful of times this season – and as eager as anyone to move the team to Newark next fall – was one of the few who stood and applauded the team when the buzzer went off.
Posted by steve at 9:33 AM
April 12, 2010
Nothin’ but nyet! Jersey lawmaker says Ratner’s savior is illegally in bed with Mugabe!
The Brooklyn Paper
by Stephen Brown
Bruce Ratner’s sale of his financially troubled Brooklyn-bound New Jersey Nets hit a major obstacle on Sunday as a New Jersey congressman brought a full court press of allegations involving the would-be new owner’s shady business dealings in Zimbabwe.
Rep. Bill Pascrell (D–New Jersey) is demanding that the federal Treasury Department investigate Mikhail Prokhorov’s investments in the notorious rogue nation — which may constitute a violation of U.S. sanctions against Robert Mugabe’s regime.
“This is of great concern,” Pascrell told Treasury Secretary Tim Geithner in a letter dated April 11. “Mr. Prokhorov has extensive business dealings in the United States, including his most-recent efforts to purchase the New Jersey Nets. … Zimbabwe is ruled under a brutal, autocratic and repressive regime.”
...The United States’ strict sanctions — renewed by President Obama last year — forbid people with interests in the U.S. from also conducting most types of business in Zimbabwe.
A spokesman for Forest City Ratner had no comment. A spokesman for Prokhorov did not return a phone call and e-mail.
Related coverage...
Daily Transom [NYObserver.com], Yet Another Twist to Atlantic Yards
Just when it looks like the Atlantic Yards deal couldn't possibly be derailed--when even the Nets' new owner brandishing his Kalashnikov to 60 Minutes isn't enough to dissuade the N.B.A. from taking him--there comes this, from the Post.
Apparently, Mikhail Prokhorov might have ties to Zimbabwe's dictator Robert Mugabe, and a New Jersey congressman wants to know all about it.
Bruce Ratner's nightmare continues.
Can't Stop The Bleeding, Zimbabwe Illegit: New Nets Owner Has Business Experience In Place Even More Corrupt Than Jersey
Of course, Prokhorov isn’t an American citizen. And double-of-course this sadly probably isn’t going to do anything to impact the creepy oligarch’s ownership of the Nets or the development of Bruce Ratner’s redevelopment of South Brooklyn — architecture critics have already dubbed the ambitious underhaul “Little Tampa,” at least in my mind. It’ll take a lot more than dealing with the monster who absolutely shredded the country he helped create to disqualify a very rich man from buying a franchise in the NBA. The difficult part is coming up with what that could possibly be, short of not having enough money.
The Source [WSJ Blog], Of Billionaires, Basketball and Banned Investments
Could a New Zealand financier’s investments in an African dictatorship derail a lanky Russian billionaire’s dream of owning a U.S. basketball team?
...In response to questions from The Source, Renaissance Capital replied with the following statement:
Renaissance Capital is fully aware of the sanctions imposed by the United States on certain Zimbabwean persons and companies and takes its compliance obligations extremely seriously. Contrary to erroneous reports in the press, we have at all times strictly complied with all laws and have no relationship with sanctioned individuals or companies.
SW Radio Africa News, Mugabe, the Russian billionaire and basketball
Exiled investment banker, Gilbert Muponda, is familiar with Renaissance Capital’s involvement in Zimbabwe and told Newsreel; ‘They specialize in emerging markets that have a high return, but high risks, and they are experts at quantifying and spreading risk.’ He told us although the company did what any investment bank would do (i.e. seek opportunities) this was in violation of US targeted sanctions and the lawmakers in that country had a good case to charge them.
Found In Brooklyn, Dasvidania to Atlantic Yards Investor Mikhail Prokhorov?
Will an investigation lead to Prokhorov leaving the Atlantic Yards project? We can only hope! The whole project has reeked of corruption from day one yet somehow is a project funded by the taxpayers who will end up with nothing but a sports complex instead of a neighborhood.
ESPN New York with AP, NBA OK with Prokhorov's deals in Africa
The NBA is standing by its (very rich) man.
Prospective New Jersey Nets owner Mikhail Prokhorov came to his own defense Tuesday and was backed by the NBA after a congressman accused the Russian billionaire's company of violating sanctions and U.S. law by doing business with the government of Zimbabwe.
"Onexim Group takes very seriously the issue of law and sanctions as applied to Zimbabwe," Prokhorov said in a statement released through his company during the Nets' final game at the Meadowlands. "Contrary to erroneous media reports, the company and all of its holdings have always been in strict compliance with all United States and European rules regarding Zimbabwe and have had no dealings whatsoever with companies or individuals on the sanctions list."
"Onexim Group and Mikhail Prokhorov have been open and transparent about all their business dealings throughout the extensive NBA review process, and they intend to maintain this position going forward," the statement said.
International human rights law expert and NBA spokesman Mike Bass attempted to set the record straight.
"Congressman Pascrell is misinformed," NBA spokesman Mike Bass said. "U.S. companies are not prohibited from doing business in Zimbabwe; rather, they are prohibited from conducting business with specifically identified individuals or entities in that country. The NBA is aware of no information that Mr. Prokhorov is engaged in business dealings with any of these individuals or entities.
"Mr. Prokhorov's application is still on track to be voted on by the NBA Board of Governors once a firm date is set for the State of New York to take full possession of the arena site," Bass said.
Posted by eric at 11:45 PM
Analysis shows Nets lost $64M in latest fiscal year
SportsBusiness Journal
by John Lombardo
The expected closing of the New Jersey Nets sale to Mikhail Prokhorov comes after the team lost $64 million in the fiscal year that ended Jan. 31, 2010, based on a SportsBusiness Journal analysis of quarterly earnings filings by the team’s parent company.
article [subscription or trial registration required]
NoLandGrab: If Bruce Ratner manages Atlantic Yards as well as he's managed the Nets, watch out.
Posted by eric at 9:57 AM
N.J. lawmaker seeks investigation into Mikhail Prokhorov's business ties, Nets ownership deal could be threatened
The Star-Ledger
by Dave D'Alessandro
Congressman Bill Pascrell Jr. (D-Passaic) has fired the first political torpedo aimed at Mikhail’s Prokhorov’s purchase of the Nets, and it is directed at the Russian’s business relationship with the corrupt and repressive government of Zimbabwe.
Pascrell, admittedly opposed to the Nets’ move to Brooklyn in two years, has asked the Treasury Department to investigate the ties between Prokhorov’s corporation, Onexim, with the African nation, which has been under U.S. sanctions for seven years for human-rights violations.
It is a violation of federal law for American citizens and companies or their subsidiaries to do business with Zimbabwean dictator Robert Mugabe.
Related coverage...
NY Post, Pol whistles Nets owner
Treasury Secretary Timothy Geithner should investigate Mikhail Prokhorov's association with Zimbabwe's oppressive regime before the Russian billionaire is allowed to purchase the Nets and move them to Brooklyn, a New Jersey congressman said yesterday.
"I would respectfully request that you investigate all of Mr. Prokhorov's business dealings in Zimbabwe, specifically the February 2010 economic summit, and whether they violate the United States' sanctions regime against the country," Rep. Bill Pascrell (D-NJ) wrote in a letter to Geithner.
"The government of Zimbabwe suppresses freedom of speech and assembly, and reportedly restricts access to food in opposition areas," he said.
The Hill, Congressman wants probe into Russian potential buyer of NBA team
"This is disgusting," Pascrell said, according to the Post. "Obviously, the Board of Governors of the NBA didn't do their job properly when they vetted this deal."
NoLandGrab: Actually, the NBA did do their job properly, which was to approve Prokhorov no matter what. What they didn't do properly was the job.
National Legal and Policy Center, Prokhorov NBA Bid Gets Scrutiny; ACORN-Funder Ratner Needs Russian Billionaire to Build Brooklyn Arena
Ratner’s plans rely not only on Prokhorov’s investment but also on millions of dollars in tax breaks and a $400-million naming deal for the arena, to be known as Barclays Center. Barclays is Britain’s second largest bank. It seems like a variety of interests win if Ratner’s project is built. But they do not include ordinary Brooklynites, or the already-overextended American taxpayer.
Curbed, Actress Buys at 141 Fifth; Zimbabwe Delaying Atlantic Yards?
New Jersey Congressman Bill Pascrell is demanding a government inquiry into hopeful Nets buyer Mikhail Prokhorov's business dealings in Zimbabwe, which Pascrell says might have violated federal rules. Between that and the postponement of the NBA's vote on the sale of the Nets, Prokhorov's probably wishing he had that meditation chamber built already.
The Brooklyn Ink, POSSIBLE TIES TO ZIMBABWEAN DICTATOR MIGHT DELAY NETS MOVE TO BROOKLYN
Though the NBA insists he’s completely vetted, Russian billionaire Mikhail Prokhorov is facing increased scrutiny by a Congressman who questions his company’s business dealings with Zimbabwe.
NetsAreScorching, NETS ON THE NET: 4/12/10 EDITION
The NBA thus far has not commented on the newest accusation that an investment bank owned by Mikhail Prokhorov’s firm Onexim, did business with the U.S.-sanctioned Zimbabwe.
Develop Don't Destroy Brooklyn, NBA, Nets, Prokhorov & Ratner Mum on Zimbabwe Sanctions Busting Story. Geithner Asked to Investigate
It should be noted that in 2001 all of New York's Congressional delegation voted for the sanctions. And two elected officials who have now moved on to higher places were amongst the bill's four co-sponsors—Secretary of State Hillary Clinton and Vice President Joe Biden.
Wonder what they would think if it becomes clear that there has been a whitewash to allow Prokhorov to flout US laws.
Posted by eric at 9:34 AM
April 11, 2010
It came from Develop Don't Destroy Brooklyn...
Political Leaders Need to Explain How Apparent Prokhorov Sanctions Busting Was Missed or Ignored
It appears that the US Treasury Department's sanctions do not allow the kind of business connections prospective Nets owner and prospective 45% owner of the Barclays Center Arena has with Robert Mugabe. Mugabe is considered by many to be one of the world's worst tyrants and the US has sanctioned him for this. It appears that Bruce Ratner's partner in the whole Atlantic Yards boondoggle has violated these laws.
Whether or not Mr. Prokhorov's extensive holdings in Zimbabwe—in light of his involvement with an American business enterprise—violate US law, remains to be seen. But clearly his involvement with the Nets, Ratner, New York City and State is unsavory.
Because of this, Ratner's project must come to a complete halt until the results of a federal inquiry into potential sanction violations by Mr. Prokhorov are known.
And the NBA must come forth and explain if they simply missed this information in its Prokhorov vetting process (and why?) or saw it and ignored it. Whether the latter or the former, David Stern has a lot of explaining to do.
NBA Shoots Big Airball on Prokhorov's Background Check
On April 8th, in The Star Ledger, NBA President Joel Litvin said:
"[Barclays Center Arena] Site possession is the only thing impacting the timing of the [NBA's] vote [on Prokhorov's ownership of the Nets]. The documentation of the Nets’ purchase and the background investigation of Mr. Prokhorov have been complete for some time."
Well, Mr. Litvin's basketball cartel may have completed its investigation of Prokhorov, but it clearly forgot to look at certain things or ignored some big red flags out of desperaton to land the billionaire's big bucks.
Lots of Egg On David Stern's Face With Prokhorov's Extensive Holdings in Zimbabwe
It's not a good week to be NBA commissioner David Stern, whose background check on Mikhail Prokhorov appears to have been as porous as the Nets 2010 defense.
Posted by eric at 10:54 PM
Sanction-busting Investigation Could Threaten Nets Deal, Atlantic Yards
Runnin' Scared
Rep. Bill Pascrell Jr. (D-NJ) tells the Post that he's requesting a Treasury Department investigation to see if Mikhail Prokhorov, the russian investor who's trying to buy stakes in both the Nets and the planned Nets Arena in Brooklyn, has violated Bush-era sanctions against doing business with associates of Robert Mugabe and his government in Zimbabwe. Prokhorov's Onexim Group, which has offices in the United States, holds a 50% stake in Renaissance Capital, which has extensive holdings in Zimbabwe.
This is not good news for Bruce Ratner, who is depending on Prokhorov's investment to get his Atlantic Yards project built.
Related coverage...
Gothamist, New Nyets Owner May Have Done Business With Mugabe
Mikhail Prokhorov's plan to buy the New Jersey Nets may be put on hold as officials look into his possible Zimbabwean holdings. Rep. Bill Pascrell Jr. of the Ways and Mean Committee will look into whether Prokhorov's companies in Zimbabwe violate rules that forbid American citizens, companies, and subsidiaries from doing business with President Robert Mugabe, known for his frequent human rights violations.
...Prokhorov's Renaissance Capital investment bank has interests in various Zimbabwean companies and banks, and was the financial sponsor of an economic forum in Zimbabwe, which is a violation of the sanctions.
...These violations could cause a block on the Nets deal, which could mean trouble for the Atlantic Yards project, which has already been delayed by eminent-domain lawsuits.
The Huffington Post, The NBA's Dirty Partner
With an estimated worth of $13 billion, Prokhorov is currently the richest man in Russia. But there are nice ways to get a billion dollars and there are not nice ways to get a billion dollars. One classic not so nice way is you deal with people nobody else will deal with. Like, for instance, Zimbabwe's president Robert Mugabe.
...One could argue that if Prokhorov wants to profit by doing business with Mugabe, well, that's his business. Unless he wants to do business here in the United States. where it happens to be illegal. The United States slapped sanctions on Zimbabwe in 2003. In 2008, sanctions were further strengthened by that old softie on human rights, President George W. Bush.
So, Mugabe must be pretty bad. But how bad?
Last year, Mugabe was rated the worst dictator in the world by Parade magazine (not exactly a left leaning bleeding heart publication.) His government denies voters their rights, brutalizes the opposition, censors the press, abuses women, inducts children into the army, and criminalizes homosexuality. His regime has a record of torturing students, journalists, even Americans. His country is recognized as one of the global leaders in the trafficking of human lives for forced labor and sexual exploitation. His nation is a place where human rights activists disappear forever.
Shorter answer: Mugabe is very bad.
...Ironically, one of the reasons the U.S. government finally cracked down on Mugabe was because of his regime's habit of "government backed land grabs." It seems the Russian oligarch might actually find this kind of behavior attractive, since the Atlantic Yards project he's investing in here is the worst government backed land grab to hit New York since they buried Robert Moses.
NBC Sports, Prokhorov guilty of skirting sanctions?
American businesses and their associates are prohibited from dealing with the repressive, widely condemned regime of Zimbabwe's president Robert Mugabe. Pascrell notes that the proposed Atlantic Yards project in Brooklyn is "financed partly by the taxpayer," and this inquiry (if it happens) could seriously complicate what had been a smooth vetting process.
NBA FanHouse, Despite New Concerns, NBA Maintains Comfort With Prokhorov's Finances
The NBA hasn't directly responded to Pascrell's charge its investigation of Prokhorov -- compulsory with every change in team ownership -- was "disgusting." In a statement given to The Post Saturday and reiterated to FanHouse Sunday, a league spokesman defended the background check, calling it "very extensive and stringent" and reiterating that nothing disclosed caused the NBA pause in its recommendation of approval to the other 29 team owners. Prokhorov needs 23 of 29 votes to be approved by the league.
When asked Sunday by FanHouse whether Pascrell had asked the league to re-open its investigation of Prokhorov or deny Prokhorov's ownership bid outright, NBA officials declined to comment. The NBA also declined to answer questions on who ran the background check, whether the background check for Prokhorov was undertaken with any more depth than those used for previous ownership bids, or whether the league planned to re-open its investigation.
Fox Sports, Nets ownership deal may be in trouble
Battle of Brooklyn via Kickstarter, It ain't over till it's over
We are continuing to make progress on our cut.
Meanwhile...... things are not looking good for the project.
Posted by eric at 10:29 PM
April 9, 2010
NBA: No Nets sale until land is in hand
Field of Schemes
The NBA Board of Governors announced yesterday that it will likely postpone next week's scheduled vote on Mikhail Prokhorov as new majority owner of the New Jersey Nets until the state of New York has acquired all the land for the team's planned Brooklyn arena. "The Board will vote on Mr. Prokhorov's purchase of the Nets once a firm date is set for the State of New York to take full possession of the arena site, which the team expects to occur in the near future," said league official Joel Litvin.
For those scoring at home, there's still one lawsuit pending against state seizure by eminent domain of several properties, charging that the Atlantic Yards development plan has changed so much since 2006 that the state's original eminent domain justification is no longer valid. Oral arguments take place Monday morning; check Atlantic Yards Report for up-to-the-minute reports.
Posted by eric at 10:31 AM
April 8, 2010
Nets ownership transfer to Mikhail Prokhorov delayed again
The Star-Ledger
by Dave D'Alessandro
The NBA won’t approve Mikhail Prokhorov’s purchase of the Nets after all -- at least not next week, anyway.
The vote by the Board of Governors, originally scheduled for Friday, April 16th, will be postponed until the site-possession issue is resolved, because tenants have yet to vacate the area within the footprint of the Atlantic Yards project that includes the $800 million Barclays Center.
And there is still no clear timetable with which to clear that barrier, however, according to NBA President Joel Litvin.
“The Board will vote on Mr. Prokhorov's purchase of the Nets once a firm date is set for the State of New York to take full possession of the arena site, which the team expects to occur in the near future,” Litvin said.
“Site possession is the only thing impacting the timing of the vote. The documentation of the Nets' purchase and the background investigation of Mr. Prokhorov have been complete for some time."
Once the Nets and Prokhorov achieve what is known as “vacant possession,” the league is expected to hold their ratifying vote via teleconference or e-mail.
Additional coverage...
The Brooklyn Blog [NYPost.com], Atlantic Yards holdouts holding up Nets sale to Russian billionaire
The NBA Board of Governors yesterday announced it was indefinitely postponing its scheduled April 16 vote on developer Bruce Ratner’s sale of majority interest in the struggling franchise to Russia’s second-richest man because a few holdouts have yet to buckle to the state’s use of eminent domain to take their homes and businesses to build the $800 million Brooklyn arena.
AP via NESN.com, Vote on Sale of Nets to Mikhail Prokhorov Will Probably Be Delayed
Russian tycoon Mikhail Prokhorov is probably going to have to wait a little longer before becoming the new owner of the New Jersey Nets.
...Prokhorov agreed last December to buy 80 percent of the Nets and 45 percent of the new arena from Bruce Ratner's Forest City Ratner Cos.
The Nets have endured a dreadful season, posting an 11-67 mark with four games left in the regular season, clinching at least a tie for the worst record in the league this season.
Brooklyn Daily Eagle, Nyet to Nets
Despite a report that soon-to-be Nets owner Vladimir Prokhorov was willing to pay him between $12-15 million per year, Duke coach Mike Krzyzewski refused to express any interest in taking the job.
"Vladimir" Prokhorov?
Krzyzewski said in a statement prior to leading the Blue Devils past Butler in Monday’s NCAA Championship classic that “you would be flattered if someone would offer you a job, but I would not be interested.”
Attention Brooklyn Daily Eagle! See the stories above so you don't repeat the error below (which we've helpfully underlined):
Prokhorov, the Russian billionaire who is expected to officially take over Nets ownership from Downtown developer Bruce Ratner next week, is determined to bring a big-name coach to the franchise prior to its expected arrival in Brooklyn by 2012.
Posted by eric at 10:46 PM
April 7, 2010
Nets see sunny skies ahead with new owner
Bergen Record
by Al Iannazzone
Playing for an owner who spends unthinkable millions to make his team good and players happy was Devin Harris’ old life. It seems he will return to it.
The Nets’ point guard was spoiled playing for Mark Cuban in Dallas. Future Nets owner Mikhail Prokhorov’s net worth is roughly $13.4 billion — or $11 billion more than Cuban, according to Forbes. By all accounts Prokhorov wants to spend on the Nets.
He plans to offer Duke coach Mike Krzyzewski $12 million to $15 million per year to be their coach and general manager. That got the attention of Harris and other Nets, regardless of whether Prokhorov gets his man.
"I don’t think anybody knows really what to expect," Harris said after Tuesday’s practice. "Really, anything is possible with this guy."
NoLandGrab: One thing they can expect — given Prokhorov's control of the internet — is no more Twittering by Terrence Williams or CDR or anyone else.
Posted by eric at 10:16 AM
April 2, 2010
Russian billionaire Mikhail Prokhorov making smart moves as he starts rebuilding New Jersey Nets
NYDailyNews.com
by Mitch Lawrence
Mikhail Prokhorov has yet to be approved by the NBA Board of Governors, but that hasn't stopped him from becoming the Best. NBA. Owner. Ever. Or maybe it's just that he isn't Bruce C. Ratner.
Smart guy, that Mikhail Prokhorov.
..."They should be excited about the new owner," said Phoenix's Steve Nash, after the Suns' win in the Meadowlands on Wednesday night. "He's got incredibly deep pockets, and, in many ways, a positive attitude as far as spending. I think he will build a winner. If you have money and you're a good businessman and you're willing to spend, you can be successful. It seems that teams will struggle when they're not willing to spend."
Don't remind the Nets of that kind of owner. They had one in Bruce Ratner, king of the penny-pinchers. But now they get Prokhorov, richer than rich, and a smart guy to boot.
Posted by eric at 12:11 PM
Mail's In (Nets April Edition)
The Star-Ledger
by Dave D'Alessandro
The Star-Ledger's Nets beat reporter answers reader mail.
Hey Dave: Very suspicious about this Prokhorov guy, aren’t you, my man? You just warming up to be the killjoy next year?
TullyNeither, Tully. But even you have to admit this cloying affection he’s received has a Jonestown vibe to it. Obviously, it’s nice to have an owner with a bank account and a competitive nature, and I love the idea of an owner coming from another culture, because that’s what a global league should be about. But it’s not so nice to have an owner who readily admits he could cash out in five years because he’s operating this venture as a business and nothing more – which in the end will look like a metaphorical middle finger directed at his fan base. I’m not naïve enough to think that owners operate their teams as a public trust anymore, but anyone who uses the term “strategic investment” when it comes to sports deserves some strategic skepticism. Let’s just wait to see what he does with management before we pull out the pom-poms: If he brings in his gaggle of junior managers to learn the ropes under Thorn (who, by the way, should be given the courtesy of picking his own staff, if not his successor) this could easily turn into a debacle. It will be Mikky’s first big decision, and it will speak volumes about whether he cares more about “strategic investments” than he does the NBA virtues as tradition, management discipline, team chemistry, fan loyalty, etc.
How quickly Nets fans forget. The current owner is about to divest himself after six years of owning the team — the ultimate "strategic investment" that greased the skids for an epic Brooklyn land grab.
Click thru for more Q & A on the Nets, Mikhail Prokhorov, Bruce Ratner and more.
Related coverage...
Atlantic Yards Report, From Dave D'Alessandro's mailbag: on Prokhorov and the Brooklyn move
Posted by eric at 11:09 AM
April 1, 2010
Russian's wealth will be overall Nets gain
Irish Times
by George Kimball
The Irish Times assesses the New Jersey Nets' past, present and future (not an April Fools joke).
The scenario posed by a dodgy Russian zillionaire acquiring a moribund franchise and attempting to buy his way to a championship is, of course, a more familiar tale across the ocean than in the US. And while Prokhorov’s name has been familiar to basketball fans in both Brooklyn and New Jersey since September (when he provisionally acquired an 80 per cent stake in the Nets contingent on his relocating the franchise from the latter to the former), it is safe to say until the 60 Minutes episode aired, most Americans probably thought Prokhorov was the guy who wrote Peter and the Wolf.
...Just how thorough this [NBA] “investigation” will be remains to be learned, but since some of the people doing the investigating have fairly checkered pasts of their own, the best guess is: Not Very. Put it this way: neither [NBA Commissioner David] Stern nor any of Prokhorov’s prospective brethren owners seemed disturbed in the least by the revelations of Sunday’s 60 Minutes episode.
Posted by eric at 10:52 AM
March 31, 2010
Stupor Size Thee: Nets’ Yormark Tries To Buy Bag Man’s Silence With A Big Mac
Can't Stop The Bleeding
While Monday’s 90-84 defeat of San Antonio assured the Nets they’d no longer challenge for the worst NBA mark of all time, dignity in the Meadowlands is sadly, short-lived. Following an embarrassing, widely-publicized confrontation with a paper bag-wearing fan, Nets exec Brett Yormark attempted to curry favor with a conciliatory luncheon/webcast earlier today, catered by a local McDonald’s. From the AP’s Tom Canavan:
“Today was another good example of us being able to tell our fans, hey, when you want a voice, you’ll get one with us,” Yormark said in a telephone interview with The Associated Press. “That’s who we are, the type of franchise we are and we want to be. I think resorting to a brown bag doesn’t do anyone any good and they realize that, and they were very nice and had good things to say about the franchise.”
The lunch at the team’s headquarters in East Rutherford was streamed over the Nets’ Web site although the broadcast shut down because so many people logged on, Yormark said.
“I think, in many respects, a lot of good things have come out of this,” Yormark said. “We were able to reinforce our message to season ticket holders. We don’t have any more brown bags in the building, not that we had a lot to begin with before that incident, our players seemed to rally around it and we are playing our best basketball of the season.
“I don’t know if it was a negative,” Yormark added. “It was an unfortunate incident. I try to make the most of any situation and I think I did.”
NoLandGrab: We'd be more inclined to don the bag while lunching with Yormark than while sitting courtside.
Related coverage...
Bleacher Report, Real Fans Wear Bags: A Revolution Against Inept NBA Management
“Thank you for coming to the game, paying my salary, and watching this historically horrendous 7 win, 63 loss team I’ve helped assemble.”
That’s what Brett Yormark, the New Jersey Nets Chief Executive, should have said to two fans sitting courtside during the Nets’ loss to Miami on Monday night.
Hell, he should have tattooed [it] to his face, or at least included it [in] the marketing for “Free Tax Return Night”—the worst promotion giveaway in sports history.
Posted by eric at 10:12 AM
March 30, 2010
Nets avoid worst record in NBA history with 90-84 victory over San Antonio Spurs
The Star-Ledger
by Dave D'Alessandro
Break up the Nets!
Quick, somebody call hell – find out if it’s frozen over.
The Nets won their 10th game of the season tonight, and never mind that the victims — the mighty San Antonio Spurs — were missing two of their best players.
The more pertinent development was that the Nets showed more resolve in the last five minutes than they had shown in the last five months, outscoring Tim Duncan’s team 18-7 down the stretch to post a stunning 90-84 triumph before 13,053 grateful witnesses at Izod Center.
The ancillary benefit: The 1972-73 Sixers – owners of that 9-73 record – still stand alone in NBA infamy.
NoLandGrab: 10th win not withstanding, Bruce Ratner is still the worst owner in NBA history.
Posted by eric at 10:17 AM
March 29, 2010
Nets Executive Has New Take on Brown Bagger
Off the Dribble [NYTimes NBA Blog]
by Ken Belson
Any excuse for The Times to give ink to the woeful Nets and their self-promoting promoter-in-chief.
In the long, strange trip known as the Nets’ 2009-2010 season, Tuesday may turn out to be a red-letter day on the weirdness calendar.
Brett Yormark, the team’s chief executive, will host a Brown Bag Lunch Summit where he hopes to have “a constructive discussion about the future of the Nets” with Chris Lisi.
...Lisi made news when he wore a brown bag over his head during a Nets game against the Miami Heat last Monday. Yormark, whose team has just nine wins this season, lost his cool and started shouting at Lisi, who was sitting courtside — as a guest of the Nets.
...Now, Yormark hopes to turn Lisi’s frustration into a positive by chatting at the team’s headquarters about where the team is headed. The discussion, which will include radio broadcasters Chris Carrino and Tim Capstraw, will be streamed live on the Nets’ Web site.
Some fans, though, think Yormark is pushing the whole brown bag thing too far. Why, they say, should he look to Lisi for advice about the Nets when there are hundreds of season ticket holders who would happily share their thoughts?
NoLandGrab: Why? Because Yormark is catering to the "casual fan" and the news media — not loyal (and long-suffering) season ticket holders
Additional coverage...
AP via The Star-Ledger, Nets CEO Brett Yormark to have lunch with brown bag-wearing fan
Yormark defended his actions the next day, saying he was standing up for his team, which is 9-64 and needs one win in its last nine games to avoid matching the NBA record for fewest wins.
Posted by eric at 9:35 PM
March 28, 2010
Nets clinch no worse than tie for worst-ever NBA team
The New York Times, Another Win Puts Nets Step Further From History
Before a surprisingly festive crowd of 13,469, Brook Lopez scored 37 points and Yi Jianlian added 31 — both career highs — to lead the Nets to a 118-110 victory, their ninth of the season. Ten games remain for them to separate themselves from the futility record and the 9-73 Philadelphia 76ers of 1972-73.
...Call them laughable, but seldom has a team watched by so few — the Nets are last in N.B.A. attendance — been so memorable. As they have tied a yellow ribbon around their inglorious Meadowlands residency, the Nets have been terrifyingly bad. But their timing could not be better.
Bottoming out in near-historic proportion has apparently made them a more attractive reclamation project for Mikhail Prokhorov, the Russian oligarch who is poised to own 80 percent of the team, a 6-foot-8-inch would-be savior soon to ride his stretch limo to the rescue.
...Has Prokhorov already begun to rub off on the Nets? After he materialized as an angel of mercy for the beleaguered owner and real-estate developer, Bruce Ratner, the Nets reached a deal to escape the Izod Center and its surrounding labyrinth of half-baked construction. Their planned palace in downtown Brooklyn — the Barclays Center — finally had its much-delayed groundbreaking.
NoLandGrab: Prokhorov, however, was noticeably absent from that groundbreaking ceremony.
NY Post, Nets win again; avoid breaking worst-ever record
Good thing Russian billionaire Mikhail Prokhorov didn't wait until now to try to buy the Nets.
Imagine what the price tag would be. The cost skyrockets when you're hot. Consecutive-wins hot like the Nets, who not only made it two in a row for the first time this season but also won their ninth game overall last night to insure they will not be the sole owners of the NBA's worst-ever record.
NLG: The Nets returned to form Saturday night in Chicago, losing to the Bulls 106-83.
Posted by eric at 7:32 PM
When the Nets left New Jersey the first time
NewJerseyNewsroom.com
By Eric Model
This article looks at the history of the New Jersey Nets team. Although the author makes the mistake that the site of the Nets arena is the same as one proposed for the Brooklyn Dodgers, he is quite right in wondering why public money is going towards a private, professional basketball arena.
And what fate awaits the Nets? Once they do or don't break the NBA record for fewest wins in a season in a couple of weeks, they'll be leaving the Meadowlands to join the Devils in Newark's Prudential Center – at least for a little while.
And will the New Jersey Nets ultimately become the Brooklyn Nets? Though it's starting to look like that scenario is getting closer to reality, only time will tell. There's still a case to be made either way.
Yes, they've broken ground for a new "Barclays Center" (no one calls it an arena anymore) at the site that a new stadium for the Brooklyn Dodgers was proposed over 60 years ago. At the same time, these are tough times and perhaps there are more pressing needs for scarce dollars than to invest in another professional sports palace.
We'll see.
Posted by steve at 8:30 AM
March 25, 2010
Nets Win a Game, Try to Win PR Battle
Bag flap turns into promotional opportunity
NBC New York
by Josh Alper
Those circumstances are what make it hard to fall totally in love with Yormark. Learning that the bag-wearer was at the game using a free ticket provided by the team makes it easier to understand the CEO's torment -- he's not the first to react that way as Elaine Benes will tell you -- but it is still hard to justify the way he responded on a couple of levels.
Since the Nets give away as many tickets as anyone (NoLandGrab sat in $120 seats last season that our host had acquired for a $3.75 handling charge), Yormark should hardly be surprised. Nor should he be upset, since a fan could easily be disgruntled regardless of the price paid. Has he never heard of "opportunity cost?"
First is the fact that he did it so publicly and drew so much attention to something that would have totally escaped notice if not for Yormark's outburst. There aren't enough people actually at Nets games these days to make something that happens at one of those games turn out to be more than an urban legend unless it gets blown wildly out of proportion. A marketing brain like Yormark's surely knows that, which makes his response a bit surprising.
That's not the worst part, though. The worst part was Yormark's statement following the incident which was full of puffery about respect for the team and respect for the fans. It's hard to swallow that in the face of the way Yormark and his cronies have gutted the team and used it as a vessel for Bruce Ratner's real estate dreams while the basketball operations fell apart.
Posted by eric at 10:24 PM
March 24, 2010
Nets offering fans 'bag exchange' against Kings
The Star-Ledger
by Dave D'Alessandro
Oh, God, didn't we beg Yormark not to stoop to this?
As you probably had guessed, Nets CEO Brett Yormark came up with a workable solution to the baghead issue:
The Nets had a “Bag Exchange” Wednesday night, when all fans were invited to turn in their bags for a nylon bag with the Nets logo on it, and a note from Yormark himself. The note read, “Thanks for letting us see your face, we hope we see it more often at Nets games – Regards, Brett Yormark.”
The team did not promote the exchange beforehand; they merely instructed personnel to identify bag-wearers and offer to make the swap. The nylon bag will also include trading cards.
But won't fans suffocate with nylon bags over their heads?
As for the original perpetrator, a gentleman from Morristown who was seated with his brother in the second row, Yormark said he invited him over for a bag lunch next week.
“We might stream it live on our website, so all the fans can enjoy a nice constructive conversation about the team, because he was expressing his disgust the other night,” Yormark said. “Again, the tickets he received were free, and I thought it was inappropriate, so he expressed himself and I expressed myself.”
NoLandGrab: "The tickets he received were free?" Of course they were — because nobody gives away more free tickets than... Brett Yormark.
Related coverage...
AP via MSNBC.com, Nets executive comes back with plan for paper bags
Nets spokesman Barry Baum said two people accepted the exchange offer by halftime.
NLG: Which means that tomorrow, the box score will indicate that 5,928 people accepted the exchange offer.
Posted by eric at 9:25 PM
Unhappy ending? Woeful Nets on verge of being NBA's worst
USA Today
by J. Michael Falgoust
USA Today catches up on the saga that is the New Jersey Nets.
With the games dwindling as the New Jersey Nets steer toward NBA-record futility, the tension mounts for players, fans and management alike.
In the locker room, there doesn't appear to be denial or anger. Only acceptance of what could be the inevitable.
"It's very realistic we might go down as the worst team in history," 10th-year guard Keyon Dooling says.
...The groundbreaking ceremony for the complex at Atlantic Yards in Brooklyn was March 11. Newark — a "much-needed ... sampling environment," Yormark says — is reachable by mass transit, unlike Izod Center. Ten subway lines and the Long Island Rail Road will be at the base of Barclays, 13 miles east of Izod.
NoLandGrab: A "much-needed ... sampling environment?" Does anyone know what Yormark's talking about? Does he know?"
Posted by eric at 12:14 PM
Sad-sack Nets fan is bag deal
NY Post
by David Satriano and Fred Kerber
...And still more Paper Bag fan vs. Yormark.
[Chris] Lisi, 20, of Middletown, N.J., was the courtside fan who wore a brown paper bag over his head Monday night, prompting an angry exchange with Nets CEO Brett Yormark. Lisi and his brother, Rob, were sitting two rows from the court with some friends when Yormark approached them.
"At first I didn't know who he was, and he said he was the Nets president," said Lisi, a former Nets season-ticket holder who works for a delivery service that counts among its customers Josh Boone. "I thought, 'Wait, Rod Thorn is the president. He's lying.'"
NoLandGrab: The lying should have tipped Lisi off that it really was Yormark.
Posted by eric at 11:36 AM
March 23, 2010
New Jersey Nets executive Brett Yormark regrets confrontation with bag-wearing fan
NY Daily News
by Julian Garcia
All the "F**k Ratner" sign talk today almost made us forget about Nets CEO Brett Yormark's crazy antics during the team's loss last night to the Miami Heat, a story that's getting more ink than any Nets-related story since, well, since maybe ever.
[Photo: Antonelli/Daily News]
Brett Yormark, the Nets executive who got into a shouting match with a bag-wearing fan at Monday night's game at the Meadowlands, issued a statement earlier Tuesday regarding the incident. And he wasn't exactly apologetic.
Saying Nets fans have been "great" throughout this "tough season," Yormark defended his decision to confront a fan in the second row who was wearing a bag over his head between the third and fourth quarters of Monday night's 99-89 loss to the Heat. The Nets fell to 7-63 and are on pace to break the all-time record for fewest wins in a season.
According to the fan - Chris Lisi of Middletown, N.J. - Yormark asked him why he was wearing the bag, and when he responded with a sarcastic, "Because the Nets are so good," Yormark snapped at him.
NoLandGrab: It would seem that the self-serving Yormark, based on his non-apology apology, "regrets" the confrontation because it was caught by photographers. We stand by our call for his resignation.
Related coverage...
The Star-Ledger, Nets CEO Brett Yormark issues statement on argument with fan
[Photo: Tim Farrell/The Star-Ledger]
The Nets this afternoon released a statement from the team's CEO, Brett Yormark, who got into an argument with a fan Monday night, during the Nets' 99-89 loss to the Miami Heat at Izod Center. The fan was seated courtside, in the second row of seats, opposite the Nets' bench and near where Yormark sits during games.
“Our fans have been great and they’ve stuck with us through a tough season,'' Yormark says in the statement. "I did not agree with the way this person expressed his opinion of our team last night and I let him know. It’s been a frustrating season for all of us, but I will continue to stand up for our players, our fans, and our organization. We have an exciting future ahead and we appreciate all of our fans’ support.”
Ball Don't Lie [Yahoo! Sports], Don't even try to wear a bag on your head to a Nets game
Speaking truth to power has its consequences, such as ferocious finger-pointing and getting yelled at.
Of course, Yormark had the last laugh — the bag-headed Lisi actually bought tickets to a Nets game. You win again, corporate infrastructure.
NorthJersey.com, NETS BLOG: Team CEO vs. bag-wearing fan
Earlier this season, there were a few fans wearing paper bags over their heads when the Nets lost their record 18th consecutive game to start this campaign.
Our guess is some more fans will be wearing bags tonight after the publicity this received. And Yormark probably will respond with some type of giveaway for the remaining home games to show he still appreciates the fans.
...“We play for each other out on the court,” Courtney Lee said. “No one pays attention to the fans – they’re going to cheer or they’re not."
NLG: If the Nets' lack of effort hadn't clued you in, there you have it — the Nets don't care about you.
NBC New York, Humiliated by Brown Bag, Facts, Nets CEO Yells at Fan
Just when you thought the Nets' season couldn't get any worse, it did.
Fort Wayne Journal Gazette, Fan 1, CEO 0
In Indiana, they regard basketball as more than just a land-grab Trojan horse.
It's one thing to be lousy. It's another to be lousy and have skin so thin you can see through it.
That's pretty much the story these days for the 7-63 New Jersey Nets and their CEO, Brett Yormark, aka Mr. Sensitive.
...If he'd have been smart, he'd have bought the guy a beer and offered him tickets to the next home game. Of course, if he were smart, his team wouldn't be 7-63.
Game On! [USA Today], Nets CEO takes on sack-headed fan
Beware making fun of the woeful New Jersey Nets when team CEO Brett Yormark is anywhere near, as a fan wearing a paper bag over his head learned last night.
...Meantime, the fireworks failed to inspire the Nets. The 99-89 loss to the Heat was their 14th consecutive defeat at home as they fell to 7-63 and stayed on pace to break the 1972-73 Philadelphia 76ers' NBA record of 73 losses in a season.
NYMag.com, Nets CEO Can’t Believe Fans Think His Team Stinks
Last night, the Nets lost their fourteenth consecutive home game — they sure are sending out their East Rutherford digs with a bang — and fans commemorated the occasion as fans often do: By putting a paper bag over their heads. (To exemplify embarrassment, not to asphyxiate themselves, as far as we know.) No big deal, right? It happens.
ESPN.com, CEO, fan of 7-win Nets square off
The New Jersey Nets' sad-sack season appeared to hit another low Monday night when CEO Brett Yormark shouted at a fan wearing a paper bag over his head.
Off the Dribble [NY Times blog], For Team Management, Nets Are Not Bag-Worthy
Yormark is a relentless marketer trying to sell a miserable team that will move to Newark in the fall and to Brooklyn two years or more after that. It is surprising that Yormark has not found a sponsor for Angry Fan Bag Night.
NLG: "Relentless marketer?" How about prevaricating huckster? Our advice to Yormark, who's endless self-promotion script has him getting by on three hours' sleep a night: sleep in — after you resign.
Posted by eric at 5:40 PM
NETS Host Local Basketball Clinic To Fight Obesity
Brooklyn Daily Eagle
by Press Release
On March 2, the NETS teamed up with the Lutheran Family Health Centers and Health Plus to host a basketball clinic at Sunset Park High School for 100 children from six area schools.
Children ranging in age from kindergarten through twelfth grade participated in drills and exercises alongside NETS player Josh Boone, NETS staff, dancers and team mascot, Sly.
This second annual event is part of the “Shoot for Better Health” campaign, which encourages students to score a perfect 5-2-1-0 every day. This initiave, created by Lutheran’s school health program and endorsed by the American Diabetes Association, is about: eating five servings of fruits and vegetables, limiting TV and computer time to only two hours a day, getting at least one hour of exercise a day, and drinking zero soda or sugar sweetened drinks.
As a major contributor to the program’s success, the NETS will also host an awards night in March where students will be publicly honored during a live NBA game.
“The Nets are very pleased to… provide an incentive for these children to excel in such a crucial area of their lives,” said Brett Yormark, president and CEO, Nets Sports and Entertainment.
NoLandGrab: The Nets, whose sponsors include McDonald's and Mars, will also be happy to provide these children the chance to break their healthy fast at the IZOD Center with treats like nachos, jumbo sugary sodas and cotton candy. Don't forget to stop by the M&M's candy and merchandise store!
Posted by eric at 10:08 AM
While Yormark aimed "not to alienate our core fan base," paper bag incident shows the limits of the future-in-Brooklyn strategy
Atlantic Yards Report
The hapless Nets are still playing in New Jersey, at the antiquated Izod Center, and last night Nets Sports & Entertainment CEO Brett Yormark took exception to a fan wearing a bag over his head sitting behind the Nets' bench, a clash that was noticed by many in the press.
Julian Garcia of the New York Daily News reported:
The fan claimed that Yormark asked him why he was wearing the bag and that when he sarcastically answered, "Because the Nets are so good," Yormark snapped at him.
Forget the present
Yormark surely is thinking more about the future--new players and a marketing platform. At the Barclays Center groundbreaking on March 11, there were no current Nets--they were on the road--and no one said that much about basketball.
After all, the team is on a path toward breaking the record for annual losses, a path that positions it for the best shot in the lottery for the top draft pick and thus turning the team around when it moves to Brooklyn.
"Our goal is to be the most community-active team in professional sports," Yormark said. "I can assure you that the Nets will be part of the fabric of the community like the Dodgers used to be. It will be Brooklyn's team."
NoLandGrab: Yeah, we can see it now. Brook Lopez riding the B67 to games. Devin Harris tending bar at Barbés during the off-season. CDR opening a hardware store in East Flatbush. Yeah, just like the Dodgers used to do it. Sure.
Posted by eric at 9:44 AM
March 22, 2010
New Jersey Nets CEO Brett Yormark barks at fan wearing paper bag in loss as team falls to 7-63
NY Daily News
by Julian Garcia
New Jersey Nets CEO Brett Yormark spends a lot of time extolling the "fan experience" at Nets games. Who knew that "experience" included having Yormarketing Genius get in your face for hanging a paper bag over your head in shame?
The Nets have been in the bag for months. Now their fans are, too, and that was too much for one team executive to take.
Between the third and fourth quarters of Monday night's 99-89 loss to the Miami Heat at the Meadowlands, Nets CEO Brett Yormark got into a heated confrontation with a fan wearing a bag over his head who was sitting in the second row across from the Nets' bench.
The fan claimed that Yormark asked him why he was wearing the bag and that when he sarcastically answered, "Because the Nets are so good," Yormark snapped at him. A Yormark spokesperson said he did not have any comment.
What could he say, anyway? Yormark's team fell to 7-63 last night, remaining on pace to break the NBA record for futility, set by the 1972-73 Philadelphia 76ers, who went 9-73.
NoLandGrab: Let us be the first news outlet to officially call for Yormark's resignation. At the very least, he should be forced to wear a bag over his head for the remainder of the season. And please, Brett, no silly paper bag promotions, ok?
Related coverage...
Develop Don't Destroy Brooklyn, Touchy Yormark
Great way to build a relationship with the community of fans—give them a lousy product and then yell at them for being upset. What marketing genius!
Bergen Record, Nets can't take the Heat, lose 14th straight at home, 99-89
NO FAN FAVORITE: During the second half, CEO Brett Yormark had a heated exchange with some fans sitting across from the Nets’ bench, including one wearing a bag over his head.
The Star-Ledger, John Loyer coaches in place of Kiki Vandeweghe in Nets' 99-89 loss to Heat
Two fans wearing paper bags on their heads in the VIP seats had a heated exchange with uber-fan-friendly Nets CEO Brett Yormark during the third period.
NLG: "Uber-fan-friendly?" Apparently not.
Posted by eric at 11:20 PM
March 20, 2010
Ownership Transfer Could Slip To May; Mass Protest Is Planned
Nets Daily
by Net Income
Despite a ground breaking ceremony, the Atlantic Yards project is not yet moving ahead.
NBA Deputy Commissioner Adam Silver said this week that the transfer of ownership from Bruce Ratner to Mikhail Prokhorov appeared to be on track, and possibly could be voted on at the NBA Board of Governors meeting on April 16. But a reading of how evictions work seems to indicate that deadline could slip. Indeed, Nets officials are now starting to think the NBA won't get to vote on Prokhorov til late April or, more likely, early May.
The issue relates to a clause in the contract between state on one hand and Ratner and Prokhorov on the other. It requires all properties in the Barclays Center footprint to be "vacated", that is empty, before the arena lease can be drawn up. The lease is the final step in the Nets sale.
Although the ESDC has told those living in the footprint they must leave by April 3, most are unlikely to do so. The judge in the case can order an eviction at that point, authorizing officials to enforce his order. However, once an eviction order is issued, the judge can extend the deadline on a case-by-case basis, giving residents more time to relocate before authorities show up to seize their property. That process will take time, an ESDC spokesman told the Brooklyn Downtown Star, without saying how much time.
Meanwhile, a protest leader at Freddy's Bar says he's contacted eminent domain critics around the country hoping to raise an army of 6,000 protesters to stop authorities from seizing the bar. He adds he's willing to go to jail if need be. "Its going to be a big standoff," he promises.
Posted by steve at 8:35 AM
Leading the Nets’ Cheers, for Everything but Victories
The New York Times
By Howard Beck
In order to avoid taking a critical look at the Atlantic Yards project, the Times will do just about anything. They even punished a reporter by forcing him to cover a Nets game and report on the Nets' master of ceremonies.
Marco G. is yelling, because he wants to, because he needs to and because if he stops, someone at the Izod Center just might fall asleep. You’re not supposed to sleep at a professional basketball game.
“Nets fans, it’s too quiet in here!” he bellows.
It is almost always too quiet in here.
The Nets are coming down the stretch of a fantastically awful season, playing in an obsolete, half-empty arena and doing little to warrant anyone’s support — let alone his lung capacity.
...
The Nets have only nine games left in the Meadowlands before moving to Newark’s Prudential Center for two years and then, ultimately, to a new arena in Brooklyn. The basketball may or may not improve along the way.
NoLandGrab: The Times' coverage of the Atlantic Yards project is unlikely to improve.
Posted by steve at 8:14 AM
March 17, 2010
Jordan, officially OK'd by owners, puts his rep on the line
NBA.com
by Art Garcia
This story is mostly about Michael Jordan being approved as the new owner of the Charlotte Bobcats (which means compulsive gamblers are now welcome in the owners' circle, along with landgrabbers and other people with questionable pasts). But the story includes this update:
Prokhorov-Nets deal on track
[NBA Deputy Commissioner Adam] Silver said the New Jersey Nets sale to Russian billionaire Mikhail Prokhorov remains on track to be completed in early-to-mid April.
"It would be our hope that the deal would be completed by the Board of Governors meeting," said Silver, referring to April 16 gathering of the league's owners in New York.
Silver said the financial hurdles between Prokhorov and current Nets owner Bruce Ratner have been cleared. Issues related to the new arena in Brooklyn still need to be resolved. Ground was broken last week and the Barclays Center is scheduled to open in 2012.
"What is largely holding up the Prokhorov deal are factors outside the control of either the buyer or the seller, or the league for that matter," Silver said. "Those are various legal procedures in Brooklyn. We're only a certain number of weeks away from that deal being consummated."
The news above makes clear the obvious jumping-the-gun error in this story:
Business Insider, 15 Finance Kings And The Sports Teams They Own
Mikhail Prokhorov, the billionaire chairman of Polyus Gold, Russia's largest gold producer, and President of Onexim Group, owns 80% of the NJ Nets.
Prokhorov only recently bought the team in September of last year. Now he's the primary owner alongside part owners Jay Z and Bruce Ratner.
NoLandGrab: The distinction between agreeing to buy the team and actually closing on the purchase was apparently lost on Business Insider.
Posted by eric at 2:39 PM
March 15, 2010
Atlantic Yards breaks ground: Nets are the heartbreak kids
The Star-Ledger, Editorial
he bulldozers are scraping the earth at Atlantic Yards, and it appears the Nets’ long-doubted relocation to Brooklyn is all but official. Until the divorce is final, they’ll hang around for two more years at the Prudential Center in Newark, and then they’ll be gone.
You’d think it would be easy to say goodbye to a team with fewer victories than Congressional Republicans. But chances are the Nets are going to get good and sexy before they leave — like the spouse who loses the weight, gets the makeover, then runs off with, well, a Russian millionaire.
Actually, that's billionaire.
We feel a heartbreak coming on.
NoLandGrab: New Jersey's heartbreak over losing the Nets is nothing compared to brooklyn's heartbreak over "gaining" them.
Posted by eric at 12:25 PM
March 13, 2010
The InterNets
Daily News
By Julian Garcia
If you wanted to know what's planned by the Nets management, why would you talk to Bruce Ratner, who is about to sell the team to Russian oligarch Mikhail Prokhorov?
They are breaking ground in Brooklyn today for a new arena that the Nets will play in. As part of the publicity campaign, Bruce Ratner went on WFAN and talked about a wide range of topics in a good interview with Joe Benigno and Evan Roberts. You can read about most of it in tomorrow's paper but here are a few out-takes.
Posted by steve at 8:22 AM
Groundbreaking Provides Hope in Otherwise Dismal Nets Campaign
The Brooklyn Daily Eagle
By John Torenli
This is a profile of New Jersey Nets interim coach and general manager Kiki Vandeweghe. In this quote he tries to express his high regard for Brooklyn.
“The nice thing about Brooklyn is, it gives you instant history,” the former two-time NBA All-Star added. “It has a great tradition of sports. Obviously you are close to Manhattan. You are right there with easy access, one subway stop away.”
NoLandGrab: Vandeweghe should be proud of the "instant history" he's helped to create where the Nets are already part of Brooklyn demonolgy.
Posted by steve at 7:22 AM
March 12, 2010
New Jersey's Loss, Brooklyn's Gain?
Or is it the other way around?
The Star-Ledger, Barclays Center groundbreaking signals beginning of end of NBA basketball in New Jersey
So Ratner was happy. His basketball team is monumentally bad, and that’s on his permanent record, but he was happy.
If you’re detached from all this, it was strange watching him. He was always a better guy than the fans and media depicted him, even if his aims aren’t always as altruistic as he claims to be. He and his powerful friends kept referring to this groundbreaking as a beginning, but if you live two bridges away — as most of us do — you get a completely different impression.
It is really an ending.
Trivia: The words “New Jersey” were uttered exactly once Thursday, and only in passing by Gov. David Paterson, as he bemoaned the loss of his beloved ABA champs to Piscataway.
There’s no sense getting maudlin about it like Paterson did, because it’s just a fact: More than anything else, this groundbreaking represented the beginning of the end of NBA basketball in New Jersey, the end of whatever emotional investment you might have in the Nets, even the end of Ratner, whose managing role expires “in two more months, probably,” he said.
NY Daily News, Bruce Ratner defends decision to move New Jersey Nets deep into New York Knicks territory
The Nets, who are wrapping up their final campaign at the Meadowlands, are slated to spend the next two seasons playing at the Rock in Newark while the Brooklyn arena is being built. And though there have been whispers that the team could stay in New Jersey beyond that time frame if the Barclays Center is not completed, Ratner emphatically said there was "no possibility" of that happening.
"Once construction starts, which is now, the timetable holds," he said.
NoLandGrab: That's Bruce, always sticking to the timetable.
Bergen Record, Editorial, The Record: Forget Nets, go Grizzlies?
On Thursday, the earth moved in Brooklyn. The tremors could be felt in Newark and the Meadowlands. The Nets are closer to leaving New Jersey.
The groundbreaking ceremony for the long-delayed Atlantic Yards project in Brooklyn was more than symbolic. After years of delay, the massive development, which if built as proposed will include a sports arena, housing, retail and commercial office space, is closer to reality. It will no longer be the architectural destination that might have been if Frank Gehry's vision for the development had survived the financial setbacks and a recession. But it matters little to us in New Jersey if Brooklyn is committed to mediocre architecture. What matters is not that the Nets are leaving New Jersey, but rather whether a new NBA team may come to New Jersey.
WCBS 880 via NewJerseyNewsroom.com, Chris Christie on N.J.’s budget crisis, bringing an NBA team to Newark
PAT CARROLL: Any thoughts about the ground being broken today for the New Atlantic Yards in Brooklyn, the new home the Nets?
GOVERNOR CHRISTIE: Well listen, you know that the Nets for the next two years, because of a deal that we made in our administration will be moving to the Prudential Center in Newark. And listen I am still continue to be hopeful, that the Nets might stay in New Jersey, but even if they don't I think we now have a facility at the Prudential Center that will be showcased for other NBA teams for the next two years. And I think there might be some other NBA teams that might want to come to New Jersey and play in a beautiful place like the Prudential Center, so we're going to keep all of our options open to continue to have NBA basketball in New Jersey.
Posted by eric at 11:28 AM
March 10, 2010
Jason Kidd: Nets will turn it around
Bergen Record
by Al Iannazzone
Ex-New Jersey Net Jason Kidd believes that when the cloud that's been hanging over the team for the past six years — aka Bruce C. Ratner — finally lifts, they might not be so bad.
With Russian billionaire Mikhail Prokhorov set to take ownership and team president Rod Thorn expected to stay, Kidd believes things can change for the better pretty quickly.
"It's something that they'll do right," Kidd said during a phone interview. "They'll get it turned back around at some point. It's just a matter of time.
"Rod and the new owner will definitely get it back on track."
Posted by eric at 10:16 AM
March 9, 2010
To move tickets (at significant but non-bargain discounts), Nets and partners resort to extreme whimsy and euphemism
Atlantic Yards Report
The web-based Groupon business, which offers discounts if a minimum number of people make a purchase, is now offering Nets tickets with a face value of $100 for $39--not much of a bargain.
And the text of the offer not only mistakes the Falcons for a basketball team, it resorts to extreme whimsy ("impressive demonstrations of talent" include "drinking from Gatorade cups") and euphemism (the team, threatening to set a record for losses, is "a few games out of first place").
...But is Groupon--often the source of genuine bargains--as good in this case as StubHub?
Well, for the March 16 game against Atlanta, StubHub offers tickets in sections 104 and 118 for $10.
NoLandGrab: $39 for one ticket? You can take a whole family of protestors to a Nets game for little more than that.
Posted by eric at 2:22 PM
March 6, 2010
NJ Nets officially announce their move to Newark
AP via USA Today, NJ Nets officially announce their move to Newark
Even though it's officially only for two seasons, Newark Mayor Cory Booker is hopeful that the NBA has found a permanent home in Newark.
"We're officially an NBA city now," Booker said Friday at the announcement that the New Jersey Nets will move to the Prudential Center beginning next season. "I don't care about Brooklyn or the Meadowlands. The Nets are Newark's team and we're taking full ownership of the Nets. Hopefully, we can prove a point that this city was made for basketball."
The Nets, New Jersey Devils hockey team and the city of Newark reached an agreement that will allow the Nets to play in Newark for the next two seasons -- or as long as it takes for the franchise to build the proposed Barclays Center in Brooklyn.
Other Coverage:
The New York Times, Nets Laud Future Newark Home as a Bridge to Brooklyn
Posted by steve at 6:35 AM
March 4, 2010
Great Fun With the Guessing Game
The New York Times
by Howard Beck
LeBron James and the Cleveland Cavaliers routed the Nets (no surprise) last night at the IZOD Center.
In the stands, there were more Cavaliers jerseys — from every era of their existence — than Nets jerseys. James got the loudest cheers during pregame introductions, but that was relative to the meager cheers for the Nets. There weren’t enough people in the building at tip-off to actually roar for anyone.
...It was hard to see what might lure James, the reigning most valuable player, to the Jersey swamp. The thousands of empty mauve seats? The incomplete ski jump in the parking lot? The sign above the viaduct that boasts North New Jersey as the “Embroidery Capital of the World?”
(Then again, the Nets will have a new home by the time James goes team shopping. They are planning a move to Newark for next season and then to Brooklyn in 2012.)
There is no question that James is at least considering the Knicks and that he has given a passing thought to the Nets.
...In their latest promotion, the Nets gave some ticket-buyers a reversible jersey — with James’s name on one side and Jarvis Hayes’s on the other. It may be as close as James gets to a Nets uniform.
Posted by eric at 3:17 PM
March 3, 2010
The Nets will do anything for you to come to their games
Ball Don't Lie
by Trey Kerby
The New Jersey Nets are struggling. They have the league's worst record at 6-53. Because of that, they're last in attendance.
To combat this they've tried a few bizarre promotions over the years. First, they gave away tickets to unemployed workers, and also gave them career advice. Then, if you bought a 10-game ticket plan you got a jersey that featured not just a Net, but also an opposing player.
This Friday, the Nets will unleash another in their long line of minor league-esque promos....
Posted by eric at 1:54 PM
March 2, 2010
Nets Will Offer Free Tax Preparation as a Game Promotion
The New York Times
by Ken Belson
With just six victories this season, the Nets are threatening to compile the worst record in N.B.A. history. But Nets executives are still trying to persuade fans to attend the team’s last 12 home games.
Their latest promotion will be unveiled Friday, when the Nets play the Orlando Magic. New Jersey residents 18 or older who attend the game will get a coupon that they can redeem at a Roni Deutch Tax Center to get their state income tax done free.
Representatives of Roni Deutch Tax Centers — there are nine in the New York area — will be at the game to answer tax-related questions.
Alas, the Nets will not be paying their fans’ tax bills, and a similar coupon can be downloaded from Roni Deutch’s Web site. Deutch charges $29 to prepare a state income tax return and $185 for a federal return.
NoLandGrab: Maybe it's us, but articles this puffy make us think the "partnership" between Bruce Ratner and The New York Times extends well beyond the construction of the newspaper's headquarters building. Case in point — this story carried the headline "Deathly Nets Seek Lift From Another Sure Thing: Taxes" in the print edition. Did someone request a less pejorative headline for the web version*?
* A reader suggests that the headline change could have more to do with the searchable nature of the internet, and that more-creative print headlines are often made more straightforward on the web. You be the judge. We should point out that The Times, when writing about the Nets, never alerts readers that the team's principal owner and the CEO of the company that built its headquarters building are one and the same.
Posted by eric at 10:49 AM
In the print Times, no coverage of the AY condemnation case, but ink for a Nets promotion of questionable value
Atlantic Yards Report
I wasn't surprised to see the New York Times's coverage of Supreme Court Justice Abraham Gerges's decision in the Atlantic Yards condemnation case relegated to online coverage only.
While I can disagree with editorial judgment--after all, in print today is coverage of a delayed Metropolitan Transportation Authority reality show--that's part of a pattern; the Times frequently publishes AY and other metro stories online only (and, with the former, often without disclosure of the New York Times Company's ties to Forest City Ratner).
In the Sports section
But I was surprised to open the Sports section and see this article:
The Nets are offering a coupon that can be redeemed at a Roni Deutch Tax Center to get a state income tax return done free. That's a $29 value but, actually, nothing special, since, as the article states, a similar coupon can be downloaded from Roni Deutch’s web site.
NoLandGrab: It would be one thing if The Times covered the Nets with a sense of irony, but that is clearly not the case.
Posted by eric at 10:40 AM
February 21, 2010
Move To Newark Will Not Work
Bleacher Report
By Leslie Monteiro
This skeptical post includes a somewhat over-the-top history of Bruce Ratner's ownership of the New Jersey Nets. Even on their worst nights, the Nets draw more than 500 fans to the Meadowlands.
Ratner talked about moving the team to Brooklyn when he considered buying the team. When the league approved his purchase of the team, the marriage ended between the Nets and the few fans in Jersey.
Under Ratner's stewardship, fans stopped going the games altogether along with watching it on television. It looked like the franchise was drawing only 500 fans at best even though paid attendance indicated they drew 1,000.
Ratner lost money obviously so traded his best players. He sold his team to Russian owner Mikhail Prokhorov few months ago once he realized it's hard to run a NBA franchise.
Posted by steve at 8:25 AM
February 20, 2010
New Jersey Nets earn 50th loss for the season, falling to the Toronto Rapters, 106-89
Daily News
By Julian Garcia
Bruce Ratner is sighted attending a Nets game.
Atlantic Yards project aside, Bruce Ratner must feel pretty good about selling the Nets after what he witnessed Friday night.
With Ratner sitting courtside for one of the few times this season, and perhaps one of the last, the Nets turned in a woeful first-half performance against the Raptors - falling behind by 20 points even though Chris Bosh was in Canada - and lost, 106-89, in front of 11,994 at the Meadowlands.
Ratner, whose sale of the team to Russian billionaire Mikhail Prokhorov is expected to be approved by the league sometime next month, witnessed the Nets fall to 5-50, New Jersey staying on pace to win just eight games, which would break the all-time mark for fewest victories in one season. The 1972-73 Philadelphia 76ers set the record, finishing 9-73.
NoLandGrab: Ratner is also on track to set a record for "Most taxpayer funds spent on a public project without public benefit" should the proposed Atlantic Yards project be built.
Posted by steve at 10:48 AM
Nets To Move To Newark
Here is some more coverage of the New Jersey Nets' move to Newark, ostensibly as a layover should they get to move to Brooklyn.
Brooklyn Daily Eagle, Brooklynites Ponder Meaning Of Nets’ Move to Newark
Brooklyn residents and officials at press time on Friday were still exploring the meaning of the New Jersey Nets’ recent announcement that are going to play in Newark, at least for the next two seasons, and its ramifications for the Barclays Arena plan in Downtown Brooklyn.
The NBA team reached a deal with the state to move their regular-season games to Newark’s Prudential Center until their new arena is built at the Atlantic Yards Site.
A Brooklyn Eagle tweak on an AP story regarding the New Jersey Nets' planned move to Newark comes off as unintentionally silly, given the headline Brooklynites Ponder Meaning Of Nets’ Move to Newark: What Will It Mean for Atlantic Yards?.
You see, Beth DeFalco's AP story is pretty much the same as the one that went out on the national wire, only with a new lead paragraph:
...
Could it be that "still exploring" means that Borough President Marty Markowitz didn't call them back?
Here's one example of pondering that could've made the Eagle's deadline: the Real Deal's report that the two-year lease in Newark has a two-year renewable option--just in case the AY arena gets delayed further, as has been the pattern--deserves widespread notice.
Gothamist, Nets Are Headed To Newark's Prudential Center
The New Jersey Nets will no longer have to lose to home crowds at the Meadowlands' Izod Center: The team has made a deal to move to the Prudential Center in Newark for two years. The Star-Ledger reports, "After months of wrangling, a deal was struck Thursday to allow the Nets to buy their way out of their lease at the Izod Center in the Meadowlands... The Nets will pay $4 million to the New Jersey Sports and Exposition Authority — which could be offset in part by advertising, suite revenues and other credits."
Of course, the Nets are waiting to move to downtown Brooklyn—or so they say—to the long-promised arena at the Atlantic Yards, whose development had been on hold until an Appeals Courts swept away developer Bruce Ratner's eminent domain worries.
...
The Star-Ledger says the Nets could be playing in Newark as early as this spring. Legend has it that the Brooklyn arena will open in 2012.
Field of Schemes, Nets officially headed to Newark for next two seasons
This almost slipped past me, since it's only been reported at the bottom of NBA trade deadline pieces, but the New Jersey Nets finally got approval to move from the Meadowlands to Newark for the 2010-11 and 2011-12 seasons. The Nets will pay the New Jersey Sports and Exposition Authority $4 million to break their old lease; no immediate word on whether Newark's Prudential Center will still send concerts to the Meadowlands in exchange (though the two arenas did apparently agree to a "non-disparagement clause" to stop either side from publicly dissing the other), or how that whole ticket tax imbroglio worked out.
The long-term plan is for the Nets to be in Brooklyn starting in 2013, though work is still moving slowly at the planned Brooklyn arena site — there have been some street closings and a crane or two are on-site, but the private properties the state had said it would seize by eminent domain this winter are still waiting for the marshals to arrive. And they have their chains ready.
Posted by steve at 9:55 AM
February 19, 2010
Brett Yormark Statement on the Nets' Relocation to Newark
NBA.com
Nets Sports and Entertainment President & CEO Brett Yormark wants to make it very clear that the interim move to Newark — which he many times said was of no interest to the team — is purely temporary.
Brett Yormark, the Nets President and CEO, released the following statement regarding the Nets' upcoming interim relocation to Newark's Prudential Center, which will begin with the upcoming 2010-11 NBA season. This precedes the team's permanent move to Brooklyn, planned for 2012.
"Our planned interim relocation to the Prudential Center in Newark represents one of the many positive steps to take place for Nets Basketball during the next few months. This temporary move not only gives our fans a state-of-the-art arena with the first-class amenities common in most NBA buildings, but also provides our players with a great atmosphere in which to play.
"Additionally, before we make our permanent move to Brooklyn, this interim relocation to Newark enables us to continue our goal to further regionalize the team, not only in Essex and Union Counties, but also in New York City due to the direct mass transit access available between Manhattan and the Prudential Center. We are confident that the NBA family will see this as a positive move, as we do. We look forward to being part of the community in Newark and will continue our extensive community outreach in the area.
"I would like to sincerely thank Governor Christie for his support and leadership in making our interim relocation to the Prudential Center a reality. I would also like to express my appreciation to Mayor Booker and Jeff Vanderbeek for their steadfast efforts throughout this process."
NoLandGrab: Frankly, we're a bit surprised that Yormark didn't temporarily issue an interim statement about the move prior to making his permanent statement.
Posted by eric at 11:17 AM
February 18, 2010
Brooklyn 2012--or 2014? Nets sign two-year lease for Prudential Center in Newark, with option to renew
Atlantic Yards Report
The timetable for the Nets' planned--although not finalized--move to Brooklyn has most recently been stated as the 2012-13 season, and a long-rumored new lease in Newark anticipates that timetable as well.
However, given the history of delays, and the potential for additional snags, the new lease offers two more years in Newark.
...Shifting the goalposts
Remember, the team was originally supposed to move in 2006; when the project was approved in 2006, the year became 2009. Nets CEO Brett Yormark moved the goalposts so often than in January 2009 I posted a remix of his statements.
As of last September, Bruce Ratner predicted the move would come in the "11-12 season."
NoLandGrab: We all know Bruce Ratner is a man of his word, right?
Posted by eric at 9:53 PM
Nets team seals two-year Newark deal
The Real Deal
by David Jones
The New Jersey Nets have reached a long-anticipated deal to move to Newark's Prudential Center for the next two years , as the team plans for the Barclays Arena to open two years from now at the Atlantic Yards project in Brooklyn.
Newark Mayor Cory Booker confirmed the deal following a special session of the New Jersey Sports and Exposition Authority this morning and furious negotiations to finalize talks with the Prudential Center officials.
"It's extraordinarily exciting," Booker told The Real Deal in a telephone interview. "Not only will it bring economic opportunity, energy excitement to our downtown, for the Nets they are going to receive one of the most exciting fan bases they've had in years and years." Sources said the lease with the Prudential Center includes an option to automatically renew for another two years.
NoLandGrab: What's that you say, an option for two additional years? That'd put the Nets in Brooklyn for the 2014-2015 season — one year before the entire project was alleged to have been completed, according to the Atlantic Yards Final Environmental Impact Statement.
Posted by eric at 9:47 PM
NJ Nets will move to Prudential Center in Newark
The Star-Ledger
The Nets are making a fast break to Newark.
After months of speculation over whether the struggling NBA team would leave Izod Center in the Meadowlands for a two-year stay at the new Prudential Center in Newark, a deal was struck today to allow the Nets to break their lease for $4 million and move to Newark, according to officials involved in the negotiations.
The early termination fees could be offset in part by advertising, suite revenue and other credits.
The agreement came after the New Jersey Sports and Exposition Authority voted in secret to approve the deal at a special meeting this morning. A formal announcement is expected later today by Gov. Chris Christie.
Posted by eric at 9:41 PM
February 15, 2010
If Rod Thorn aces Russian test Kiki Vandeweghe could be out
Bergen Record
by Al Iannazzone
Rod Thorn is in Dallas this weekend, and if everything goes well for him, he could be in Vancouver on Monday working out the details of a new contract.
The Nets president was scheduled to meet with owner-in-waiting Mikhail Prokhorov in the Lone Star State on Sunday, but there has been a change in plans, NBA and team sources said.
Thorn now will meet with some of Prokhorov's business associates in Dallas, the site of All-Star weekend. Nets CEO Brett Yormark also will attend.
If the summit goes well, Thorn will fly to Vancouver to meet with Prokhorov and discuss his future and the future of the Nets.
...If Thorn knows he's on solid ground, sources believe he could fire Vandeweghe some time after the Feb. 18 trade deadline. The Nets are 4-30 since Vandeweghe replaced Lawrence Frank as coach.
Also, Thorn is unhappy about a report involving an alleged side deal with ex-assistant coach Del Harris that made it seem Vandeweghe undermined his authority.
If Vandeweghe is fired, assistant coach John Loyer could become the interim head coach for the remainder of the season.
NoLandGrab: All we have to offer John Loyer is... "good luck."
More by-catch from the Nets...
Slippery When Nets, Random Tangents - New Name For Nets
I have three thoughts on the matter of the team name, all going in different directions. First, perhaps the Nets should name try to appeal to the major opponents of the Brooklyn move - hipsters.
NLG: Hipsters?
Courtside Post, The Brooklyn Nets...by way of Newark
According to the source, the Nets and Devils reached a new agreement last week and are expected to sign it this week. It should reach Gov. Chris Christie’s desk soon after and it is expected to be approved.
Reuters via The New York Times, James as a Knick Won’t Help MSG
Forget the cash on MSG’s books — it will be chewed up in an estimated $800 million renovation of the Garden — and that equates to $21 a share.
That price overlooks fresh competition and potential corporate governance costs. The Barclays Center in Brooklyn, where the New Jersey Nets are expected to play, is to open in 2012.
Posted by eric at 10:34 AM
February 14, 2010
Nothin' but Nyets, Nothin' but Post
NY Post, Krzyzewski: Saying nyet to New Jersey 'would be easy'
Duke coach Mike Krzyzewski essentially rebuffed the Nets' interest yesterday before ever hearing what the team and incoming Russian billionaire owner Mikhail Prokhorov might have to offer.
"The guy's Russian, right? You think he'd hire a Polish guy?" Krzyzewski, clearly the Nets' leading choice for head coach next season, said jokingly to reporters in Durham, N.C. yesterday after Duke manhandled Maryland, 77-56. "No one's contacted me and if they do, I think 'nyet' would be easy for me to say."
Lots of people joke about the Nets these days. Hey, they're 4-48.
NY Post, Prokhorov's learning curve
Authorities never pressed charges against Russian billionaire and new Nets owner Mikhail Prokhorov after arresting him in 2007 on suspicion of hiring high-class call girls to entertain his guests in the Swiss Alps. But now, Prokhorov himself admits that he has some experience in the flesh trade. "I had sex for money once. I was young, hotblooded, curious. The representative of the ancient profession was brilliant and read Nietzsche in the original," he recently told the magazine he owns, the Russian Pioneer. "And she gave advice on how to be successful in life: 'Keep your back straight and don't fuss.' I have learned not to fuss, but I am still working hard on the spine. There's still time." The 6-foot-8 bachelor skipped the NBA All-Star Game and its surrounding hoopla in Dallas, as the 4-48 Nets limp toward the worst record in the league's history. Prokhorov was in Vancouver for the Winter Olympics.
NoLandGrab: Prokhorov was allegedly going to meet with Nets' President Rod Thorn while attending the NBA All-Star game, but according to the Post, "Prokhorov's planned trip to Dallas to meet with Thorn was called off because of travel difficulties and to avoid the overwhelming throng of NBA media for All-Star weekend." They just realized there was going to be press?
NY Post, Prokhorov's next moves remain a mystery
You have got to be extremely wary of sources claiming they're privy to the preferences of Mikhail Prokhorov about anything or anyone. Come on, other than commissioner David Stern, who in this country would the Russian tycoon trust enough to seek counsel or share confidences concerning the right people to facelift the Nets' image once approved as controlling owner by the NBA's Board of Governors?
Posted by eric at 11:28 PM
Latest on NBA NETS to Brooklyn
BrooklynTrolleyBlogger, Breukelen Station
This blog entry closely parallels the ESDC's policy of building a Nets arena at any cost.
As far as I can tell, Russian billionare Mikhail Prokhorov is still on course to purchase the Nets from Bruce Ratner. That is something I'm very much in favor of.
There seems to be a little more buzz and activity over at Atlantic Yards these days. Brett Yormark, Nets CEO has said recently on sports radio, the plan is to be playing in Brooklyn by the 2011-2012 season. I myself find that unlikely. If they could start by 2012-2013 I'll be happy. He also said something I find interesting which is he has no problems moving in mid-season. Basically he said the moment the move can happen is the right moment to transition over to Brooklyn, regardless of what point of the season thay may be. He even agreed with a scenario where the regular season could be played in N.J. and the playoffs in Brooklyn, should they advance. Mr. Yormark reitterated anytime will be the right time.
I like what I'm hearing.
The fact they are a 4 win team in mid-February doesn't concern me right now.
I just want them here.
NoLandGrab: This is urban planning of the "I want what I want when I want it" school.
Posted by steve at 8:32 AM
February 11, 2010
Thorn to reveal game plan
Bergen Record
by Al Iannazone
Nets president Rod Thorn will meet impending owner Mikhail Prokhorov in Dallas this weekend.
...Prokhorov won't take over until the NBA Board of Governors approves the sale from Bruce Ratner early next month, and contingencies regarding the Brooklyn arena site are met. The latter is expected by early April.
But Prokhorov would want a plan in place and people in position to execute it, which includes hiring a new head coach, preparing for an important draft and the NBA's biggest free agent class ever.
More Nets coverage...
NetsAreScorching, THOUGHTS ON THE GAME: NETS ARE COOKED IN AN INSTANT
What I found most insulting was how Kiki finally called on CDR to play the game’s final three minutes in garbage time. Unless we read from one of the beat writers tomorrow that CDR missed his bus or threw a snowball at Bruce Ratner before the game yesterday, I just don’t understand how a guy could go from 15-point scorer in the starting lineup, to the 12th man treatment, in the span of a few weeks.
NoLandGrab: If Chris Douglas-Roberts threw a snowball at Boss Ratner, we'll give him a starting job — and his own log-in.
Huffington Post, Nets Attendance: Barely 1,000 Turn Out To See Team Lose Again
It was a sad sight in a sorry season.
In front of about 1,000 fans, the New Jersey Nets lost for the 48th time before the All-Star break, trounced 97-77 by the Milwaukee Bucks on Wednesday night.
...Despite the paltry turnout, the paid attendance for the game was 12,873.
NLG: They mean "paid" attendance. Wink. Wink.
Posted by eric at 9:07 PM
February 10, 2010
Coach For The Day!
Zappos.com
Nets' sponsor Zappos is looking for a coach for a day — which, at the rate the Nets are losing, could turn into a longer gig. How about owner for the day?
Have you always wanted to be a Head Coach and call the shots? Well, here's your chance! One lucky winner and their guest will be brisked off to New Jersey to spend the day with the Nets. You'll get to hang out at the team's practice facility during the day, get full VIP access at the arena during that night's game and get the chance to rub elbows with Head Coach Kiki Vandeweghe!
NoLandGrab: "Brisked?"
Posted by eric at 10:36 PM
Nets Go Cold in the Snow
NetsDaily
Apparently, about 1,000 people were trapped tonight by the severe winter weather inside the Izod Center.
Rinse, wash and repeat. Wednesday’s game at the Izod Center was close for the first 2 1/2 quarters and the Nets led by one midway through the third, but an 18-1 Milwaukee run spanning the third and fourth decided the game. So the Nets head into the All-Star break with just four wins and an eight-game losing streak. The good news is that only about a thousand people were forced to watch this one in person.
Posted by eric at 10:25 PM
February 4, 2010
Who Will Own The Bobcats?
ESPN.com
by J.A. Adande
Has Bruce Ratner screwed other NBA owners, or has the pro sports bubble screwed Bruce Ratner?
But an NBA source said [Michael] Jordan is not inclined to make a bid for the franchise that matches the number owner Bob Johnson has in mind. It is believed that a group led by Houston investor George Postolos, the former president of the Rockets, has made a higher offer. One source familiar with the negotiations read Johnson's backing away from the sale to Postolos last summer and the continued extension of the process as a desire to give Jordan another opportunity to put together a stronger offer. But with league owners already skittish about the perceived low-price sale of the New Jersey Nets by Bruce Ratner to Russian billionaire Mikhail Prokhorov dragging down franchise values there will be pressure on Johnson to go for the higher bid and not let his relationship with Jordan outweigh the prospect of more cash.
Posted by eric at 9:31 AM
February 3, 2010
Del Harris opting out; leaves NJ Nets after two months as assistant coach
The Star-Ledger
by Dave D'Alessandro
Nets assistant coach Del Harris has seen enough — after less than two months. Can you blame him?
Del Harris, one of the game’s seminal thinkers, has decided to leave the team before the road trip that opens Wednesday in Toronto, according to a friend of the coach.
Harris, who was brought in to be Vandeweghe’s gray eminence on Dec. 4 after the latter moved into the head coaching position, has several reasons for making his exit now – all of them professional issues – but these should not be disclosed by anyone but Harris himself, his friend said.
Vandeweghe, meanwhile, was hoping he could talk the 72-year-old Harris out of leaving right up until game time, but the coach’s confidant said there was little chance of that happening.
NoLandGrab: With the entirety of Vandeweghe's head coaching experience coming in the two months that he's been trying to coach the Nets, the high-water mark of the team's season may have already passed.
Posted by eric at 11:04 AM
February 2, 2010
Hot air engulfs Nets' next move
New York Post
by Peter Vecsey
The Post reports that the Nets will sign an interim Newark lease this week.
In the riptide created by the hypothesis New Jersey Gov. Chris Christie may try to wring $7.5 million from the Nets for approval to relocate after this season from the Izod Center to the Prudential Center, owner Bruce Ratner's master plan remains unaltered.
Later this week, the Nets will sign a lease with the Devils -- owners of Newark's Prudential Center -- that will permit them to exit gracefully when their Brooklyn arena is completed; its target date is early 2012. That term sheet will be forwarded to Christie in hopes of gaining a waiver, something defeated governor Jon S. Corzine had been prepared to do.
By "early 2012," Vecsey means "hopefully in time to start the 2012-2013 season."
What happens if the Nets are denied permission? Guess it depends on what's more principal -- the fantasy "extortion" number vs. the losses they figure to encumber by remaining swamp-bound another 1½-to-2 seasons -- or principle.
Stay tuned, we may have a contemporary Jersey politics mantra: Pay to Play . . . Poorly.
More fantasy basketball...
Bleacher Report, Lebron James to Nets is Possible
Looking at the Nets' record (4-42), some would say that the addition of LeBron James via free agency is a mere impossibility. But not me.
I am willing to make the very bold statement that LeBron James could very possibly be a Net in 2010.
You're probably thinking to yourself: "How could that be possible?" Well, a few things would have to happen.
NoLandGrab: Like pigs flying, the Nets running off a 36-game winning streak to end the season, and savvy-seeming LBJ losing his mind.
Posted by eric at 10:45 AM
February 1, 2010
Prokhorov Meeting with Thorn, Yormark at All-Star Break
NetsDaily
The all-Nets-all-the-time blog rounds up recent media reports on Mikhail Prokhorov's pending purchase of the team from the worst owner in NBA history.
Beat writers have been tracking the progress of the Nets sale and although there’s nothing definitive on when the NBA Board of Governors will approve Mikhail Prokhorov as owner–or whether that’s the final step to put him in charge, it looks like the first planning meetings on the team’s future will take place during All-Star Weekend, Feb 12-14. Rod Thorn and Brett Yormark will participate. The two first met Prokhrov in October. Among the issues: whether Thorn will continue as president of basketball operations.
Posted by eric at 12:16 PM
January 30, 2010
The Antidote to Brooklyn Nets Fever
New York Magazine
Remember this when and if some sort of super-Nets team featuring John Wall and Amar'e Stoudemire tries to drape itself with borough pride when it moves to Brooklyn in 2012: Part of the process of getting the Barclays Center built involved seizing the building that housed the Pacific Dean Homeless Shelter and evicting its 80 families, in the middle of winter, on Martin Luther King Day.
Posted by steve at 7:20 AM
Kevin Durant: What the Young All-Star Can Teach LeBron James and Dwyane Wade
Bleacher Report
By Robert Kleeman
This sports story includes speculation about LeBron James, and asks an interesting question spawned by too-credulous coverage of the proposed Atlantic Yards project.
Will James bolt from his home state to become the savior for a desperate Donnie Walsh and his still-loser franchise in New York?
How about New Jersey, where the Nets are on the way to the worst record in NBA history? Never mind that ownership still has yet to break ground on that spectacular new arena in Brooklyn.
How many times has Bruce Ratner been close to "clearing the last hurdle?"
Posted by steve at 7:12 AM
Nets Reaching Out
Brooklyn Daily Eagle
by John Torenli
The Brooklyn Daily Eagle catches up with the New York Times's coverage of a promotional event by the New Jersey Nets.
The New Jersey (soon-to-be-Brooklyn) Nets sent a pair of ambassadors and team mascot Sly to cheer up pediatric patients at The Brooklyn Hospital Center on Tuesday.
Second-year guard Chris Douglas-Roberts and rookie Terrence Williams read Curious George Goes to School before signing autographs, posing for pictures and handing out toys provided by EmblemHealth and the Nets.
Posted by steve at 7:00 AM
January 28, 2010
A Marketing Quandary: How Do You Sell a 4-40 Team?
City Room
by A.G. Sulzberger
Hey, why send a reporter to read through boring Master Closing documents (which might reveal embarrassing information about your development partner's Brooklyn land grab) when you could be doing a puff piece about "Team Hype" instead?
The outreach reflects the Nets’ effort to build brand loyalty – “seeding” the fan base, in the words of the team’s chief executive, Brett Yormark — in Brooklyn, in anticipation of a long planned move to a proposed arena at Atlantic Yards. But because the move is not expected to take place for at least another full season and still faces a number of hurdles, the team has also been trying to maintain the loyalty of those New Jersey fans who are actually buying tickets.
Actually, the move will not take place for at least another two years — if ever.
This dual marketing effort would be tricky in the best of circumstances. In light of the team’s record, Mr. Yormark said the strategy had been to “sell fun, not wins” to the fans in New Jersey and “to sell hope, to sell the going-forward story” to the fans in Brooklyn.
...
In some ways the children at the Brooklyn Hospital Center were the perfect audience for athletes who had no interest in talking about the 33-point loss a few nights earlier — the team’s 11th straight defeat.
Many of the youngest were fixated on the furry mascot accompanying the athletes, Sly the Silver Fox. One boy had to keep being reminded that the men played basketball, not baseball. And others simply watched the scene unfold with the morose look common to any medical waiting room.
Sly Fox does have broad appeal, as the photo would indicate (click to enlarge).
Even the adults who recognized the players mostly offered their critiques out of earshot. One hospital employee posed for a photo with the two then retreated to the other side of the room to admit that he stopped watching the team, adding, “I don’t know what their problem is.” A doctor, while praising the young talent, called the season “embarrassing.”
Posted by eric at 2:24 PM
January 27, 2010
NBA's Worst Team Ever
Yahoo! Sports
Yahoo! Sports basketball analyst, and former NBA star, Kenny Smith says, yes, indeed, the 2009-2010 New Jersey Nets are the worst team ever to take to the hardcourt in the National Basketball Association.
Which would, in turn, make Bruce Ratner the worst owner in NBA history — in addition to being a land-grabbing, subsidy-grubbing, miserable human being.
NoLandGrab: Who says they have no pride? The NBA's worst team ever went out and thumped the Clippers 103-87, ending their 11-game losing streak and running their record to 4-40.
Posted by eric at 10:04 PM
January 26, 2010
Nets Could Face $7.5 Million Fine if They Move to Newark
The New York Times
by Ken Belson
New New Jersey Governor Chris Christie will be looking for soon-to-be-new Nets owner Mikhail Prokhorov to fork over some rubles.
New Jersey’s new governor, Christopher J. Christie, wants the Nets to pay a $7.5 million penalty if the team breaks its lease at the Izod Center and moves to the Prudential Center in Newark next season.
The suggestion was included in a 20-page document issued by the New Jersey Gaming, Sports and Entertainment Committee of the governor’s transition team. The report, compiled before the governor took office last Tuesday, focuses largely on the state’s casinos and horse racing, both of which, the committee said, were “broken.”
The report identified agreements made during previous administrations that the Christie Administration hopes to revise or undo. One is a plan created last year to allow the Nets to break their lease at the Izod Center two years early and move to the Prudential Center until their new arena in Brooklyn opens.
NoLandGrab: No doubt, Bruce Ratner and his cronies are working on a plan by which New York State and New York City taxpayers would cough up the $7.5 million payment.
Posted by eric at 12:48 PM
January 25, 2010
NBA Approval of Prokhorov “Days Away”
NetsDaily
The NBA Board of Governors is “days away” from approving Mikhail Prokhorov as the Nets’ new owner, according to reports. There’s also confirmation of a month-old report that the Russian billionaire has agreed to throw another $100 million into Barclays Center.
...Now, there’s word from inside the franchise that Prokhorov has indeed committed to buying more than two-thirds of the infrastructure bonds–$100 million worth. The remainder will reportedly be marketed by Forest City Enterprises, the Cleveland-based company that is currently the team’s biggest shareholder at 23%. FCE is controlled by Bruce Ratner’s extended family.
The manner in which the debt is structured will also give Prokhorov effective control over the arena and in fact could give him actual control in one (unlikely) circumstance.
As Project Finance wrote in December, “If Prokhorov buys the subordinated [infrastructure] bonds, which are serviced through lower quality and more uncertain cashflows, and the project experiences a sustained period of weak financial performance, then in the event of a default on the subdebt, he would take control of the project.”
Critics have noted the consequences of such a default. Norman Oder of Atlantic Yards Report wrote, “The upshot, though, is that the enormous state effort to get the project going–the Blight Study, the use of eminent domain, the tax-exempt bonds, etc.–could turn out to provide the most significant benefits to Russia’s richest man.”
Posted by eric at 9:08 AM
January 24, 2010
The Nets hit a new low, potential free agents become more wary, and Prokhorov is still seen as a savior
Atlantic Yards Report
With a blowout loss last night, the Nets are 3-40 and on track--despite claims to the contrary in the New York Times--to surpass the Philadelphia 76ers of 1972-73, who went 9-73.
From sports columnist Mike Lupica in today's New York Daily News:
You have to say that only the people having a worse winter than Martha Coakley, Senate loser in Massachusetts, are the Nets.
From Mark Ginocchio in the Nets Are Scorching blog:
As it stands, and I hesitate to say it, but THIS might finally be rock bottom for the 2009-10 Nets. Because if it gets any worse that it’s been the past two games against Utah and the Golden State Warriors, the league should really consider contracting the organization, throwing Bruce Ratner in jail for fraud and blacklisting Rod Thorn and Kiki Vandeweghe from ever having a role with an NBA roster again. Because while the Nets may technically be an NBA team, they’ve lost their last two games by a combined 65 points, allowing 113.5 points and only scoring 81.
NoLandGrab: It's clear watching a Nets' game these days that they aren't even trying to win, which means they have the same chance of signing LeBron James this summers as Bruce Ratner does of completing the Atlantic Yards buildout in 10 years — none.
One more thing: heckuva job, Brucie.
Posted by eric at 5:52 PM
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 11:24 AM
January 20, 2010
The Stuff We Could Teach Jack Bauer
The New York Times
by Clyde Haberman
With the new season of Fox's 24 set in NYC, the Times columnist suggests that fictional agent Jack Bauer could employ some novel, possibly more effective means of breaking the bad guys.
We need new techniques — New York techniques. Sit a terror suspect next to a subway rider whose iPod is turned up so high that it produces a maddening buzz. Or make him watch the repulsive health department commercials that show soda turning into globs of fat. Better yet, force him to watch the Knicks play the Nets. That’ll get him to talk.
Do such tactics amount to torture? Ask any New Yorker who has endured them.
NoLandGrab: The Knicks are just innocent bystanders.
Posted by eric at 10:44 AM
January 18, 2010
Nets Seem Unlikely Threat to 1972-73 Sixers’ Loss Record
The New York Times
by Howard Beck
The Times promotes the myth that the New Jersey Nets, owned by the developer of their headquarters building, Bruce C. Ratner, are not as bad as their 3-36 record — and fails to include Ratner among those hanging the team out to dry.
In 1972-73, [Fred "Mad Dog"] Carter was the leading scorer for the fantastically awful Philadelphia 76ers. He averaged 20 points, his best season to that point. The 76ers went 9-73, which stands as the worst record in N.B.A. history.
The mark is in mortal danger. The Nets — a hapless team trapped between eras, abandoned by fans and its own management — have won just three times in 39 games, for a sickly winning percentage of .077. They are on pace for six victories. They are threatening to steal Carter’s perverse sense of pride.
...The Nets present an unlikely threat to the record books. They have an All-Star point guard, Devin Harris, and a rising star at center, Brook Lopez. Their shooting guard, Courtney Lee, started in the finals last year for the Orlando Magic. No one around the N.B.A. thinks they should be this feeble.
Yet they are that feeble. Go figure.
Posted by eric at 9:36 PM
January 16, 2010
At the Nets game last night, a protest against Ratner
Atlantic Yards Report
Apparently there was a little protest at the Nets-Pacers game last night at the Izod Center, as eight Atlantic Yards opponents unfurled a banner that read, "Ratner trashed the Nets so he could trash Brooklyn."
(Photo and set by Tracy Collins)
It made the lead of the New York Post's game coverage:
A group of eight protestors led by Daniel Goldstein, who has led the fight against the development of the Atlantic Yards project in Brooklyn, hoisted anti-Bruce Ratner banners last night that were confiscated by Meadowlands security.
The protestors stayed in their seats, no doubt wishing they were ejected.
Watching the Nets is almost inhumane punishment. What's a four-letter word for garbage? Junk? Nope. Slop? Not here.
Go with "N-E-T-S, Nets, Nets, Nets."
From the New York Daily News:
Neither did arena security guards, who confiscated a pair of protest banners that were being paraded through a lower section. The banners ripped Nets owner Bruce Ratner, who is moving the team to Brooklyn as the centerpiece of his Atlantic Yards project, and pleaded with Nets fans in New Jersey to pull for the team to remain in the Garden State.
Scott Turner, one of the protesters, said the group chanted "Jersey yes! Ratner no!" as it held the banners up late in the first quarter. As a security guard tried to take one of the banners away, he told Turner that if he didn't surrender it, "we will call the state police."
Related coverage...
The Star-Ledger, Shawne Williams indicted on drug charges hours after NJ Nets waive him
By Dave D'Alessandro
The Nets also had an unwanted guest Friday night: The formidable Daniel Goldstein, the last holdout among those living in the footprint of the Atlantic Yards project, brought a group of eight protesters to the game.
The Record, Pacers cruise past Nets, 121-105, at Meadowlands
By Al Iannazzone
Atlantic Yards opponent Daniel Goldstein and other Brooklyn protestors shouted and held up anti-Bruce Ratner banners as they walked down a section’s steps during the first quarter. But arena security personnel took away the signs because they obstructed the view of the fans.
Daily News, New Jersey Nets fall, 121-105, to Indiana Pacers, Shawne Williams arrested on drug-related charges
New York Post, Nets torment with 36th loss
NBA Fanhouse, Brooklyn Protesters Take the Fight to a Nets Game
Posted by steve at 10:34 AM
January 15, 2010
Nets may not be down for long
SportsIllustrated.com
By Chris Mannix
This excerpt below explains why the NBA wants the Russian oligarch Mikhail Prokhorov. The answer is "Money. Oodles of it."
Next summer, however, the class of 2010 will yield one of the deepest free-agent crops in history. And those players would be wise to put New Jersey at the top of their list.
Really.
While New Jersey is on pace to challenge the 1972-73 Sixers' record low of nine victories, its plight isn't nearly as bad as the numbers indicate. Because sometime in the next two months ownership of the team is expected to transfer from Bruce Ratner to Mikhail Prokhorov. And Prokhorov brings something to the table that the Nets haven't had in a long time.
Money. Oodles of it.
The Russian billionaire is widely considered the wealthiest man in his country, and since news of the pending sale became public, word quickly spread throughout the league that Prokhorov is in it to win it.
Posted by lumi at 5:24 AM
January 10, 2010
Dangerous Jocks on the Loose? Put Gilbert Arenas, Jayson Williams, and Plaxico Burress in the Same Room and ...
Runnin' Scared
by Ward Harkavy
Arenas keeps stoking the fires of his own destruction. A professional mocker, the Washington Wizard made fun of teammate Javaris Crittenton's weapon in their locker room (allegedly), and both drew down (allegedly). Then Arenas mocked his situation with a mock draw-down in a pregame huddle the other night. At least the basketball player's not likely to shoot anybody. Maybe.
...And now, in the most foolish reaction to sports gunplay, the New Jersey Nets have banned gambling on their team plane, citing the Washington Wizards' card-play that ended up in gun-play.
If anything, the Nets, heading toward the worst record in NBA history, suffering with poor attendance and a beleaguered owner (Bruce Ratner), need more shooters. Like Arenas and Williams.
NoLandGrab: In no way do we want to minimize Gilbert Arenas' stupid and potentially lethal actions, but we feel compelled to point out that while his play-threatening of a teammate earned him an indefinite suspension from NBA commissioner David Stern, while the aforementioned Ratner's threatening of an entire neighborhood has earned him the league's unquestioned support.
Posted by eric at 7:30 PM
January 4, 2010
15 reasons why Brooklyn is New York City's borough to beat
NY Daily News
by Ben Chapman, Jake Pearson, Denise Romano AND Elizabeth Lazarowitz
Brooklyn's had a place in our hearts long before it was hip.
Sure, it's got rough spots, but that's part of its charm. And with a new decade dawning and big changes afoot, we think there's more than ever that makes Brooklyn the borough to beat.
...Here are 15 big reasons we think Brooklyn rocks:
...9. The borough's finally getting its very own basketball team. Okay, everybody isn't happy about that, but think of the T-shirt possibilities. With a population as big as Houston's (and bigger than Charlotte's), Brooklyn deserves it. And love 'em or hate 'em, the Nets' history-making losing streak means there's nowhere to go but up.
Posted by eric at 11:42 PM
January 3, 2010
Nets on the Net: 1/2/10 Edition
NetsAreScorching
by Mark Ginocchio
Apparently, feelings were hurt when a column criticizing eminent domain was published yesterday.
Political columnist George Will lashes out against the Atlantic Yards Development, and becomes the latest critic to needlessly mock the Nets basketball team when trying to put down Bruce Ratner: The Atlantic Yards nonsense was compounded when Ratner, to bolster his balance sheet after the real estate collapse, sold the Nets to a Russian billionaire, who stands to benefit from Ratner’s government-subsidized seizure of other people’s property. Those people can only hope that New York’s highest court will grant their appeal for reconsideration on the grounds that Ratner’s argument is about as good as the Nets are. Through Friday, their record was 3-29.
NoLandGrab: As of Saturday, the Nets are 3-30.
Posted by steve at 8:42 AM
December 30, 2009
A CASE TO STAY THE COURSE FOR THE NETS
NetsAreScorching
by Mark Ginocchio
It’s difficult to advocate staying the course when the ship is sinking, but for the New Jersey Nets, it may be their best option.
...Of course, it’s possible that Kiki and company get slammed by the fan base and the media for doing nothing, and letting this season get further out of hand. There will be talk about all of the empty seats at the Izod Center, and how owner Bruce Ratner has put a lock on the team’s wallet until Russian billionaire Mikhail Prokhorov presumably takes over. While there is some truth to these claims, it doesn’t change what the 2009-10 New Jersey Nets were all about headed into this season – riding out this storm with the promise of better times ahead.
NoLandGrab: Staying the course might be okay, if the Nets were planning to refund all the money season ticket holders have plunked down to watch what might be the worst team in NBA history. Which they're obviously not going to do.
Posted by eric at 9:38 PM
Grading the First 30: Nets
HoopsWorld
by Alex Raskin
The bodies are starting to pile up at the Izod Center. Coach Lawrence Frank was fired and replaced by general manager Kiki Vandeweghe and injuries to Devin Harris, Keyon Dooling, Jarvis Hayes, Chris Douglas-Roberts, Yi Jianlian, Bobby Simmons, Tony Battie, Courtney Lee and others have bogged the Nets down to a 2-29 record. Young star Brook Lopez has been frustrated by the significant attention from opposing defenses and rookie Terrence Williams tweeted a few too many times. But as the team is losing on the basketball court, owner Bruce Ratner has been winning in the legal court. One by one, the obstacles are falling and a move to Brooklyn looks as likely as ever… A move up in the Atlantic Division, however, is less likely.
...Overall Grade: F — There is nothing in New Jersey that deserves a passing grade this season, but the franchise's overall health isn't nearly as bad. With the legal hurdles between East Rutherford and Brooklyn clearing up, tons of cap space and a new owner on his way, the Nets are a blank canvas with a growing roster of young talent… Of course, none of that is reflected by their on-court performance.
Also...
TSX — The Sports eXpress, Weekly NBA Rankings (12/28)
30. New Jersey Nets (2-28) If you want a blueprint on how to dismantle a team in six years, just ask Bruce Ratner. From Two-time Eastern Conference Champion to two wins in 30 games.
Posted by eric at 8:59 AM
December 24, 2009
Nets Keep Losing, Moving Closer to Brooklyn
NBC New York
by Josh Alper
If you ignore the fact that the Nets are a professional basketball team, things are going quite well for them.
Bruce Ratner, the team's owner, just signed documents to close on Atlantic Yards, the proceeds from the sale of tax-exempt bonds are in an escrow account waiting to be spent on construction and the state filed to raze the remaining holdout tenants under eminent domain.
The opponents of the deal will continue to fight, right down to chaining themselves to the bar at Freddy's, but things appear to be too far down the road now for their fight to result in victory. They can take some pride in inflicting much damage to Ratner's bank account, the financial value of the Nets and, as a direct result of those money hits, the quality of the basketball team.
It's not what they were looking to accomplish, of course, but they've essentially salted the earth under the Nets over the last few years. The team's standing as a real-estate play on a disputed piece of land turned them from a perennial playoff team to the biggest laughingstock in sports. They added another notch to their bedpost on Wednesday night by losing to the Timberwolves for the second time this season. The Wolves have just six wins overall, which should tell you just about everything you need to know about the way the Nets have held up through the legal battles.
article
Related coverage...
Bergen Record, Nets fall at home to another last-place team
With their latest loss, 103-99, Wednesday night at the Izod Center to the almost-as-awful Minnesota Timberwolves, the Nets moved ever closer to an avalanche of pingpong balls in next year’s lottery.
...Though their last lead came in the first quarter, the Nets were in this one to the end. But that figured to be the case, considering this was one of the NBA’s worst matchups for this point in a season.
With the teams having a combined .123 winning percentage entering play, this game was on par with the Mavericks (5-27) versus Nuggets (2-28) in 1998, and last year’s meeting of the Thunder (3-27) and Wizards (4-23), according to Stats Inc.
...At least in the organization’s view, it was already a good day before the team tipped off – with the announcement that three major agencies had closed on the proposed Atlantic Yards project.
“I think it’s important because it creates a great buzz around the team,” Vandeweghe said of the Nets’ potential move to Brooklyn.
NoLandGrab: If that's the result of a "great buzz," yeesh.
Posted by eric at 9:55 AM
Nets Closer to a Newark Layover
Off the Dribble [NY Times NBA Blog]
by Ken Belson
The Nets took one giant step toward moving to Brooklyn on Wednesday when the developer Bruce C. Ratner closed on his 22-acre Atlantic Yards project. But the Nets also inched closer to moving to Newark.
New Jersey’s economic czar, Jerry Zaro, has been working on a plan to have the Nets leave the Izod Center at the end of the season and play their remaining games in the state at the Prudential Center. The goal is to turn that arena in Newark into a sports-centric venue and to let the Izod Center host the bulk of concerts and other entertainment in the area.
...Brett Yormark, the Nets’ chief executive, said he has had preliminary conversations with Christie’s transition team.
“Hopefully, they’ll come to an understanding,” he said. “The state knows our interest in moving to Newark, it’s well documented.”
NoLandGrab: Wha?! Well documented? Yormark told the Star-Ledger in May of 2008 that "sharing the Prudential Center with the Devils 'is of no interest to us.'"
Posted by eric at 12:27 AM
December 23, 2009
The Year That Wasn't: What Didn’t Happen in 2009
Gotham Gazette
By Gail Robinson
The Nets did not play in Brooklyn
This was the year the NBA New Jersey Nets were slated to make the move from the Meadowlands and open the 2009-2001 season in Brooklyn. The team, under the ownership of Bruce Ratner, would play in the edgy Frank Gehry-designed Barclay Center at Atlantic Yards.The Nets still may move to Atlantic Yards. But not until 2012. And when that happens Bruce Ratner will not own the team. He sold it to Russian billionaire Mikhail Prokhorov, who anted up $200 million to essentially buy the team and perhaps save the beleaguered Atlantic Yards project in the process. In June, beset by an array of financial problems and legal challenges, Ratner scrapped Gehry's arena plans and brought in Ellerbe Becket, an architectural firm based in Kansas City. So instead of playing in an architectural landmark, the Nets will slam dunk (or try to) in an arena that one observer said "looks a lot like every other stadium we've ever seen."
Fans may not care. The Nets opened this season with a record of no wins and 18 losses, the worst start in NBA history, and have not improved much since.
NoLandGrab: Actually, the original plan was for the Nets to play in Brooklyn in 2006.
Posted by lumi at 5:15 AM
December 18, 2009
Newark Mayor Booker: deal to move Nets to Newark isn't dead
Atlantic Yards Report
Yesterday, I wrote that, while the deal to move the New Jersey Nets temporarily to Newark seemed to have fallen apart, these deals are negotiable.
Indeed, in an interview last night on WBGO's Newark Today with Cory Booker, the mayor said the deal is not dead and "the conversation is still going on... We still have a chance of creating settlement between the Izod Center and the Prudential Center to create greater revenue."
He suggested that the plan is getting snagged by the transition between the outgoing Gov. Jon Corzine and the incoming Gov. Chris Christie.
"When [Christie] sits down and looks at the facts, I think he's going to find a way to make a win-win happen," Booker said.
Posted by eric at 9:31 AM
December 16, 2009
Deal to move NJ Nets from Meadowlands to Newark's Prudential Center falls apart
The Star-Ledger
by Ted Sherman
Looks like the New Jersey Nets will be spending the next two-and-a-half years (or more) in the Izod Center.
A complex deal to bring the Nets to the state’s largest city has all but collapsed.
The temporary move by the team had been part of a wider plan intended to end a war for entertainment dollars between the Izod Center in the Meadowlands, operated by the New Jersey Sports and Exposition Authority, and the privately owned Prudential Center in Newark. The two sides have been battling for the same concert, show and entertainment bookings.
The agreement would have allowed the Nets to break their lease at the Izod Center, opening the door to a temporary move by the struggling NBA team to the more modern Prudential Center, which hopes to become a showcase for sporting events in New Jersey. The Nets would share the building with the Devils hockey team, until the team’s planned move to Brooklyn by 2012.
Most non-sporting events, such as the lucrative concerts and family shows now at the heart of a tug-of-war between the two arenas, would in turn be shifted primarily to the Izod Center, which would become an entertainment venue.
Additional coverage...
Bergen Record, NJSEA won't waive Nets' penalty, its chairman says
“Theoretically, they could give us notice prior to Dec. 31 that they are not playing in our venue next year,” Goldberg said of the Izod Center. “But then they concurrently would have an obligation to tender a check to us for $7.5 million.
“I don’t see that there’s a possibility — given the holidays and everyone’s schedule — that there could be a thoughtful discussion [by board members] about waiving the penalty and allowing the Nets to play someplace else in 2010-11.”
In a statement, Brett Yormark, the Nets chief executive, did not address whether application of the penalty would erase any club interest in Newark.
“We continue to be encouraged about the prospect of making an interim move to the Prudential Center,” Yormark said. “Not only would this interim move be a positive for our New Jersey fans, but it would give future fans from Brooklyn and Manhattan the chance to get to know us now, given the access to mass transit near the arena.”
NoLandGrab: Could that be the same Brett Yormark who only a few months ago said the Nets had no interest in moving to Newark, even on an interim basis?
Posted by eric at 11:51 PM
December 11, 2009
Nets still on track for Brooklyn
NYPost.com
by Peter Vecsey
What in the good name of Sharpe James is going on here?
Seems a truce is in the works between New Jersey's two major sports arenas -- the Izod and Prudential centers -- in an effort to keep the Nets from exiting the Garden State.
The two venues would form a ven ture called Jersey Presents, with the Nets and Devils playing in Newark, and concerts, circuses, etc., playing exclusively in East Rutherford.
Sounds good except for one nitpickin' nuisance -- the Nets are Brooklyn-bound.
NoLandGrab: Vecsey goes on to opine that the Nets' move to Brooklyn is a foregone conclusion, which it still ain't, of course, but one does have to wonder — what does New Jersey Devils owner and Prudential Center principal Jeff Vanderbeek know that we don't? He's trading concerts and family events for the Nets, which could be a short-term proposition — or maybe not?
Posted by eric at 3:56 PM
December 10, 2009
Not a slam dunk
Knicks lose most valuable NBA team title
NY Post
by Paul Tharp
Billionaires aren't getting the bang they once did from owning a basketball team -- particularly the Knicks and the Nets.
The Dolan family's pride got hit hard yesterday, as their beloved basketball team toppled from its long-held position as the NBA's most valuable and highest-grossing team, according to Forbes magazine's annual rankings.
Hey, at least they had a high place from which to tumble.
Across the Hudson River, Bruce Ratner's New Jersey Nets languished near the bottom of the rankings for the second year in a row.
...Generally speaking, it wasn't a good year for team owners. The average value of an NBA team fell for the first time in 11 years of Forbes' rankings, sliding 4 percent to $367 million.
Forbes blamed the recession and high ticket prices -- averaging $50 a seat -- for declining sales and attendance. Twenty-one teams saw their values decrease since last year.
Posted by eric at 11:50 AM
Possible Truce Between New Jersey Arenas Could Come at a Cost to Fans
The New York Times
by Ken Belson and David M. Halbfinger
New Jersey sports and music fans could soon have to pay a surcharge to see Devils and Nets games and concerts. A complex deal is being brokered to end a landlord-tenant dispute as well as a price war between the arenas at the Meadowlands and in Newark, according to multiple people involved in the negotiations.
The two arenas, the aging Izod Center at the Meadowlands and the Prudential Center in downtown Newark, have been undercutting each other to attract bands and other acts since the Prudential Center opened in 2007, state officials say.
But don't worry, prospective buyers of Brooklyn arena bonds — surely the Barclays Center and Madison Square Garden wouldn't undercut each other to attract bands and other events. Those revenue projections (which overstate the potential number of events) are as rock-solid as all of Bruce Ratner's other promises.
To end the fight, Jerold L. Zaro, Gov. Jon S. Corzine’s economics czar, has brokered a deal to move the Nets to the Prudential Center, cementing the privately run building as the dominant indoor sports venue in New Jersey. It would in turn cede many of its nonsports events — rock concerts and family shows like the Ice Capades — to the Izod Center, which would become an entertainment hub.
NoLandGrab: And what happens if the Nets really do move to Brooklyn? The Prudential Center is left holding the bag, a new deal with the Izod Center likely gets struck, and both arenas will discount even more to lure acts away from MSG and Brooklyn.
Additional coverage...
Atlantic Yards Report, Temporary (at least) move of Nets to Newark gets closer, as Izod-Rock deal emerges
What about the Nets?
But it's the Rock that would have the iffy tenant:
The Nets, who have been losing tens of millions of dollars a year, would avoid paying a $7.5 million penalty to the Izod Center for breaking their lease to move to Newark. They would also pay a significantly lower per-game rental fee, and earn a share of suite revenue they generate at the Prudential Center. The Devils and the Nets would also sell ticket packages together. New Jersey officials, who hold out hope that the move to Newark’s gleaming arena could help keep the Nets from moving to Brooklyn in 2012, said a performance clause in the proposed deal would require that the team spend minimum amounts on player salaries and marketing as long as they remain at the Prudential Center.
Nets officials said they wouldn't comment on a possible Newark move until bonds for the Brooklyn arena are sold--expected this month.
Posted by eric at 11:06 AM
NBA Valuations: The Business Of Basketball
Forbes
By Kurt Badenhausen, Michael K. Ozanian and Christina Settimi
Teams like the Indiana Pacers, Minnesota Timberwolves and New Jersey Nets were forced to slash ticket prices to lure fans to games in the midst of a recession.
Leading the pack of "franchises... reeling from bad management more than a sour economy" are:
...the New Jersey Nets, whose owner, Bruce Ratner, made the brilliant announcement after he bought the team in 2004 that he wanted to move them to Brooklyn as soon as he got a new arena. Talk about losing fans in a hurry. The Nets handed out 5,200 comp tickets per game last season to try and get fans to show up at their current home, the Izod Center. The Nets set an NBA record by losing their first 18 games this season and will not get a new arena in Brooklyn until at least 2011, if they ever do. The Nets are now worth $269 million, $31 million less than what Ratner paid.
article [Click graphic to enlarge.]
Atlantic Yards Report Forbes: Nets value keeps declining, 5200 free tickets a game distributed
The value of the Nets keeps declining, and an astonishing number of free tickets are being distributed.
...
Last year, according to Forbes, the team was worth $295 million, down from $325 million the previous year. The Nets are again ranked 26th out of 30 in value.The Nets' debt/value ratio, last year a league-leading 71%, is now up to 77%.
If they are distributing 5200 free tickets a game--a number new to me--that's more than one-quarter of the house. (Ticket revenue last year went down 29%.)
Maybe that's part of why the team could give only 15% of total tickets away in the planned Brooklyn arena without incurring a license fee.
NoLandGrab: Remember that Nets CEO Brett Yormark touted, last July, that the Nets were "having one of the best off-seasons that we've had in years," which leaves us to wonder how things might look if the off-season had gone poorly.
Posted by lumi at 5:49 AM
December 7, 2009
Brooklyn Finding It Hard to Get Excited About Nets
Gothamist
by Ben Yakas
Pity the Nets, they play for our sins. They started the season a record-breaking 0-18, finally won a game last week under new head coach/GM Kiki Vandeweghe, then dropped a stinker to the slightly-less-worse Knicks last night at the Garden. The Knicks and Nets are both playing the salary cap game right now, waving a white flag this season while trying to free up space to lure some of the superstars available in next years free agent bonanza to come over and revitalize each franchise.
But as much flack as the Knicks have gotten (and deserved) this year, the Nets really are hitting new lows. As the Daily News pondered, "Who scores only 36 points in a half against the Knicks? Who makes only 14 baskets in the final 24 minutes against a Mike D'Antoni-coached defense?"
The Nets are putting all their cards on the table by promising a flourishing future in the mythical Atlantic Yards (which could be anytime between 2011 and 2013), but even potential fans are restless already.
Posted by eric at 10:28 PM
How Low Can They Go? Winless Nets Set New Standard for Worst NBA Start Ever
Brooklyn Daily Eagle
by John Torenli
We missed this one on Friday, and while the headline no longer applies (the Nets won!? Friday night), this still does:
Are 2010 free agents like Dwyane Wade, Chris Bosh, Joe Johnson and King James supposed to be lured to the Nets simply by the prospect of playing in Brooklyn someday?
Maximum contracts will be available for all of these players by next summer, and the Nets will more than likely have a very high pick in the NBA Draft.
But the mounting losses and lack of star power is leaving a poor impression not only on the high-priced free agents in waiting, but the current Nets as well.
Posted by eric at 10:05 AM
December 5, 2009
NJ Nets snap record-setting losing streak at 18 with 97-91 victory over Charlotte Bobcats
The Star-Ledger
By Dave D'Alessandro
The New Jersey Nets complete their record-breaking losing streak.
Our long national nightmare is over.
After 38 days, 18 excruciating defeats, one coaching change, a thousand jokes on radio talk shows, and incalculable angst among the few fans they have left, the Nets finally won a game Friday night.
They followed new coach Kiki Vandeweghe’s command to play with freedom and an open joy, and it translated into 48 minutes of intense effort and a devastating offensive combination in Brook Lopez and Courtney Lee, who both had special nights to lead the Nets to a 97-91 triumph over the Charlotte Bobcats.
And judging by the noise they evoked from 12,131 witnesses at a delirious Izod Center, they wouldn’t mind making this a habit.
Posted by steve at 9:40 AM
December 4, 2009
What Would It Take to Get You to a Nets Game?
Off the Dribble [NY Times NBA Blog]
by Jay Schreiber
Several weeks ago, the Nets’ marketing department tried to have some fun with the team’s losing streak. It was right after the Nets fell to 0-10 on the season, and the marketing department came up with a “10 Is Enough” promotion, offering $10 tickets to Game 11, which, naturally, the Nets lost, too.
But now that the Nets have descended to 0-18, setting an N.B.A. record for futility at the start of a season, the marketing department has backed off. No more clever promotions, at least for the moment. This leaves a vacuum that Off the Dribble will try to fill, with some help from you.
How would you promote the Nets’ next game, which will take place Friday night, at home, against the Charlotte Hornets?
...Have an idea? Go ahead and post it. The Nets, with no victories and many empty seats, need all the help they can get.
NoLandGrab: We have a few choice suggestions, but they're unprintable here due to FCC decency regulations.
Posted by eric at 11:44 AM
When the Home Team Stinks, So Does the Scalping Business
The New York Times
by Patrick McGeehan
To the list of world's toughest jobs, add this one: scalper of Nets' tickets.
On the spectrum of public esteem, ticket scalpers have seldom stood far from three-card monte dealers. But if ever there were a scalper who deserved pity, the white-haired man in the parking lot outside the Izod Center in New Jersey might just have been the one.
He was the only scalper brave or foolish enough to be hawking tickets Wednesday night to see the New Jersey Nets, a team that was about to redefine early season ineptitude in the National Basketball Association. Of course, he was not asking much, just half or a fourth of what the Nets claimed the seats were worth.
Still, few of the fans trickling by broke stride as he said, “Anybody need tickets?” Of the people who approached him, as many were selling unwanted tickets of their own as were looking to buy.
Some wanted to bargain him down to $8 or even $7 — less than they had just paid to park their cars.
Such is the plight of the men trying to make a living dealing basketball tickets in a season of despair.
...In contrast to the extraordinarily high asking prices that can be found on StubHub for tickets to hot concerts or World Series games, the market for Nets and Knicks tickets has nearly hit bottom. Mr. Piacenti pointed out that on Tuesday, seats for that night’s Knicks game were available for as little as $4.99, plus fees. Somebody was offering nine tickets to the Nets’ game against Golden State on Wednesday for $1 each, before fees.
Deals like that have left the white-haired scalper in the Izod Center lot lonely and dejected.
He said he was not surprised that he had no competitors.
NoLandGrab: "No competitors?" Au contraire, mon frere. You have a huge competitor — the Nets Chief Ticket Giveaway Officer, Brett Yormark. When plenty of tickets can be had for $0, it's kinda hard to sell them for $10. But better an out-of-work scalper than the guy who paid $125 a game for his season ticket, sitting next to a bunch of folks who paid zilch.
Oh, and one note to the reporter: "the Nets’ expected move to Brooklyn in 2011" won't happen until the fall of 2012 — at the soonest.
Posted by eric at 11:32 AM
Crime Beat: NBA's Crooked Ref Won't Stop Blowing Whistle, Cites Iverson Fix
Runnin' Scared
by Ward Harkavy
Maybe it would be better for the league to re-hire [crooked ref Tim] Donaghy and have him fix one of the New Jersey Nets' games so they could finally win one. Brooklyn still loves the Bums, but not these bums and is warning Bruce Ratner not to bring them to the borough.
Posted by eric at 11:11 AM
THESE BOOS ARE FOR YOU BRUCE RATNER
NetsAreScorching
by Mark Ginocchio
Unlike The New York Times, some media outlets aren't avoiding assigning proper blame for the demise of the New Jersey Nets.
The boos that filled an otherwise empty Izod Center as the Nets set a record in futility against the Dallas Mavericks last night should be meant for one person, and one person only.
Bruce Ratner.
...At some point, he needs to own up to the fact that as the owner of this franchise, he’s been the ultimate failure where it matters most – on the basketball court, not in the courtroom pushing people out of their homes. The hypothetical day Russian billionaire Mikhail Prokhorov takes the reins of this organization can’t come soon enough. One can only hope that afterwards, Ratner crawls back in a hole somewhere, never to torture a sports team, a fanbase and a community, like Prospect Heights in Brooklyn, ever again.
Thank you, sir. May we have another?
AP, Bottom-dwelling Nets take their cues from the top
Everyone insists the New Jersey Nets can't get much worse.
In that case, we'll take the under.
Team president Rod Thorn blames "a perfect storm" for his team's record-setting 0-18 start to the NBA season, but that's just the short-term forecast. Actually, it's the lack of interest and effort from owner Bruce Ratner that's swamping the franchise, steadily drip-drip-dripping down the organizational chart like a five-years-long-and-counting version of water torture.
...The team is losing an estimated $30 million to $40 million a year, and the Nets arena is barely half-filled most nights, largely owing to Ratner's half-baked plan to move the franchise to a new stadium he planned to build in Brooklyn. Why NBA commissioner David Stern went along with the scheme is anyone's guess, but it has already cost his league plenty in credibility.
Thank you, sir. May we have another?
NBA FanHouse, Nets Are Committing Consumer Fraud
The Nets aren't just bad, folks. They aren't even trying. I am not kidding when I suggest the NBA commissioner, David Stern, apologize to their diminishing fan base and either issue ticket refunds or offer free concessions and parking in the Meadowlands. If not, we're talking about a legitimate case of consumer fraud.
...What owner Bruce Ratner didn't calculate was the team sinking to such wretched depths that no superstar -- including LeBron James, even if he's Jay-Z's close pal -- wants any part of this operation. Worse, the Nets are plotting a move to a new arena in Brooklyn in June 2012, meaning the poor fans of Jersey are being asked to support a lame-duck franchise that is moving across the Holland Tunnel, the entire expanse of Manhattan and the Brooklyn Bridge. As it is, entire sections of the arena are empty, forcing the team to take desperate marketing measures and send players into the community, such as Harris' appearance at a South Orange grocery store. What happens the next two seasons when they're playing either in the Meadowlands or in downtown Newark? And, for that matter, what happens in Brooklyn if no major free agent signs?
Click through for some stand-up talk from the Nets' Chris Douglas-Roberts, a good guy who deserves much better than Bruce Ratner's special brand of misery.
Posted by eric at 10:22 AM
December 3, 2009
Worst Start to a Season? Envelope Goes to the Nets
The New York Times
by Howard Beck
The Times once again manages to report on the woes of the New Jersey Nets while avoiding any mention of the root cause of the problems — the ownership regime of its business partner, Bruce C. Ratner. At least Yormarketing Genius makes an appearance.
There are a variety of ways to cope with humiliating, mystifying, record-setting infamy. Some choose angry words, some choose apathy and some choose disguises.
With the Nets on the verge of making the worst kind of history Wednesday night, two fans sitting courtside chose paper. They pulled brown shopping bags (curiously adorned with festive red Santa hats) over their heads. Above the eye holes, scrawled in black ink, was their mark of shame: 0-18.
Moments later, the Dallas Mavericks made it official, sending the Nets to a 117-101 defeat, their 18th in a row, the longest streak of futility to start an N.B.A. season.
Boos echoed across the Izod Center, which was perhaps half full. Mostly, the fans sat silently fidgeting, resigned to their team’s ugly fate.
...When the losing streak hit 10 games, the Nets’ famously creative marketing department took note, with a “10 is Enough” promotion and $10 tickets. There was an opportunity, however perverse, to sell history Wednesday. That discussion took place, though it was very brief.
“This is a basketball team,” said Brett Yormark, the president and chief executive of Nets Sports and Entertainment. “And I think there comes a point where, you know what, let’s hold back on the marketing.”
Yep, that's Yormark. Mr. Restraint.
The next promotion will be aimed at life after the streak. Yormark is calling it “the second season,” the one that begins when the team is finally, mercifully healthy. Keyon Dooling, Tony Battie and Yi are expected back soon.
NoLandGrab: Yeah, with bench-warmers Dooling, Battie and Yi back in the lineup, the Nets ought to turn things around in no time.
Unlike The Times, most news outlets aren't shy in assigning proper blame for the demise of a franchise that only a few short years ago contended for a title.
Fox Sports on MSN, Nets go from bad to worst with 0-18 start
By all rights, team president Rod Thorn should be on the hot seat departed by Frank. However, Thorn's roster changes were done with the explicit aim of reducing the team's payroll. He was just following orders.
Accordingly, the man who issued those instructions should be the individual condemned to coach the Nets. It would indeed be perfect justice if the season-long public humiliations resulting from his presidential decisions would be directed on a game-to-game basis at none other than owner Bruce Ratner.
Yahoo! Sports!, Streak sends Nets careening into history
They had come out of morbid curiosity, a perverse loyalty to the decades of embarrassment and humiliation here. They had come to see the fruition of how a despicable owner and a mismanaged Brooklyn arena bid transformed the New Jersey Nets back into a sinkhole of a franchise, a punch line for the sport. Families had come to wear paper bags, and a father and son had come to be threatened with expulsion by security for holding up a sign that said, “End Ratner’s Reign of Error.”
They had come because, well, they practically give tickets away here now.
...Before a half-empty Meadowlands they lost 117-101 to the Dallas Mavericks, and the Nets had so much pride, so much resolve to fight and keep themselves from a biblical basketball embarrassment, they let the Mavs shoot 80 percent for a half and 90 percent for a quarter. It shouldn’t be that easy to shoot that well in the layup line, but the Nets quit on this game, this streak, the way the owner, Bruce Ratner, quit a long time ago. Ratner has little money left for this franchise, and less character.
I will not be paying to watch the Nets again, unless the Russian trying to buy the team from Ratner tells him to take his Atlantic Yards and shove them up his ass, and moves the team to the Prudential Center in Newark where they should have been from the day that place opened in October 2007.
Bloomberg News, New Jersey Nets Fall to 0-18, Set Season-Opening Loss Record
Even Mike Bloomberg's news outlet can dance around the Ratner issue.
The team pared costs as Bruce Ratner, who purchased the franchise in 2004, worked to gain approval for a new arena -- the Barclays Center -- as part of a residential and commercial project in Brooklyn, New York.
Posted by eric at 10:26 AM
Nets only have 1,500 season ticket holders?
Yahoo! Sports
by Mark J. Miller
The New Jersey Nets better hope that sale goes through to the richest man in Russia soon. They need the dough. And instead of moving to Brooklyn, a place whose residents aren't exactly excited to have them or their horrendous-looking arena setting up shop, they might want to consider Newark, where the city seems to want them and the arena is already built. Seems like that would save them a ton of cash, which they seem to need these days.
An executive of the team is saying that the team only has sold 1,500 season tickets and partial season tickets combined, according to the Newark Star-Ledger.
NoLandGrab: Wait a second, didn't Nets CEO Brett Yormark brag to ESPN Radio's Seth Everett back in July that the Nets were "having one of the best off-seasons that we've had in years?" Guess they had set the bar pretty low.
And to think they followed up "one of the best off-seasons that we've had in years" with the worst start to a real NBA season ever.
Posted by eric at 10:15 AM
Politi: Negative signs are everywhere for downtrodden NJ Nets
The Star-Ledger
by Steve Politi
Here's a must-read piece from Steve Politi: not only are the New Jersey Nets the worst out-of-the-gate NBA team ever, but apparently, "Ratner" is considered offensive language at the IZOD Center.
The sign was a simple protest, scrawled on a white poster board in black Magic Marker. It did not contain any naughty words. It was, as these things go at sporting events, rather tame.
“End Ratner’s Reign of Error!” the sign read, and 14-year-old Evan Juliano held it up twice from his seats a few rows behind the Nets bench.
He held it up because he and his father, Dave, are season-ticket holders for what is fast becoming the worst team in NBA history, an 0-18 train wreck that didn’t even bother to show up for its date with infamy Wednesday night.
But somewhere in the second quarter, as the Mavericks impossibly scored on 22 of 24 possessions en route to a 117-101 victory, the Julianos were told to put their sign down. They were told it was derogatory.
Related coverage...
Atlantic Yards Report, At the Izod Center, an "End Ratner’s Reign of Error!” sign is squelched
Develop Don't Destroy Brooklyn, "End Ratner's Reign of Error!" In NJ and BK.
Nets fans, sports fans—heck, all humans—should now understand why Brooklynites (sports fans many), have been in an uproar for six years. If Ratner can do this to something he owns, just think what he does to things that are not his.
Posted by eric at 9:14 AM
December 2, 2009
Nets (Never Ending Terrible Season) lose to Mavericks, set record for futility
Atlantic Yards Report
Congratulations, Bruce Ratner, you own the worst start in NBA history, which makes you the worst... oh, never mind.
Blown out tonight, 117-101, by the hot-shooting Dallas Mavericks, the Nets are now 0-18 to start the season, setting a National Basketball Association record for futility (at the start of a season) and validating the sign in the audience reading Never Ending Terrible Season.
The arena, reports the Times, was "perhaps half full." The official attendance was 11,689, about 58% of capacity.
It is no small irony that the record was set against the Mavericks, led by point guard Jason Kidd, whom the Nets traded away for Devin Harris. Last year, it looked like the Nets had gotten the better of the deal, but, with Harris's injuries and Kidd's resurgence, sportswriters aren't so sure.
And, of course, it is no small irony that the record was set as the long-delayed move of the Nets to Brooklyn comes closer and closer, with arena bonds rated at (barely) investment grade and the salary cap flexibility to upgrade the team.
NoLandGrab: And it's also no small irony that the game's radio broadcast tonight was aired on Bloomberg 1130 in the New York metro area, since Bruce Ratner's team-wrecking land-grab has been ably aided and abetted by the Mayor of New York City.
Posted by eric at 11:57 PM
Nets' problems of their own making
SI.com
But if you were to jot down a quick list of the Nets' problems, Frank would be nowhere near the top.
Sitting alone in that position is Bruce Ratner, New Jersey's cost-conscious owner who has overseen the dismantling of a franchise less than a decade removed from back-to-back Finals appearances. With the Atlantic Yards project in Brooklyn bleeding him for millions, Ratner's team paid the ultimate price.
...The Nets will try to avoid setting the NBA's record for futility to open a season when they face Kidd (one of Frank's staunchest supporters) and the Mavericks Thursday in the Meadowlands. They will likely lose, and lose badly. Interim coach Tom Barrise, who will coach the team until GM Kiki Vandeweghe takes over on Friday, will face the media and shoulder the blame. A few players might do the same. But the real culprit in this Titanic-sized season is Ratner. This ignominious record will be all on him.
Posted by eric at 1:30 PM
As Nets Shoot for History, Brett Yormark Turns It Up 18 Notches!
Develop Don't Destroy Brooklyn
Posted by eric at 10:50 AM
Quick fix for Nets: Move 'em to LI
Newsday
Bruce Ratner's NBA franchise is officially "woebegone:"
Mark Herrmann's temporary solution for fixing the Nets is to move the woebegone franchise to Long Island.
NoLandGrab: Moving the team to Long Island won't fix the team, buoy attendance, or do Long Islanders any favors.
Posted by lumi at 5:48 AM
December 1, 2009
With Futility Record at Stake, Ticket Sales Are as Cold as the Nets
Off the Dribble [NY Times NBA Blog]
by Ken Belson
Yormarketing Genius appears to be running out of ideas.
In a season gone astray, the chance to see the Nets set a record, even one for futility, may be reason enough to head to East Rutherford, N.J., to cheer them on. The Dallas Mavericks and their star, Dirk Nowitzki, are potential drawing cards as well.
Yet prices for many tickets for Wednesday’s game are being sold for up to 40 percent below face value, according to Jason Berger, the president of AllShows.com, a leading ticket broker.
Tickets on FanSnap, which scans the Web sites of ticket resellers, showed even deeper discounts. Seats in the upper bowl at the Izod Center were being sold for as little as $2. Some seats in the lower bowl were being dumped for $8.
Rod Thorn, the Nets’ president, apologized to fans last week. In a letter sent to season-ticket holders, he said that “our season has certainly been frustrating so far.” He added that the players’ “inability to finish close games has put us in a tough spot.”
Thorn said the Nets’ goals remained unchanged: “Be as competitive as possible in the present, and position ourselves to make major improvements in the near future.”
Thorn did not define the near future.
NoLandGrab: It's a pity that Rod Thorn is having to apologize to season-ticket holders, when it's Bruce Ratner and Brett Yormark who've turned the Nets into the worst team in pro sports.
Posted by eric at 10:52 AM
Let's be Frank, winless Nets are a mess
ESPN.com
by Chris Sheridan
On Sunday night, the New Jersey Nets lost 106-87 to the Los Angeles Lakers in a game in which they stayed competitive for roughly five minutes. They are now 0-17, tied for the worst start to a season in NBA history, and will have former franchise cornerstone Jason Kidd in the house when the Dallas Mavericks attempt to tag them with the unprecedented and dubious distinction that an 0-18 record would carry with it.
The Nets are a bigger mess than they've been at any time since 1976, when former owner Roy Boe had to sell Julius Erving to the Philadelphia 76ers to raise the money to pay the indemnity fee the Nets owed to the New York Knicks for infringing upon their territory when the NBA and ABA merged.
...The dismissal of Frank was described by one source close to the team as a "mercy firing," a decision that ultimately had to be approved by Bruce Ratner. The lame duck owner is in the midst of selling the team to Russian oligarch and billionaire Mikhail Prokhorov, who hopes to become the point man for the team's eventual move to Brooklyn.
But that move is still contingent on bonds being sold, property being condemned and temporary restraining orders being avoided -- all before Dec. 31, when Ratner needs to have broken ground on the Brooklyn complex to secure financing through a set of expiring tax-free bonds. If a master closing on the Brooklyn project is not completed by Jan. 1, the deal with Prokhorov, as presently constituted, would be off.
Plus, the NBA's board of governors still must sign off on the sale after an exhaustive background investigation of Prokhorov is completed.
Related coverage...
SportsBusiness Daily, Nets Sale To Prokhorov Still Faces Months Of Uncertainty [Trial subscription/registration required]
The Nets still could "face months of ownership limbo before" the NBA BOG votes on Bruce Ratner's sale to Mikhail Prokhorov, according to Chris Sheridan of ESPN.com.
AP, On Basketball: Future hopes make Nets hopeless now
The trades gave Nets management what it wants: plenty of salary cap space for the loaded class of 2010, a chance to immediately upgrade the team into a contender by the time it hopes to make its long-planned and much-delayed move to Brooklyn.
NoLandGrab: Truth be told, cap space was a secondary consideration. Ratner's more immediate need was to reduce expenses with the team losing upwards of $30 million per year, and patience over those losses running thin at Forest City headquarters in Cleveland.
HoopsVibe.com, Chris Bosh, LeBron James, and Dwyane Wade should consider New Jersey Nets’ upside
On the surface, the Nets seem to have little chance at signing a top free agent next July. However, with a declining salary cap, Bosh, James, Johnson, or Wade should see the possibilities with a fixer-upper like New Jersey.
NLG: "Fixer-upper?" At 0-17, and counting, the Nets are a tear-down.
NetsDaily, Sheridan: Nets at All-Time Low
Now, that’s saying something...
Posted by eric at 10:41 AM
November 30, 2009
Nets Ownership Dictation Opens New Doors, May Modification Vendee Profile
Windows Live
We're assuming that English was not this post's first language.
Prokhorov was cited in an article last hebdomad naming this a "hostile bidding". Hostile or not, Prokhorov looks more interested in the squad as an investing vehicle, not as the typical sportswoman proprietor ( IE Grade Cuban, Steinbrenner, Can H,etc. ). The squad is hemorrhaging money, Bruce Ratner 's immovable company is holds founder under the economical pressure, and merely like many other American corps the Nets ( and its current ownership ) necessitated a fresh extract of cash to keep operations and hold the dreaming of travelling to Brooklyn live. The trade looks to be more Risk capital than typical squad ownership dealing, an outsider investor rendering running cash exchange for equity.
While the conference is likelily excited about the new international frontiers that go available with a Russian proprietor, could it but be that most American businessman hold shied forth from the hazard and low one-year gainfulness of sports squad ownership, and VC type investings in the wide marketplace hold virtually vanishes in that economy, squeezing Ratner to turn elsewhere.
Funding the trade with upward front cash, highly rare in what I 've seen of these type of minutes, farther supports the dealing of more VC investing than new ownership squad. Ratner apparently remains in the icon and gets new cash flowing to proceed the Brooklyn venture and will now share in the top with his gent investor, in the procedure disintermediating himself from the squad, which he holded small or no involvement in in the first place.
Posted by eric at 11:31 AM
0-17: Nets match NBA’s worst start to a season
Firing the coach didn't work. Maybe try firing the owner?
When the New Jersey Nets finally reached an inauspicious NBA record, the Staples Center’s public address announcer let the crowd know all about it.
At least he had the tact to wait until the Nets were out of earshot after their 17th straight loss.
The undermanned, undertalented Nets matched the worst start to an NBA season Sunday night, with Kobe Bryant scoring 30 points in the Los Angeles Lakers’ 106-87 victory.
A few hours after New Jersey fired coach Lawrence Frank, the Nets had little prayer of keeping up with the defending league champions, who won their sixth straight game. Despite apparently playing hard for temporary head coach Tom Barrise, New Jersey fell behind by 27 points in the first half and went into history with yet another whimper.
...New Jersey must beat the Dallas Mavericks back home in the East Rutherford swamp on Wednesday night—perhaps while playing for the club’s third coach in three games—to avoid sole possession of an embarrassing NBA record.
...Guard Rafer Alston compared the Nets’ roster to an awful poker hand, saying Frank “wasn’t dealt a royal flush. It’s almost like he had a pair of 2’s, and he tried to fight.”
NoLandGrab: "A pair of 2's," and a joker in the owner's box.
Additional coverage...
NY Daily News, As New Jersey Nets owner Bruce Ratner works on cheap, Lawrence Frank gets booted
In all three cases, the Nets took back less talent than they sent out, a doomed strategy if there ever was one. But it was Ratner's master plan. Because of his own financial woes, the Nets pared their salaries to around $57 million, only about $5 million more than the team with the lowest payroll, Oklahoma City.
So if there is anyone to blame for the current crisis, it starts at the top.
The Star-Ledger, Politi: Rod Thorn is the last reason to believe in NJ Nets
Firing Lawrence Frank now is like throwing the captain of the Titanic overboard after it hit the iceberg.
Why bother? To borrow the famous quote from Micheal Ray Richardson, the ship be sinking anyway.
The Nets kept the coach around this long for one reason: They were too cheap to hire his replacement, just like they were too cheap to keep this team from becoming a national joke.
...The stain of this historic losing streak belongs on the owner’s legacy alone, which might offer fans some solace — if Ratner cared about anything but his Brooklyn real estate deal.
NY Post, Winless Nets give boot to head coach
A spokesman for Prokhorov said: "He has no comment. Bruce Ratner is still the Nets owner."
Develop Don't Destroy Brooklyn, Bruce Ratner the Destroyer
What else would anyone, any fan, expect when the owner buys a team as a tool for a corrupt land grab? The chickens have come home to roost at the Izod Center.
NBA Fanhouse, Frankly Speaking, Frank Takes the Fall
Thorn plans to meet Monday with others in the organization, including owner Bruce Ratner (assuming he can break away from his architectural sketches), to decide on the interim coach.
NY Observer, Today in Local Sports Coverage: The Da Vinci Coach
Yesterday, after an 0-16 start, the Nets finally canned coach Lawrence Frank, sparing him the ignominy of entering the record books with the rest of the team last night, as they tied the record for season-starting futility by losing number 17 in L.A.
The New York Times, At 0-17, the Nets Tie an Unwanted Record
The Times manages to publish a lengthy story on the Nets record-tying loss and the firing of Lawrence Frank without once mentioning the name of its development partner, Bruce C. Ratner.
CBSSports.com, Frank becomes cap-space casualty
But clearing the books for a move to Brooklyn -- and selling the team to someone who could actually take it there -- was more important to owner Bruce Ratner than keeping Vince Carter, who didn't want to talk about the whole thing Sunday night. Asked for his comment on Frank's firing, Carter said simply, "None. I don't want to talk about it, if you don't mind."
the east coast bias, Bye bye, Lawrence
I suppose after a coach goes 0-17 in the NBA, a firing is in order. But New Jersey Nets coach Lawrence Frank got screwed, and screwed hard, by a team and an ownership more concerned with clearing money for this supposed move to the Atlantic Yards in Brooklyn than with putting a competitive team on the floor.
Posted by eric at 10:24 AM
November 29, 2009
Nets fire Frank after 0-16 start
Yahoo! Sports
by Adrian Wojnarowski
Bruce Ratner's latest victim is Nets coach Lawrence Frank, handed the keys to the worst team in professional sports and then blamed for not being able to win.
The New Jersey Nets have fired Lawrence Frank, the coach told Yahoo! Sports.
Frank will not coach against the Lakers on Sunday night, when the Nets will have a chance to tie an NBA record with a 17th straight loss to start the season. New Jersey assistant Tom Barrise will coach Sunday instead.
Yahoo! Sports first reported early Sunday that Nets president Rod Thorn had made the decision to fire Frank. Thorn was expected to meet with owner Bruce Ratner on Sunday to inform him that he would replace Frank on Monday, but sped up the process after news of Frank’s imminent dismissal became public.
NoLandGrab: This is what happens when your motivation for buying a team is to use it as a beard for a land grab. Expect the team to promote from within, since having to shell out for a coach outside the organization is financially unfeasible for the money-hemorrhaging Nets.
Posted by eric at 3:30 PM
November 27, 2009
The Record: Game-changing ruling
The Bergen Record
Editorial
Soon enough, they will probably be the team from Atlantic Yards, with an 18,000-seat arena built just for them. The New Jersey Nets will become the Brooklyn Nets, and we will have lost our team.
This is not the outcome we wanted. We wanted the Nets to stay in the Garden State. If they had to move to the Prudential Center in Newark from the Izod Center in the Meadowlands, then so be it. At least they would still be in northern New Jersey.
Posted by lumi at 5:15 AM
November 26, 2009
Nets won't go outside organization if they fire Frank
NY Post
By Fred Kerber
Frank is left to answer virtually every day questions about how he can remain so gosh-darn peppy when the executioner is around the corner. And with the Nets making national news as they approach the dubious 0-17 start achieved by an expansion team (Heat, '88-89) and the Nets West (Clippers, '98-99), the coaching death watch is on.
Names have floated. But make no mistake. The same organization that required workers to take Fridays off in the summer to save money is not going outside. If Frank is canned, one of the current staff or GM Kiki Vandeweghe (whose name pops up in discussions more and more) will likely take over. Forget experience. All those candidates have one major requirement on the resume.
Also...
NetsAreScorching, Nets on the Net: 11/26/09 Turkey Day Edition
Meanwhile, the whispers about Frank’s future continue. If Frank gets fired, his replacement will likely come from in-house as the organization continues to pinch pennies.
Another article that gathers some reaction from the 88-89 Miami Heat and the 99-00 LA Clippers, aka, the two teams the Nets could soon be challenging for infamy.
Posted by lumi at 9:09 AM
November 25, 2009
Nets Have Dug a Big Hole, but Their Foundation Is in Place
The New York Times
by Jonathan Abrams
The Nets have lost their first 14 games in a start that is threatening to make their season irrelevant before the calendar turns to 2010. The long-term future, however, looks a lot brighter.
The final challenge to their plans to build an arena in Brooklyn was denied Tuesday, increasing the likelihood of the Nets’ opening the 2012-13 season there. No matter where they play that season, their two budding stars — Brook Lopez and Devin Harris — give them the building blocks for an improved on-court product.
NoLandGrab: Final challenge? The decision was a blow for project opponents, to be sure, but four lawsuits challenging the project are still unresolved.
New York’s Court of Appeals dismissed a challenge over the use of eminent domain in constructing the long-planned and long-delayed Atlantic Yards project near Brooklyn’s downtown and ushering in a new arena for the Nets.
The ruling was the last major hurdle in the groundbreaking process.
NLG: Last major hurdle? Hardly. Ratner still needs to sell $700 million worth of arena bonds, for which there may not be a market, in the next five weeks.
The present is not quite as promising. Coach Lawrence Frank and the Nets flew to Denver for their game against the Nuggets on Tuesday night barreling toward the worst start in N.B.A. history with a four-game trip in their forecast.
Their 101-87 loss dropped them to 0-14, the effects of a raft of injuries and salary purging over the last two seasons. The trip ends in Los Angeles against the Lakers on Sunday, and if the Nets return home winless, they will have matched the 1988-89 expansion Miami Heat and 1999 Los Angeles Clippers for worst start in league history.
If so, history will not reflect the injuries, the long hours of Frank, whose job is on the line, or the cost-cutting demands from the current owner, Bruce C. Ratner. Instead, the Nets may stand as holders of the league’s worst start if they lose to the Dallas Mavericks on Dec. 2.
...After Tuesday’s court ruling, the future appears much brighter, but how to bridge that gap is still uncertain. Ratner purchased the franchise in 2003 for $300 million, originally planning to transplant the Nets from New Jersey in time for this season.
NLG: This season? No, when he announced the Atlantic Yards project in 2003, Ratner said the Nets would begin playing in Brooklyn in 2006.
NLG:Could it be that The Times doesn't realize that Bruce C. Ratner runs the company that was the development partner for their eminent domain-abusing headquarters building? They seem to have omitted that fact from this article.
Atlantic Yards Report, No, Ratner didn't buy the Nets in 2003 to move them in 2009
NoLandGrab's Eric McClure reminds us that the original move date was 2006 and also points out some other miscues.
Would you believe that some bloggers in Brooklyn have a heck of a lot more institutional memory than the Paper of Record?
Posted by eric at 12:50 PM
November 24, 2009
K-Mart faults Ratner for Nets ills
NY Post Nets Blog
by Fred Kerber
Kenyon Martin admitted he still has some warm feelings for the Nets. No sympathy for tonight when the Nuggets and Nets play, but warm feelings. And he still feels something toward the Nets' soon-to-be-ex-owner Bruce Ratner.
And it's not warm or good.
Ratner, K-Mart said this morning, is why the Nets are a mess right now.
Posted by eric at 6:51 PM
NJ Nyets: ownership bashing
The delirious pile of criticism for the NJ Nets continues, with no one to blame but team owner and Atlantic Yards developer Bruce Ratner:
The Houston Chronicle, 0-82 season awaits hapless, ailing Nets
In the shadow of the George Washington Bridge, near an off-ramp of the Garden State Parkway, the New Jersey Nets are on the toll road to NBA history. In their sights is the league's worst record ever, and, with a little less effort, they could go winless.
At the moment, the Nets are 0-13.
After studying their schedule closely, I have determined it is possible — make that likely — the Nets will go 0-82.
...
Bruce Ratner, the Nets' principal owner, recently sold 80 percent of the team to Russian billionaire Mikhail Prokhorov. Prokhorov, I am told, plans to auction off all the team's assets and convert the arena into in-laws' quarters.If he keeps the team intact, he might want to think about an “82 Is Enough” promotion.
Examiner.com, Frank shouldn't take the fall for Nets' struggles
If the New Jersey Nets return home from the upcoming west-coast trip at 0-17, head coach Lawrence Frank might not find himself in position to take the next team trip.
...
In fairness to the Nets, the team has gone downhill ever since Kenyon Martin was jettisoned off to Denver. Owner Bruce Ratner looked at the Nets as a business opportunity, not a championship team. After trying to move the team for years and failing, he is now openly trying to sell the team to Mikhail Prokhorov.
Posted by lumi at 4:59 AM
November 23, 2009
Sportswriters blame Nets' 0-13 start mostly on Ratner
Atlantic Yards Report
Blame Bruce (mostly), say sportswriters assessing the New Jersey Nets' 0-13 start, which has been exacerbated by injuries to key players.
...Of course, those taking the long view suggest that the Nets, assuming a new owner, a new arena, and a free agent signing to add to a reasonable core of players (when healthy), could turn around in a couple of years.
NoLandGrab: That's assuming a lot. Given a wise Court of Appeals decision, a new administration in City Hall, a new development (UNITY) Plan, and new developers, something good could be erected over the Vanderbilt Yard, too.
Posted by eric at 9:49 AM
West coast trip brings week of reckoning for NJ Nets coach Lawrence Frank
The Star-Ledger
by Dave D'Alessandro
As this silly season drags on, [Lawrence Frank's] job becomes less relevant. Everyone knew all along that he was set up to fail. Everyone knew they told him he’d have the pieces to compete – until they decided not to touch the roster or spend a dime after draft night. Everyone knew they told him he can choose who gets to play, until they told him who has to play. Everyone knew they told him it that wins really wouldn’t matter – until they would matter. Everyone knew they told him he’d learn to live without Vince, but that he should still figure out how to win a two-minute game without his only closer.
Sometimes you even wonder whether having a coach even matters around here.
...Because if [Rod] Thorn is honest about why they’re in this ditch, he’ll admit that it’s ownership – not the coach – who has ordered him to sit on his wallet and dump his best players for inferior or less durable talents.
It’s ownership – not the coach – that has this team entombed in a cement slab on the side of a highway rather than a vibrant, state-of-the-sport facility that could actually generate some excitement.
And it’s ownership – not the coach -- that is messing with Thorn’s legacy, and don’t think that part doesn’t irritate everyone who reveres The Boss inside the organization and around the NBA.
NoLandGrab: And it's ownership that is... Bruce Ratner!
Posted by eric at 9:39 AM
Why the Nets are where they are today
MyYESNetwork.com
By Al Iannazzone
The numero uno reason that the 0-13 Nets suck this year is...
Bruce Ratner: Nice man, but his interests were in real estate opportunities and buildings, not building a championship team. He bought a contender and kept cutting payroll instead of letting Rod Thorn add quality pieces that could Nets over the top.
NoLandGrab: We wouldn't accuse Bruce of being a "nice man," since actions speak louder than words.
Posted by lumi at 5:10 AM
November 22, 2009
Bruce Ratner: "I'm just here to watch the game."
Develop Don't Destroy Brooklyn
Bruce Ratner's vaporteam, the New Jersey Nets, are now 0-13 after losing to the lowly Knicks. They are now headed for a 4 game West Coast swing looking to tie the record for most loses at the start of the season. What did team owner Bruce Ratner say when the Star Ledger's Steve Politi approached him?
...“I’m just here to watch the game,” Ratner said, declining to answer questions about the state of the team at halftime, and you hope he was embarrassed with what he saw.
This is basically how he has treated the massive resistance to his bone-headed Atlantic Yards proposal in Brooklyn.
Remember, the reason the Nets stink is because Ratner bought the team for a sweetheart real estate deal and then commenced dismantling what was once a championship caliber team.
If he can destroy a talented team in five years, just think what wonders he can work in Prospect Heights with his vaportecture.
Posted by steve at 8:25 AM
November 20, 2009
Newark Mayor Booker again cautious about permanent Nets move, enthusiastic about temporary one
Atlantic Yards Report
As he did during last month's radio appearance, Newark Mayor Cory Booker last night steered clear of any prognostication about a permanent move of the Nets to Newark but focused on a temporary one.
He spoke during his monthly Newark Today with Cory Booker show on WBGO. The discussion (starting about 46 minutes in) focused on the Nets moving to the Prudential Center for a season or two before a potential move to Brooklyn.
Host Andrew Meyer noted that expected new owner Mikhail Prokhorov has been reported (secondhand) as being open to buying the team at a reduced price and keeping the team in Newark. "Nets management still says the [permanent] Jersey option is moot," said Meyer. "What's the reality now?"
"The reality is we're in a powerful negotiation right now that [outgoing Gov.] Jon Corzine has brought down to the two-inch line before we can score the touchdown, which is, an agreement between the Nets, Izod Center, and Newark, to heal the wounds," Booker said, "to set a new arrangement with the Devils, which will significantly increase the revenue Newark will get... and stop having two arenas competing with each other."
..."And if they don't build the [new Brooklyn arena]?" asked Meyer.
"Then we have a chance to keep the team," Booker said. He did not say, as he has done in the past, that Newark-based investors were ready to scoop up the team. Maybe everyone's been scared away by Prokhorov.
Posted by eric at 9:02 AM
What's wrong with the Nets and how can they be fixed?
The Bergen Record
By Alan Iannazzone
With the NJ Nets 0-12 start, Bruce Ratner's NBA franchise is heading towards a battle of the bums against the Knicks on Saturday.
How did this happen? Can they get out of this? Can the ’09-10 season be saved? What about next year?
According to Iannazzone, you can blame Bruce, prayer might be a last resort, the season is history, and the Nets might end up with enough cap space to sign two elite players, so there's always next year.
Posted by lumi at 6:04 AM
November 19, 2009
My Top 10 Marketing Ideas For Winless Nets
Sports Biz with Darren Rovell
It can be argued that no team has had it harder than the New Jersey Nets.
They haven’t won a game in 12 tries this year.
They don’t have many marketable players. There’s a lack of public transportation to their arena. They’ve fully committed to leaving the market for Brooklyn and they are waiting for a new owner to take power.
To the credit of Nets CEO Brett Yormark, the team has seemingly tried everything to jumpstart attendance, from giving away jerseys that have the opposing players on them to offering $10 lower bowl tickets as part of a “10 (losses) is enough” promotion for Tuesday night’s game. On Saturday, it’s not enough that the team is playing the New York Knicks, who also are struggling, the team is bringing in Dora The Explorer to help fill the arena with more families.
I haven’t received a phone call, but if the Nets were to ask me what they should do next, here’s the list I would give them.
NoLandGrab: Once again, here's somebody giving grossly undeserved credit to Brett Yormark, CEO — not promotions director — of the worst team in the NBA. We do like the idea about signing a Globetrotter, though.
Posted by eric at 5:28 PM
November 18, 2009
NYTimes Sports section salutes Yormark, calls promotion a "modest success" (*) despite failure to come close to 15,000 attendance
Atlantic Yards Report
New York Times sports reporter Ken Belson November 16:
Whether the Nets beat Indiana (4-3) is an open question. But the promotion has prompted some fans to act. The team has sold 700 $10 seats so far and expects as many as 15,000 fans to show up for Tuesday’s game, around the season average.
Belson, writing today (in an article destined for tomorrow's paper), curiously called the promotion a "modest success" despite the failure to come close to 15,000 and offers some sympathetic rhetoric ("Alas"):
The team sold 1,000 $10 tickets and gave away 500 seats to season-ticket holders,
a modest successon 48 hours’ notice and on a Tuesday night against a lesser rival. Alas, the promotion did not get the Nets over the hump. The announced crowd of 11,332 was more than 3,000 under the season average and the Nets lost, 91-83.Still, the promotion was vintage Yormark: creative, quick and value oriented. It was also a sign of how far he and the Nets are going to fill their arena and of the challenges they face.
*Update: after I first posted, that "modest success" line was edited away.
NoLandGrab: Norman Oder goes on to point out that the promotion was a modest personal success for Yormark, who managed to scam several members of the press into giving him ink.
Honestly, is the guy not seriously overrated? He's CEO of a team that's now 0-12. Offering tickets to a(n allegedly) professional sporting event for $10, or, better yet, free, he only managed to fill 1,500 additional seats (maybe, given the NBA's loosey-goosey rules on what constitutes "attendance" (and c'mon, in this age of email and Facebook and Twitter and print-yourself tickets, 48 hours is an eternity). The team is going to break all previous records for losing money this season. Where's the beef?
Posted by eric at 11:11 PM
Nets hope for 15,000 attendance, draw 11,332
Atlantic Yards Report
The NY Times reported that, based on ticket sales, the NJ Nets expected 15,000 attendees at last night's game. The Daily News reported that "Only 11,332 fans showed up."
Norman Oder adds some common sense to NBA math:
...those numbers were doubtful, given that announced attendance typically reflects ticket distribution rather than gate count.
Posted by lumi at 6:51 AM
November 17, 2009
Pacers win 5th straight, drop Nets to 0-11
AP via Yahoo! Sports
by Brian Mahoney
 |
If Bruce Ratner can do with the Atlantic Yards project what he's done for the New Jersey Nets since buying the team, we can't imagine why we've been opposing the project all these years.
Danny Granger thought the Indiana Pacers had a rough start to the season.
Try telling that to the winless New Jersey Nets.
Granger scored 22 points, Roy Hibbert tied a career high with 19 and the Pacers dropped the Nets to 0-11 with a 91-83 victory Tuesday night.
...No end in sight for the Nets, on their longest skid since dropping 11 in a row to end the 1999-00 season.
...Hoping to end the skid, the Nets asked their fans to show support with a “10 is enough!” plan, giving each season-ticket holder two tickets to bring additional fans. But the announced attendance was only 11,332, and now there are still no wins.
NoLandGrab: If the announced attendance was 11,332, then certainly the actual living, breathing attendance was much lower, and the more important actual living, breathing, paying attendance was, well, not much.
"11 is enough!," anyone?
Photo: Antonelli/NY Daily News
Posted by eric at 11:26 PM
Tickets for nothing, Nets for free!
The NJ Nets are not only blowing out lower-level seats for tonight's game for a mere $10, but are also giving away extra tickets to season-ticket holders in hopes that they will bring along a friend or two, which would make anyone who paid face value for tonight's game a real sucker.
NY Daily News, Sean Williams emerges as bright spot for winless New Jersey Nets
The team, off to a franchise-worst 0-10 start, is giving each season-ticket holder two additional tickets for the game, with the hope that each of those fans will "bring additional friends and family to produce a packed house of cheering Nets fans."
NBA Fanhouse, Nets Make Losing a Marketing Gimmick
the 0-10 New Jersey Nets have accepted that ignoring the big, fat goose egg in "W" column is no longer possible ...
... which is why they've unveiled the "10 is Enough" promotion, which involves giving every season ticket holder two free tickets to Tuesday's game and selling a bunch more tickets to the general public for $10 a pop.
NY Daily News, New Jersey Nets CEO Brett Yormark asks fans to show up
The team is giving away two extra tickets to every season ticket holder for tomorrow's game against the Indiana Pacers, hoping a more-crowded Izod Center will give the Nets a jolt.
Posted by lumi at 5:54 PM
NJ Nets Mailbag (Hodgepodge Edition)
NJ.com
by Dave D'Alessandro (and his readers)
A couple letters in Dave D'Alessandro's mailbag don't pertain to how woeful Bruce Ratner's penny-pinching has rendered the Nets.
Dave: Here in Brooklyn, they must be using invisible bulldozers, because I don’t see any on the Yards site.
JamesJT: I’m thinking Mr. Yormark misspoke, or simply meant that the machinery is very close by and ready to begin work, which is obviously the case. I’m told that the prep work has been going on for years -- new sewage and water pipes, building the temp rail yard, etc. -- all the stuff necessary for pre-groundbreaking.
NoLandGrab: Mr. Yormark is more prone to fibbing than misspeaking.
Double D: Is there any chance that Oligarchy Ollie doesn’t pass the Stern test?
TullyThanks for the laugh I needed today, Tul. There was no Stern test, per se -- it was a complete whitewash, with the primer coat applied way back in August, shortly after a Ratner visit to Moscow. There was never any way they were going to turn him away: If you can let inveterate racist such as Donald Sterling into your club, who can you realistically keep out of it? And maybe he got his nine or 15 or 25 billion (we’re hearing newer and higher figures) through cronyism, Putinism, and other questionable means, but that doesn’t make him anything less than a swell guy in Stern’s eyes. So Mickey will take over the team soon, the commish will thump his chest about how he embodies and embraces noblesse oblige, and the rest of us will hold our noses in honor of the people of Norilsk, who have to inhale sulfur dioxide and other toxic dusts that come from his smokestacks as he piles up his billions.
NLG: If the Prokhorov deal was cooked in August, that would put it several weeks ahead of the "official" timeline of events.
Posted by eric at 1:47 PM
Who would've thunk it: the Nets are "my" team
Atlantic Yards Report
Nets CEO Brett Yormark sends the "Mad O" a "Dear Norman" letter:
 |
I got this email today offering discounts. But I think the only people who can really call a team their own are in Green Bay.
Posted by lumi at 5:03 AM
November 16, 2009
Getting money out of Russia: why Prokhorov might want the Nets no matter where they play
Atlantic Yards Report
The proposed purchase of a majority interest in the Nets by Mikhail Prokhorov, Russia's richest man (at a reported $9.5 billion) may seem to be a toy (as per the New York Times) for the oligarch.
After all, it would cost him just $200 million down (all borrowed) plus a willingness to absorb Nets' debts and losses--hundreds of millions of dollars more--to gain 80% of the team and 45% of the arena.
But if Nets majority owner Bruce Ratner is desperate to divest a money-losing asset, maybe Prokhorov is a little desperate in his own way, given the difficulty--and importance--of getting assets out of Russia and into more stable overseas markets not subject to the heavy hand of the Russian state.
A new owner in NJ?
If that's true--and there's some evidence--then Prokhorov should follow the deal whether it takes him to Brooklyn or New Jersey.
Indeed, after ESPN.com's Marc Stein reported that Prokhorov might buy the Nets even if they stay in New Jersey, a minority owner of the team confirmed to the Star-Ledger's Dave D'Alessandro that "it is believed that Prokhorov 'might be inclined to still buy and keep it in Jersey' if the price could be worked out." (In other words, a renegotiation.)
NoLandGrab: Sure, Prokhorov might be interested in the larger Atlantic Yards real estate deal, but we sincerely doubt it. He wants to own an NBA team, not some apartment buildings. So we have a modest proposal for Mr. Prokhorov.
You've seen the Prudential Center. Nice arena, right? Great pre-season crowd. Ready to go on opening day 2010 (if not sooner). As close to Manhattan as Brooklyn is.
Here's the plan: You make a small investment in Develop Don't Destroy Brooklyn, say, $300,000. That's not even a rounding error for you. At the same time, you start making noise about how you think the use of eminent domain is inappropriate (maybe relate it to how the totalitarian Soviet state disrespected private property back in the old days, and how you always resented it as a kid). Then you feign cold feet on the Nets deal. And then you sit back, and wait. It won't take long. With the prospect of his rich Russian oligarch bailing, Ratner's Atlantic Yards deal will be belly-up in a matter of weeks, if not days. And then you ride back in, buy the Nets for 50 cents on the dollar, move them to Newark, and voila: You've got what you want, at a huge, Norilsk Nickel-like discount. You can thank us with a couple courtside seats for Lebron and the Cavs, and maybe one of those $19,000 lunches.
Posted by eric at 12:07 PM
At (up to) 94% discount, Nets try to fill seats with "10 is enough" promotion
Atlantic Yards Report
It would be tough enough to fill seats at the Izod Center for a midweek game against a non-marquee opponent, but the New Jersey Nets are also winless, at 0-10 (albeit coming quite close a couple of times).
So Nets CEO Brett Yormark (aka "Yormarketing genius") has devised a "10 is enough" promotion, offering all lower level seats for $10 when the Nets plays the Indiana Pacers on Tuesday.
Deep discount
Some of those seats have a face value of $175, so that's a 94% discount.
Related coverage...
NetsDaily, Nets Marketing a Losing Streak
There’s always a new chapter in Brett Yormark’s marketing playbook. There was Chinese dragon dancing; a “snowbird” ticket exchange with his twin’s lousy hockey team; reversible jerseys (sans paper bag headgear); Rent-a-Net for $25K; etc. Now, he’s promoting the team’s losing streak, offering $10 (Get it?) tickets to Tuesday’s Pacers game under the banner, “10 is Enough!” How about “Enough is Enough?”
Posted by eric at 11:25 AM
November 15, 2009
Report: Nets could remain in New Jersey if Brooklyn move falls through
The Star-Ledger
By Dave D'Alessandro
The Nets, via Ratner, Yormark, et al., have said that if the Nets don't move to Brooklyn, then abosolutely, positively, oligarch Mikhail Prokorov would drop his deal to purchase the Nets. It turns out that's not true.
Both Bruce Ratner and David Stern have stated recently that if Atlantic Yards doesn’t get under way, it’s a deal-breaker, and that Prokhorov will take his billions and go home — leaving Ratner with no other option but to seek out-of-town buyers, perhaps from Seattle.
But that might have changed in the months since those assertions.
One minority partner, who requested anonymity so he could speak candidly, said Saturday it is believed that Prokhorov “might be inclined to still buy and keep it in Jersey” if the price could be worked out.
Nets CEO Brett Yormark insists construction for a Nets arena in Brooklyn will begin in mid-December. It could be true, but he seems to forget that there are court cases and financing to get in order, first.
Yormark would only say that the Jersey option will be moot as soon as the Nets take possession of the land in Brooklyn: “There are bulldozers on the site right now,” the CEO said here Saturday. “There is preparatory activity, and we will commence construction in mid-December. We’re just as confident as ever that we’ll be in Brooklyn.”
That cannot happen until some eminent domain issues and bond sales go forward, however.
Posted by steve at 8:00 AM
EB and RU Roll Along
Uncle Mike's Musings
This blog, which is "mostly about sports", the author expresses (using some strong language) the travesty of trying to move the Nets from New Jersey to Brooklyn when there's already a new arena available in Newark.
Why do I even bother to pay attention? They're going to be playing their home games in Brooklyn in 3 years. Or maybe 4.
Or maybe not at all. There's a report on the Star-Ledger's website in which Mikhail Prokorov, the prospective new Russian owner, may move them from the Meadowlands to the Prudential Center if Bruce Ratner, trying to sell the team even as he tries to build the Atlantic Yards project (which appears to have been all he cared about all along, the dirty cunt), can't get that deal done.
Newark is a great basketball city. The Nets had two exhibition games at The Rock that had attendance comparable to the Devils' regular-season games against non-rivals. It's so easy to figure out, a Caveman could do it! Why can't Ratner? Couldn't he make just as much money with the Nets in Newark -- and with all the questionable construction contracts floating around in New Jersey -- as he could with his Frankenstein baby in Brooklyn? Does he have to take the team I loved from 1977 to 2006 when he announced he was taking them away? Did I mention he was dirty cunt?
Posted by steve at 6:18 AM
November 14, 2009
This and That: November Edition
News 12
Included in these short items about the Yankees, Giants and Devils is this dark assessment of the Nets and their uncertain future.
NETS: a team that has been reduced to complete and total irrelevance. The proposed Brooklyn move has turned off fans and tuned out any real interest. Just six years ago, the Nets were coming off back-to-back trips to the NBA Finals and came within two victories of winning it all. Today, Bruce Ratner has turned the Nets back to a laughingstock. He was surely going to dump the team as soon as he got his real estate deal completed, but that story drags on and on.
Now the team is so desperate for fans they offer reversible jerseys, a no-name Net on one side and a visiting NBA star on the other. At least one is a Jason Kidd model. And he’s the visitor.
The team will likely move to Newark as early as next season. “A temporary move,” the Nets will tell you. “It was always inevitable,” says I.
Posted by steve at 7:13 AM
ESPN's Stein: Prokhorov wants the Nets no matter what
Atlantic Yards Report
Following up a previous mention, ESPN.com's Marc Stein writes:
It is unquestionably true that Mikhail Prokhorov's deal to buy the Nets includes a very crucial clause that enables him to walk away if the Nets' move to Brooklyn falls through. What we've heard, though, is that he's so geeked about the idea of owning an NBA team (as well as a prominent U.S.-based business) that he easily could renegotiate the price down if Brooklyn falls through and assume control of the Nets for less money even if the franchise can't extricate itself from New Jersey.
As I've suggested, whatever the lure of a new Brooklyn arena, the scarcest commodity is the team.
Posted by steve at 6:50 AM
November 12, 2009
LeBron’s silence on 2010 is golden for Cavs
Yahoo! Sports
by Adrian Wojnarowski
LBJ has locked his lips and thrown away the key when it comes to talking about his impending free agency.
No more flirting, no more indulging future teams and teammates and cities. No more talk about Madison Square Garden, no more about the Russian owner and Jay-Z headed for Brooklyn. Maybe it is all about the Cavs, all the time now. Only James can decide that.
Posted by eric at 9:51 PM
A Net Reaches Out to Fans, Wherever They Are
The New York Times
by Richard Sandomir
Nets guard Devin Harris sat at a table between the bread section and the produce aisle at a Pathmark here signing autographs and quietly representing a team that plays in New Jersey but wants to escape to Brooklyn.
...“I’ve always been a fan of being personal with fans, to see me up close, rather than just giving money to charity,” he said, as he signed his name to the small yellow picture frames given to about 50 shoppers and fans by Western Union, a Nets sponsor that invited Harris to the supermarket, where it has a money transfer outlet.
“I just like connecting with people,” he said, a rack of Bundt cakes behind his chair.
...Harris would be active under any circumstance, but he and his teammates must simultaneously maintain the franchise’s New Jersey fan base while building one in Brooklyn, where the team hopes to move in a few years to an arena that is part of the long-delayed Atlantic Yards project.
“Fans are in a tough situation,” Harris said. “They wonder where we’re going, to Newark or Brooklyn.”
NoLandGrab: Harris and his teammates must wonder, too.
Posted by eric at 11:21 AM
November 11, 2009
Times columnist Vecsey: Nets should move to Newark
Atlantic Yards Report
New York Times sports columnist George Vecsey, in a column today headlined Memo: Things Aren’t That Great Here, observes that a lot of New York sports teams aren't doing too well.
Perhaps the signal example plays hoops in New Jersey.
...Well, moving to Newark wouldn't make the Nets as much money as moving to a new arena in Brooklyn. But there's really no public policy argument for the federal government to subsidize another arena in the New York area.
We should see the Nets in Newark in a year, with or without Prokhorov, if only as an interim location before a move to Brooklyn. And we might see them stay, but it's too soon to tell.
Posted by eric at 9:50 AM
November 10, 2009
New York Has Its Share of Losers. Feel Better?
The NY Times
by George Vecsey
Ever since the Yankees won the World Series, I have been receiving messages from fans around the world decrying the domination by New York and its cable television swag.
For readers who detect parochial chest-thumping from New York, I would suggest they take a careful look at the Big Picture: the records of all of New York’s professional teams.
...Meanwhile, the Nets are still in their holding pen across the river in New Jersey, winless and close to homeless. To make it worse, one of their players, Chris Douglas-Roberts, has swine flu, and is said to be resting comfortably. Best wishes for his recovery.
The Nets are trapped in the most dismal sports location in the United States — with one football stadium under construction, another perfectly good football stadium about to be demolished, a vestigial sports arena, a grotesque amusement center and parking garages looming over the swamplands, ugly as sin.
The Nets wanted to escape to Brooklyn but their owner, Bruce C. Ratner, has been thwarted for a few years because of the economy and land-use niceties there. (Forest City Ratner, Mr. Ratner’s company, was the development partner for the Manhattan headquarters of The New York Times Company.)
Now there is a prospective buyer for the Nets, Mikhail D. Prokhorov, a Russian businessman. We will see how that plays out. The Nets really should move into the Prudential Center in Newark, to get an energy boost from a city that finally has competent leadership.
Posted by eric at 5:57 PM
November 3, 2009
Survey from Nets will be used for "directional purposes" (or Newark move)
Atlantic Yards Report
The Nets are trying figure out how much (and for whom) the Prudential Center in Newark is easier to get to than the Izod Center in the Meadowlands, and thus worth an interim (at least) move for the team.
So they sent a survey to people who went to exhibition games at The Rock and they're giving away a not-so-precious commodity, free tickets, as an enticement:
Please take a couple of moments to complete this survey about your experience at the Prudential Center in Newark for our Pre-season game(s). The information we gather will be used for directional purposes to offer you and the rest of our fans the most enjoyable experience at a Nets game.
Posted by lumi at 5:59 AM
October 29, 2009
LeBron’s future hangs over Cavs’ slow start
Yahoo! Sports
by Adrian Wojnarowski
As soon as Mikhail Prokhorov reached agreement on the $700 million purchase price for the New Jersey Nets, sources say his emissaries were relentless in securing something they believed to be of the highest importance for the Russian billionaire: a sit-down with Jay-Z.
It is rare that an owner with such a small controlling interest in a franchise could inspire such dogged pursuit, but Jay-Z is no silent partner with the Nets. Immediately, insiders understood Prokhorov’s plans to woo Jay-Z pushed far beyond the music mogul’s global celebrity and Brooklyn roots. This was part of the Russian’s ambition to become intimately involved in the summer of 2010 and the most valued free agent in professional sports history: LeBron James.
NoLandGrab: Or maybe the billionaire oligarch with a predilection for "models and dancers" was just wondering if Beyoncé has any single friends.
Additional coverage...
WaitingForNextYear, Cavaliers Slow Start Fueling LeBron Rumors
It was bound to happen. Shortly after the buzzer sounded and curtain fell on the Cavaliers’ morose 0-2 start to the season, it was evident that the whispers would be starting the next day. It doesn’t take a genius to understand that the mainstream national media is going to see the Cavs struggle as an opportunity, and they will waste no time to pounce.
Posted by eric at 9:31 PM
The Name Game
Nets Daily
Ever since Bruce Ratner decided to buy the Nets, it has been “all about Brooklyn”. The most commonly told story about the origin of the “Brooklyn Nets” is that Brooklyn Borough President Marty Markowitz called Ratner and practically begged him to buy the team and move it to a new arena at the same intersection the Dodgers had planned to move 50 years earlier (before abandoning the borough for Los Angeles).
...
Now, with Mikhail Prokhorov about to purchase 80% of the team and 45% of Barclays Center, the question is whether “Brooklyn Nets” is still the plan. The team, it should be noted, also registered the trademarks for “New York Nets” and “NY Nets” the same day it registered “Brooklyn Nets”.More to the point, a number of people last week received a curious email. One of them forwarded it to us. It read:
I am consulting for the (prospective) new owners of the Nets basketball team… and am doing a quick survey.
EVERYONE’S perspective is helpful (basketball fan, non-basketball fan, NY’er, non-NY’er…)
After the team’s move to Brooklyn, which NAME would you choose?
A) Brooklyn Nets B) NY Nets C) Brooklyn “other” D) NY “other’
NoLandGrab: We're still diggin the "Brooklyn Nyets."
Atlantic Yards Report, With a (presumptive) new owner, is "Brooklyn Nets" name still up in the air?
Could Prokhorov want the New York moniker? Maybe. But isn't Brooklyn still a brand with huge potential (if the project ever gets over the legal and financial hurdles)?
And if Brooklyn were dropped, Borough President Marty Markowitz would positively plotz--not that the name is his call. And Forest City Ratner would have to explain away that flier they sent back in 2004.
Posted by lumi at 8:49 PM
October 28, 2009
Nets making news everywhere but on the court
AP
By Tom Canavan
There's a rich new Russian owner waiting in the wings. The new arena in downtown Brooklyn is getting closer to becoming a reality. The salary cap has been cleared to make the New Jersey Nets a player in the free agent market next summer.
Heading into the season, all the news seems to be good for the Nets, at least off the court.
This season, New Jersey's chances of making the playoffs for the first time in three years appear slim. This is a team without a star. Vince Carter, the last of the team's Big Three following the trades of Jason Kidd and Richard Jefferson, was traded to Orlando after last season in a deal for Rafer Alston, Courtney Lee and Tony Battie.
All-Star point guard Devin Harris is the team leader and headlines a starting lineup that will include second-year center Brook Lopez, second-year small forward Chris Douglas-Roberts, project power forward Yi Jianlian and Lee, a second-year shooting guard.
Posted by lumi at 4:07 AM
October 26, 2009
Lost in Translation
Though the purchase hasn't been finalized, the Russian billionaire playboy Mikhail Prokhorov has raised the hopes of NJ Nets fans — for once, someone with deep pockets might spend some serious dough to rebuild the team.
LaVanguardia.es, La pretemporada (División Atlántico)
Last we checked, "Ice Cube" is not the Spanish translation of rap mogul and Nets minority owner "Jay-Z":
Esto, unido a que cada vez está más cerca la reiteradamente retrasada fecha de mudarse a la Atlantic Yards Arena de Brooklyn, podría bastar para atraer a uno de los grandes nombres (no olvidemos que un accionista de los Nets, el rapero Ice Cube, es uno de los mejores amigos de LeBron James).
Posted by lumi at 6:31 AM
October 25, 2009
Nets-to-Newark plan draws cautious response from leading Democrats
This article indicates that there is some negotiating left to do before the Nets will be able to leave the Izod Center for the Prudential Center.
A deal between the Izod Center and Prudential Center that would see the New Jersey Nets temporarily move to Newark received a lukewarm reaction from three leading Democrats with a long history of interest in the issue, a report in the Record said.
State Senate President Richard Codey (D-Essex) told the newspaper the deal rests on whether the Nets will get an arena in Brooklyn, fearing that the team could move to another city outside the area. State. Sen. Paul Sarlo (D-Bergen) said in the report he is concerned about keeping the Izod Center in East Rutherford open and reserving judgment until he gets more financial detail.
And Essex County Executive Joseph DiVincenzo, who has campaigned for the state to close the Izod Center, said he doesn't want to see the state putting any money into the 28-year-old arena.
Under the deal, the Prudential Center would become New Jersey's prime sports venue -- home to Nets pro basketball, New Jersey Devils hockey, Seton Hall University basketball, indoor pro soccer and indoor pro lacrosse. The city of Newark would reportedly get more than $2 million in back rent from the Devils. The Izod Center would become the concert and family show hub for northern N.J.
Posted by steve at 8:56 AM
The Nets are coming to Newark! The Nets are coming to Newark! Maybe
The Star-Ledger
By Joan Whitlow
This article looks forward to a deal that has the New Jersey Nets coming to Newark, and especially how the deal will allow the city of Newark to recover rent owed by the New Jersey Devils.
We’ve all heard the Nets-are-coming-to-Newark rumors before. This time, there’s a really good chance that starting next season the basketball team could leave the Izod Center in the Meadowlands and play their home games in Newark.
The Nets could be here for at least two years, or longer if the team’s plan for a Brooklyn arena go from stalled, as it is right now, to definitely dead. It’s all good news, not just for Newark, but for a state that needs to keep the team on this side of the Hudson for as long as possible.
There’s more. In a now widely circulated memo from the Governor’s Office of Economic Growth, there’s a proposal to keep the Prudential Center and the Izod from beating up each other when they compete for acts. A new entity would serve as the booking agent for both. That means the Izod would stay open when the Nets leave for Newark. It sounds like a savvy economic and political solution, at least until the inevitable happens and the cost of keeping the aging Izod going will be too much of a public subsidy to bear.
The very, very good news in this deal is that Newark is supposed to get a wad of cash to cover the back rent owed by the New Jersey Devils. The hockey team is Newark’s partner in the Rock, and its presence in town has been good for the city. But the team is landlord as well as tenant in the city-owned center. The Devils control all the money and the team hasn’t paid rent in the two years the arena has been open.
Posted by steve at 8:32 AM
Is second-round talent second rate on title contenders? Not a chance: NBA Insider
The Plain Dealer
By Brian Windhorst
After the main article, is a section titled "Dribbles" that includes this item about the possible sale of the Nets to Mihail Prokhorov.
Last week at the annual fall NBA owners meetings in New York, the group met Russian billionaire Mikhail Prokhorov, who is hoping to buy the New Jersey Nets. Prokhorov, who would become the second-richest owner in the NBA behind the Portland Trail Blazers’ Paul Allen, reportedly made a good impression and took his staff out to a $19,000 dinner to celebrate the success of the meeting. He believes he could be approved for his purchase by January.
Posted by steve at 8:05 AM
Less Skeptical Views of Nets' Chances in Brooklyn
There are a few items appearing today online about the Nets. These two are grouped together because they both take a "done deal" approach in predicting the future of the New Jersey Nets. The Inquisitr seems to think that a Nets arena is already being built. Nuh-uh.
The Daily News article says that a sale of the Nets to Mikhail Prokhorov "has just about sealed the team's long-delayed move to Brooklyn." Everything's done - except for small details like the sale of bonds to finance the arena, a pending decision on eminent domain from the New York Court of Appeals, and other lawsuits pending.
The Inquistr - 2009-10 NBA preview: New Jersey Nets
Sure the Nets have new ownership, or will soon, and sure they are building a new stadium in Brooklyn, although that is a process that has brought about many, a lawsuit from many different groups of people. Now this is a team that went 35-48 last season, finished third in their division, but that they did finish 28 games behind eventual division champs the Boston Celtics. Now that Vince Carter has been traded away, projections for the coming season are even worse.
...
While the Nets have been in cost cutting mode for the last few years, once the new ownership is approved and that is, supposed to happen by the end of the year, that could very well change. The new owners will have lots of incentive to build a winning team to help fill their new Brooklyn home.
Daily News - Solid season for New Jersey Nets will be key to recruiting free agents in offseason
By Julian Garcia
While the Nets don't appear to be as likely as the Knicks to land the ultimate offseason prize - LeBron James - their odds certainly got better when Russian billionaire Mikhail Prokhorov agreed to buy the team from Bruce Ratner. That deal has just about sealed the team's long-delayed move to Brooklyn, a place that would seem to be a much more attractive landing spot for James than the team's current home in East Rutherford. In fact, a temporary move to Newark starting next season, which is likely to happen, may also help.
Posted by steve at 7:39 AM
October 24, 2009
Nets to Newark: AP, Daily News, NY Post
Here is coverage of the "Plan B" for the Nets if the proposed Atlantic Yards project falls through.
AP via Daily Record - Battling NJ sports arenas could be near agreement
A more peaceful coexistence could be on the horizon for two northern New Jersey arenas that have battled each other for entertainment bookings for the last two years.
A memo written earlier this month by a chief economic adviser to Gov. Jon Corzine outlines an agreement under which Newark's Prudential Center and the Izod Center in East Rutherford would essentially divide up sports and entertainment dates.
The plan also would open the door for the NBA's New Jersey Nets to move temporarily from the Izod Center to Newark as the team awaits a planned move to New York City's Brooklyn borough.
The memo, first detailed in The Record of Bergen County, was obtained Friday by The Associated Press.
In it, Jerold Zaro, chief of the Office of Economic Growth, characterized the competition between the arenas, which sit about 12 miles apart, as "counterproductive."
"The two venues were actually bidding against each other for various events, thereby driving up costs incurred by New Jersey in attracting events," he wrote.
...
Meanwhile, the Nets' move to Brooklyn has been delayed by lawsuits over the proposed project to build a new arena there. The team also could incur an $8 million penalty for opting out of its current lease at the Izod Center, which runs until 2013.
Nets CEO Brett Yormark and Devils chairman and managing partner Jeff Vanderbeek did not comment Friday on Zaro's memo. Authority Chairman Carl Goldberg said Thursday an agreement that would keep the two arenas in operation was within reach.
New York Post - 'Newark' Nets get called for traveling
By Fred Kerber
The Nets might be playing their home games next season at the Prudential Center in Newark while their proposed arena is built in Brooklyn. It's all contingent on Russian billionaire Mikhail Prokhorov completing his purchase of the team, and that only will happen with a move to Brooklyn. So the Nets are considering a move to Newark -- "strongly considering," one team official said -- during construction in Brooklyn.
"We may consider an agreement to play our home games at the Prudential Center, through the time we move to our new home," said CEO Brett Yormark in a statement that claimed the Nets would be in Brooklyn in 2011-12.
For this season, at least, the Nets will remain in the Meadowlands' Izod Center, hardly the Garden of Eden.
Daily News - New Jersey Nets may move to Prudential Center until Brooklyn's Atlantic Yards project is complete
By Julian Garcia
In a statement handed out at Friday night's preseason game at St. John's, Nets CEO Brett Yormark said the Nets could abandon their outdated East Rutherford arena for the two-year-old Prudential Center in Newark while they wait for the Barclays Center to be built in Brooklyn. Yormark said that once the Brooklyn deal is finalized, "we may consider an agreement to play our home games at the Prudential Center through the time we move to our new home...in the 2011-2012 NBA season."
...
The two games in Newark averaged 14,255 fans. On Wednesday against the Knicks, there were 15,721 fans on hand, including several business associates of Russian billionaire Mikhail Prokhorov, who has agreed to buy 80% of the team from current owner Bruce Ratner.
The Nets have a lease at the Meadowlands that runs through the 2013 season and would have to pay an $8 million penalty if they were to leave early for anywhere other than Brooklyn. However, the Record of Hackensack reported Friday that officials from the Meadowlands and the Prudential Center were close to a deal that would result in the Nets moving to Newark next season with no penalty. In the agreement, the Meadowlands would host more entertainment events, such as concerts, in exchange for allowing the Nets to leave.
Posted by steve at 6:03 PM
The NBA x Newark: Enjoy it While You Can
Fake Hustle
This is a fan's photo essay of experiences visiting Newark's Prudential center to see the Nets vs. the Knicks. Near the end of the blog entry are despairing words about the chances of the Nets remaining in Newark.
Wrapping things up, having the Nets in Newark would really bring interest back in the waning franchise. But the NBA Lords don’t want that to happen so it’s just a pipe dream for now. Meanwhile, the people aren’t clamoring for the Barclays Center or Atlantic Yards. On another note, the traffic heading into the game was pretty bad even for Newark. Atlantic Avenue would easily be worse should people dare to drive in to the Barclays. Then again that’s why I suppose they’re building it right next to Atlantic Ave-Pacific St. Station. Oh well, it was great while it’s lasted. Now I just have to wait until spring when the league will take my team away.
NoLandGrab: Nobody can say right now what the outcome of the fight against Atlantic Yards will be. Maybe the Nets will find themselves permanently in Newark.
Posted by steve at 9:26 AM
October 23, 2009
Prudential Center, Izod Center truce appears imminent
Bergen Record
by John Brennan
Front-page news from the Bergen Record.
A truce between the Meadowlands’ Izod Center and the Prudential Center in Newark appears to be imminent — and if the deal is signed, it could have the Nets moving to Newark next fall for two seasons (or more) and the Izod Center becoming the long-term concert and family show mecca for North Jersey.
Carl Goldberg, chairman of the New Jersey Sports and Exposition Authority, and Jerry Zaro — Governor Corzine’s economic czar — confirmed Thursday that they have been meeting for four months, at Corzine’s insistence, with Devils chief owner Jeff Vanderbeek to complete such a deal.
Those talks also have included Nets chief executive Brett Yormark in recent weeks.
Zaro said détente between the arenas is critical.
“You can’t have two venues that close together fighting each other and have that be productive for the state,” Zaro said. “The governor recognized that this was going to be a festering wound.
One wonders how having arenas in Manhattan and Brooklyn fighting each other won't become a similar "festering wound."
The Nets’ franchise is in a critical moment in its history. The team needs to win a ruling in the New York State Court of Appeals next month and sell at least $600 million in bonds for Barclays Center construction, while also breaking ground in Brooklyn before year’s end — when a crucial Internal Revenue Service tax loophole will expire. Failing any of the three, the Nets’ tentative transfer of ownership to Russian billionaire Mikhail Prokhorov would be off, and the franchise could be up for sale to the highest bidder nationwide.
If the Nets fail to move to Brooklyn, the franchise may be more attractive to local bidders if a deal to move to Newark already is in place.
Posted by eric at 12:18 PM
NBA seems OK with Nets playing in Newark for now
AP via Yahoo! Sports
by Brian Mahoney
The NBA doesn’t seem likely to stand in the way if the New Jersey Nets decide to move their home games to Newark.
The Star-Ledger reported Thursday that the Nets were considering playing regular-season games at the Prudential Center while an arena is being built in Brooklyn, as long as they don’t have to pay an $8 million penalty to get out of their lease at the Meadowlands.
“Where they play is their decision, subject to approval, but there’s no reason why we wouldn’t approve them playing games in a beautiful new arena,” NBA commissioner David Stern said.
...Stern said he hasn’t had any direct conversation with the Nets, but was aware of the report of a potential move.
“It’s theirs to decide where, as they get ready to move to Brooklyn, where they play,” Stern said. “We don’t have a preference, it would be guided by their preference.”
...Stern said NBA owners could vote to approve the sale by the end of the year. Even if the Nets play in Newark and are successful there, Stern is still convinced they will end up in Brooklyn, saying Prokhorov “intends to be an owner of the Brooklyn Nets and nothing else.”
Posted by eric at 11:20 AM
Nets Sale On Agenda Of N.B.A. Owners
The New York Times
by Howard Beck
The proposed sale of a controlling stake in the Nets to a Russian billionaire will be put to a vote of N.B.A. owners by the end of the year, according to Commissioner David Stern, who spoke positively Thursday about the deal.
...Prokhorov met with a subcommittee of owners Wednesday, during the league’s board of governors meeting in Midtown Manhattan. Stern described it as a “robust and lively discussion” that focused on Prokhorov’s rise from stevedore to blue-jeans salesman to banker to metals investor to billionaire.
It was Prokhorov’s first face-to-face meeting with his prospective future partners.
...Stern made the deal sound almost like a given when he said, “We’re looking forward to the completion of that transaction.”
Although the league’s background check is continuing, “we haven’t surfaced anything that would cause us to have a negative opinion of him,” Stern said. “But we’re not finished.”
NoLandGrab: Unless the vetting turns up evidence of drug-running or war crimes (and we doubt they're looking all that hard), you can bet that the NBA will be thrilled to swap Bruce Ratner for Proko.
Posted by eric at 11:01 AM
Nets eye return to Newark Prudential Center for home games
NY Daily News
by Julian Garcia
The Nets may make a pit stop in Newark on their way to Brooklyn.
After a pair of preseason games at the Prudential Center in Newark this month drew an average of 14,255 fans, Nets officials are considering having the team play its regular-season home games there instead of the Izod Center in East Rutherford, The Star-Ledger of Newark reported yesterday. The change would not occur until next season.
The Nets' lease at the Meadowlands runs through 2013 and they can opt out at any time to move to Brooklyn. However, they would have to pay pay an $8 million penalty in order to move to Newark. Unless the state waived that penalty, going to Newark is unlikely.
A spokesperson for Nets owner Bruce Ratner and CEO Brett Yormark said yesterday that they would have no comment regarding the possible temporary relocation.
NoLandGrab: Whaddya know? Nets' CEO Brett Yormark is on record as saying both that pre-season games in Newark wouldn't happen and that playing regular-season games there "is of no interest to us."
Posted by eric at 10:37 AM
October 22, 2009
NJ Sports and Exposition Authority Must Not Release Nets from Lease
$8 Million Penalty for Breaking Long-Term Lease Should Stand
Press Release
NJ State Senator Gerald Cardinale (R-39)
Bruce Ratner isn't the only one afraid of the Nets playing in Newark.
“It would be disturbing if Governor Corzine considers allowing the Nets to move from the Meadowlands to Newark without fulfilling its contractual obligation to the Izod Center. The Nets signed the contract with the Izod Center and should be held to the terms of that contract.
...“The state must stop playing these two world class arenas against each other and forge an agreement that would ensure that both venues are profitable. Additionally, with the Nets project at Atlantic Yards seemingly tied up by endless eminent domain lawsuits, perhaps the New Jersey Nets should consider adding New Jersey back to their road uniforms.”
Posted by eric at 4:23 PM
It came from the Atlantic Yards Report
For first game, Nets slash ticket and concession prices 50%--plus free M&Ms
Norman Oder, who attended last week's Nets debut in Newark, just got an email from Nets point guard Devin Harris:
I wanted to thank you for coming out to our preseason game at the Prudential Center. As the season begins, it is important that we get off to a great start and now more than ever my teammates and I need the support of fans like you.
That's why I'm bringing you this 50% Off Discount when you use Offer Code THANKS for tickets to our opening night game against Vince Carter, Dwight Howard, and the Orlando Magic on October 30th at 8pm. You will also be receiving free schedule magnets, free M&M's after the game, and 50% off all hot foods, candy, select beverages at the concession stands.
Mark your calendars: next ESDC board meeting is November 19
From an Empire State Development Corporation (ESDC) press release:
The next meeting of the Board of Directors will tentatively be held on November 19, 2009 at a location to be announced closer to the time of the event.
Now I can't be certain that is when the ESDC will announce and approve final leases, contracts, and other documentation regarding Atlantic Yards, but that's probably the earliest potential date. As for the arena bonds, the Brooklyn Arena Local Development Corporation (BALDC) has to meet, as well.
Posted by eric at 4:03 PM
October 21, 2009
Rent-A-Net for Just $25K
NY Observer
by Reid Pillifant
Wow, we thought Bruce Ratner was getting creative with his plan to put Atlantic Yards' investment money into escrow for awhile.
But today there's news that Mr. Ratner will attempt to stem a sieve of losses on his New Jersey Nets franchise--the team lost $77 million last year--by renting out the team's players. For $25,000 you can get courtside tickets to 10 games and, for one hour, you can have a Nets player at your beckon call.
"It will be interesting to have an NBA player come to your birthday party or come to your Bar Mitzvah or even just coming to your house for dinner for an hour when your friends are over," Nets chief executive Brett Yormark told the AP.
NoLandGrab: Or how about an hour in the hot tub, a la "The Cougar?" Creepy.
Posted by eric at 11:32 PM
October 20, 2009
Aching Devin Harris pointing back to New Jersey Nets' bench
NY Daily News
by Mitch Lawrence
NO-SHOW: Prospective Nets owner Mikhail Prokhorov is in New York this week to meet with NBA owners, but team officials don't expect him to visit their East Rutherford headquarters in the coming days, or attend the Knicks game at the Prudential Center. A league spokesman said that no date has been set for a vote on Prokhorov's bid to take over as majority owner for Bruce Ratner. The Russian billionaire is expected to get the 23 of 30 votes needed to be approved, as commissioner David Stern has already strongly endorsed the proposed sale.
Posted by eric at 6:32 PM
Padding the house at The Rock last week? Yup
Atlantic Yards Report
Well, the crowd at last Tuesday's inaugural Nets preseason game at the Prudential Center may have approached regular-season levels, but they sure weren't paying full fare.
From the Star-Ledger's report:
Arena officials said about 5,000 tickets for last week's game were distributed to community groups, schools and other local organizations by foundations and others who bought them. Another 2,100 tickets were purchased for $10, thanks to a special coupon distributed by the city of Newark. Add in the complimentary tickets handed out to sponsors and more than half those in attendance watched the game from free or almost-free seats.
A co-owner of the New Jersey Devils and the arena said it was all about exposure for the facility, which may still be an alternative if the Brooklyn move falls through but--according to Mayor Cory Booker--is now being prioritized as an interim location.
Related coverage...
Newark Star-Ledger, 'The rock' puts out welcome mat
"We are building our brand," Nets senior vice president Leo Ehrline said of the decision to play the games in Newark. "This is a beautiful building and it's great for our brand."
The team plays its regular season home games at the Izod Center in East Rutherford but plans to open a new arena in Brooklyn in 2012.
Though the Nets have played preseason games elsewhere in the area, the games in Newark are creating special interest. One reason is speculation the Newark games are some kind of audition to test fan interest in the team and professional basketball.
Posted by eric at 9:37 AM
October 19, 2009
Iannazzone: Newark is better for Nets
Bergen Record
by Al Iannazzone
Here's another one that eluded our normally all-encompassing grasp last week.
When Mikhail Prokhorov comes to America next week to meet with all the NBA owners and Nets' officials, someone should make sure he visits Izod Center and Prudential Center.
Someone should take the Russian billionaire and prospective Nets' owner to Newark for Wednesday's preseason game against the Knicks, to let him see people in the seats and the lively atmosphere. Someone should take Prokhorov to Izod on the same night, when the building is empty, and tell him it won't be much different when games are being played.
Then someone should ask Prokhorov: Which do you want to play in until the proposed Brooklyn arena is built potentially during the 2011-12 season? After he says The Rock, then tell him there may be a penalty if the Nets break their Izod Center lease, which expires in 2013, but if you're willing to pay, we'll start talking to the Devils and the state.
NoLandGrab: Of course, Prokhorov may never get the chance, since his deal to take a majority stake in the Nets is contingent upon Bruce Ratner successfully sewing up the team's relocation to Brooklyn — as much fantasy as fait accompli at this juncture.
Posted by eric at 9:30 PM
For Potential Owner, a Background Check Worthy of the K.G.B.
The NY Times
By Richard Sandomir
In order to approve the deal for billionaire Russian oligarch Mikhail Prokhorov to purchase the NJ Nets from Bruce Ratner, the board of NBA owners will have to be willing to accept some ambiguity in the results of the financial/personal vetting process:
Mike Ackerman, a former C.I.A. senior operations officer who is the president of the Ackerman Group, a security firm, said the league would have to accept a certain amount of ambiguity in order to approve Prokhorov.
“When we vet Russian joint-venture partners for our clients, I tell them there is no black and white in Russia, it’s all gray,” he said. “Information can be had, but you have to be prepared to accept the grayness.”
Russian oligarchs are an unusual group of capitalists by Western standards.
...
The league’s investigation may never yield as complete a picture of Prokhorov as it would an American buyer. All the same, N.B.A. owners will have to decide whether the cash infusion for the Nets is worth taking a risk on a charismatic billionaire willing to bail out a franchise that has lost nearly $400 million in five years under Ratner. ...
Leagues do not reject many prospective buyers in a vote by owners. They prefer to eliminate those who fail to meet their requirements in early stages of consideration.
NoLandGrab: It's hard to believe that league commissioner David Stern would have publicly backed this deal if he wasn't confident that the owners would approve.
Posted by lumi at 6:59 AM
October 18, 2009
Russian billionaire Mikhail Prokhorov coming to New York to finalize purchase of New Jersey Nets
Daily News
By Aleksandra Klassen and Erin Durkin
This news story quickly devolves into speculation as to where Mikhail Prokhorov will spend his leisure time during his upcoming visit. This kind of reporting plays along with the "done deal" view promoted for so long by developer Bruce Ratner. Perhaps later News coverage will address Prokhorov's possible deal more substantively.
Brighton Beach is buzzing as Russian billionaire Mikhail Prokhorov prepares for his first visit to New York since signing a deal to buy the NBA's New Jersey Nets.
Prokhorov, 44, will sweep into town this week to meet with Forest City Ratner and NBA officials as he finalizes a deal to pay $200 million for 80% of the Nets and 45% of developer Bruce Ratner's planned Brooklyn arena, where he wants to move the team.
Brooklyn Russians had plenty of tips for spots their motherland's richest man - who's worth some $9.5 billion - might want to check out while he's in town.
Posted by steve at 9:08 AM
October 16, 2009
Meet the Nets. Meet the Nets? Yes, Meet the Nets. Probably.
NYMag: The Sports Section
By Ben Mathis-Lilley
Ah, if only the Atlantic Yards saga and the downturn in the economy were actually this simple...
For a few years there, it seemed like the New Jersey Nets were definitely going to move to an arena-like jumble in Brooklyn designed by the world's most famous architect. Then the project was delayed by lawsuits filed on behalf of a group of rabble-rousing locals who meet in a dive bar. Then a bunch of complicated bets based on bogus mortgages given to random people in the suburbs of Phoenix went to hell, and no one anywhere could get money to build anything, let alone an arena and massive luxury-housing development. Then the richest man in Russia decided he would pay for everything, although the architect and his expensive fancy-pants design had already gotten canned. Also, one of the main community groups supporting the project had its credibility undermined when two twentysomething kids tricked one of their representatives into talking on-camera about how prostitutes can cheat on their taxes. So if there's anything to be taken away from the story of the Brooklyn Nets, it's probably that we have absolutely no idea what's going to happen next in the story of the Brooklyn Nets.
Nonetheless, it does look like we're now closer than ever to actually seeing ground broken for an arena at Atlantic Yards.
This article is actually from the sports section, for those who are interested in a preview about the NJ Nets roster and possible trades before the team makes the planned move to a new taxpayer-funded arena, to be built on property seized by eminent domain.
Posted by lumi at 5:51 AM
October 8, 2009
It came from the Netstoberfestophere...
Nets Daily, Nets’ Pep Rally in Newark
From 3:30 to 5:30, Nets players, dancers and Sly will rally fans, sign autographs and put on a show for free. The team plays two of its three home games this preseason at “The Rock”–the third is at St. John’s. The event, normally held at the IZOD Center, will also feature a barbecue, interactive games and a shooting contest.
Examiner.com, Newark on Nets' mind
Although conventional wisdom has the Nets moving to Brooklyn after the team's official sale, the Nets have not phased out Newark completely.
Could this be a contingency plan if Brooklyn falls through?
NetsPortal.com, Nets to hold pep rally in Newark
The Nets have not wavered from their insistence that "there is no Plan B" beyond their intention to relocate to Brooklyn.
But that hasn't stopped them from scheduling three events in Newark this month.
Nets Daily, Yormark in London Seeking Euro Sponsors
Brett Yormark is in London “following up on leads with additional international brands”, reports New Jersey Newsroom. The brands weren’t identified, but with a British bank as an arena sponsor in Brooklyn and a Russian billionaire wanting to buy the team, Europe’s another marketing frontier for a team that wants to be a global brand. Yormark also detailed how new sponsors will show off their wares at IZOD.
Posted by lumi at 5:45 AM
Is Rush Limbaugh trying to play ball without a helmet?
Atlantic Yards overdeveloper and NJ Nets owner Bruce Ratner has a cameo in a story about Rush Limbaugh's bid to buy a controlling stake in the St. Louis Rams NFL franchise:
[O]wning a team is no guarantee of profit. Real-estate developer Bruce Ratner recently sold the New Jersey Nets for less than he paid for it.
NoLandGrab: Ratner's sale of the nets to Mikhail Prokhorov has yet to be executed and is awaiting the financing of the arena to close, the eminent domain case to be resolved and an approval vote by the other NBA owners.
Posted by lumi at 5:18 AM
October 7, 2009
Stern Not Sliding Prokhorov Through
HOOPSWORLD
by Steve Kyler
While a lot of hurdles remain to be cleared before Russian billionaire Mikhail Prokhorov can take control of the New Jersey Nets, the biggest of those have nothing to do with the NBA and more to do with current Nets owner Bruce Ratner clearing the lawsuits trying to block his development plans in Brooklyn.
Media outlets around the world have mistakenly reported Prokhorov has having "bought" the Nets, when in fact he has issued a letter of intent to buy the team once Ratner gains clearances in Brooklyn which is likely months away. If Ratner cannot get cleared in Brooklyn, Prokhorov isn't buying the team.
The other big misconception is that the NBA is going to go easy on Prokhorov in their background investigation, something NBA commissioner David Stern addressed this week in London. Stern was clear that Prokhorov would get the same "full and intrusive" treatment as every other potential owner, suggesting some interested investors have walked away in the past after learning how in-depth the two month inquiry is saying "it's very strenuous regarding financial ability, character and business dealings."
NoLandGrab: It's a safe bet that Prokhorov will get every benefit of the doubt in the NBA's "full and intrusive" vetting process.
Posted by eric at 1:40 PM
Nets' Yormark on critics: "I don't care what people think"
Atlantic Yards Report
From an unironic American Way (aka in-flight magazine) article about sports marketing twins Brett and Michael Yormark, headlined Family Style:
Some men look at things as they are and ask why. But the Yormarks look at an empty hallway or a urinal and ask, “Why not get a cruise company or a urologist to sponsor it?”
NoLandGrab: The borrowed line from Robert F. Kennedy (after George Bernard Shaw) slumming in a piece about Yormarketing Genius was our cue to stop reading.
Posted by eric at 12:33 PM
Family Style
American Way
By Chris Tucker
From a profile of the NJ Nets marketing genius Brett Yormark and his twin marketing genius brother Michael:
“It’s not just about business-to-customers these days but business-to-business,” Brett says of the effort. “We want to use the Nets to create interconnectivity between our partners, between sponsors and companies who hold season tickets.”
As for confidence, it’s evident in the way the brothers handle criticism. Both have drawn fire for alleged over-commercialization of their venues. Brett has been dogged by bloggers adamantly opposing the Nets’ move to Brooklyn and the Barclays Center.
NoLandGrab: The genius's devotion to "interconnectivity between... partners" explains why sponsorships are up while the team and attendance are down.
Posted by lumi at 5:23 AM
October 5, 2009
Nets: Brooklyn move is still Plan A
Bergen Record
by John Brennan
The Nets have not wavered from their insistence that “there is no Plan B” beyond their intention to relocate to Brooklyn.
But that hasn’t stopped them from scheduling three events in Newark this month.
The first, announced Monday, is a “Netstoberfest” celebration at the entrance plaza outside of the Prudential Center on Wednesday from 3:30 p.m. to 5:30 p.m.
That will be followed by an Oct. 13 preseason game against the Boston Celtics and an Oct. 21 preseason game against the Knicks, with both games being held at “The Rock.”
“We’re promoting our preseason games in Newark,” Nets spokesman Barry Baum replied when asked why the rally is being held neither in Brooklyn nor their current home of East Rutherford.
...NBA Commissioner David Stern told The Times of London on the eve of Tuesday’s preseason game in London between Chicago and Utah that his office would conduct a background check of Prokhorov that was “full and intrusive.”
“It’s very strenuous regarding financial ability, character and business dealings,” Stern said.
NoLandGrab: Will the NBA's background check be conducted by AKRF?
Posted by eric at 8:29 PM
October 4, 2009
As Nets add sponsors, the ticket giveaways continue; Netstoberfest on October 7 in Newark
Atlantic Yards Report
On the one hand, it looks like the Nets keep luring more sponsors. The AP reports:
The New Jersey Nets have renewed deals with 20 corporate sponsors and signed agreements with 10 new partners in moves that will generate $4.5 million annually.On the other hand, ticket revenues plummeted last year by nearly a third, thanks to discounts and giveaways, and it looks like the pattern will continue.
After all, as the advertisement (right) in the Newark Star-Ledger shows, the Nets and the newspaper have agreed to a deal in which $100 buys four preseason tickets with a face value of $25, plus four hot dogs and soda, and four ticket vouchers to a regular season game.
That's cheaper than a first-run movie.
...
Meanwhile, as a prelude to the two exhibition games at the Prudential Center in Newark, the Nets are sponsoring a Netstoberfest (why not just a "Nets Octoberfest"?) on October 7 outside the facility.
The Nets' marketing arsenal can adjust to any situation. In other words, should the Nets happen to relocate to Newark, whether temporarily or permanently, expect more such fests.
And should the team move to Brooklyn, expect a Netstoberfest (and more) in Prospect Heights.
Posted by steve at 8:04 AM
Why the Russians are coming: Billionaire Prokhorov wants more than the Nets
Daily News
By Alexander Nazaryan
The author of this opinion piece feels that Russian oligarch Mikhail Prokhorov would use a purchase of the New Jersey Nets to clean up his image. There is a suggestion that Prokhorov could take steps to do better community relations than developer Bruce Ratner - by suggesting that he follow almost the same approach as Ratner.
But in buying the Nets, Prokhorov could ameliorate the image of the profligate oligarch by reaching out to Brooklyn - and not only to its Russian population. Several prominent African-American community groups support the Nets arena. Prokhorov can recognize them by offering jobs to residents of nearby housing projects and awarding contracts to minority-owned businesses. And he can smooth the feathers of opposition groups by striking a more conciliatory tone than co-owner Bruce Ratner.
NoLandGrab: Except for temporary construction jobs, the only job creation that might be expected any time soon from the proposed Atlantic Yards project would be part-time jobs connected to the arena. As for being more conciliatory to the opposition, that would really require a reworking of the project with elected officials like Council Member Tish James. It would not appear that Prokhorov wants to change anything about the development. In short: There's not much left to offer anybody but empty promises.
Posted by steve at 7:50 AM
October 3, 2009
Sporting Strategy
New Jersey & Company
By Joseph Dobrian
This article features Nets President and CEO, Brett Yormark. Of course the focus is on the marketing of the Nets, but sometimes marketing can collide with reality.
This boilerplate quote from developer Bruce Ratner mentions "an arena and residential community" even though nobody can say when or if most of the residential units will be constructed. And, oh yes, let's try to connect the proposed Atlantic Yards land grab with the Dodgers.
“We are committed to bringing the Nets to Brooklyn and building an arena and residential community that will make the people of Brooklyn and the entire city proud,” says Bruce Ratner, chairman and CEO of Forest City Ratner Companies and principal owner of Nets Sports and Entertainment, LLC. “There’s a tremendous amount of excitement about the Nets coming to Brooklyn. For the first time since the Dodgers left in 1957, Brooklyn will have a major professional sports team to call its own. Our goal will be to provide our fans with a great experience in what will be the best arena in the world.”
And this paragraph says that Yormark ought to repeat his marketing performance of the last few years in Brooklyn, even though that period has been marked by plummeting game attendance and millions of dollars in losses for the Nets.
Most observers predict that if Nets’ president and CEO Brett Yormark can repeat in Brooklyn the marketing success he’s had in New Jersey, the borough could enjoy a level of regional prestige that it hasn’t seen in more than half a century. Many local businesses hope that Atlantic Yards will bring in more upscale residents as well as make the borough a magnet for fun-seekers throughout the Tri-State area.
The article reads like a marketer interviewing a marketer for marketers. Yormark fans should enjoy it.
Posted by steve at 8:46 AM
October 2, 2009
How the Prokhorov deal began well before March: Goldman banker Joe Ravitch left by then
Atlantic Yards Report
Surprisingly, a Bruce Ratner claim doesn't seem to add up.
Eliot Brown explained yesterday in the Observer how Nets majority owner Bruce Ratner got in touch with Russian oligarch Mikhail Prokhorov:
His sit-down with Mr. Prokhorov came in mid-July, Mr. Ratner said, during the one time he flew out to Russia to meet with him. “We hired Goldman Sachs,” to search for investors in the team, Mr. Ratner said. Mr. Prokhorov “was in the newspapers, he was someone who was interested in buying a team. So Joe Ravitch at Goldman approached him, and then I flew over there and spent three or four hours over dinner with him, at his house.”However, that sequence had to have begun well before July. Ravitch left Goldman in early March, according to Deal Journal.
Posted by eric at 11:59 AM
Media kingpin Semel wanted Nets
NY Post
Terry Semel, the former boss at Warner Bros. and Yahoo!, was the secret runner-up in the battle to buy the Nets.
Brooklyn-born Semel was beaten at the buzzer by Russian playboy billionaire Mikhail Prokhorov, who offered to pay for the arena being built in Brooklyn as well as the team in a deal worth hundreds of millions of dollars. But sources say Semel, who divides his time between New York and Los Angeles, had hoped to be at most of the games as the new owner.
A friend of Semel -- who has concentrated on running his investment company Windsor Media after leaving Yahoo! in 2007 -- told Page Six: "Terry loves basketball and saw this as a great way to give something back to Brooklyn."
NoLandGrab: Thanks, but no thanks, Terry.
Posted by eric at 11:19 AM
Out of Bounds
The Lamron
by Chris Caggiano
The student newspaper of the State University of New York at Geneseo gets in on the Atlantic Yards action.
Along with Prokhorov's suspected investment, Barclays Bank of London has offered to pay $400 million over the next 20 years to secure the naming rights of the arena. These two sources of foreign investment may be a last ditch effort by Ratner to avoid the collapse of the entire project.
Money is not the only issue preventing the Nets from leaving New Jersey; many attempts are being made to stop the construction. Opponents have argued that Ratner is not planning to build what he originally intended, and that his company's use of the eminent domain statute to remove current property owners in the proposed construction site is unethical. Courts have repeatedly ruled in favor of Ratner and his company Forest City Enterprises, but a final appeal case is scheduled to occur in mid-October.
NoLandGrab: How is it that a student journalist reporting from Geneseo gets more of the story straight than do some "professional" journalists reporting right here in NYC? Maybe there's hope for the future of journalism yet.
Posted by eric at 10:07 AM
October 1, 2009
NY Lawyers Working Deal to Bring NBA to Brooklyn
Hogan, Simpson Advise Acquisition of Nets' Stake by Russian Businessman
New York Lawyer
While Bruce Ratner had to go hat in hand to various governmental entities in New York in order to keep his Atlantic Yards dream alive, he (and would-be Nets owner Mikhail Prokhorov) apparently have no trouble paying lawyers.
Nets Sport Entertainment and Forest City Ratner Companies were advised by a New York-based Simpson Thacher & Bartlett team including partners Eric Swedenburg with associates Rhett A. Van Syoc and Daniel Layfield, mergers and acquisitions; partner Patrick Ryan, banking & credit; and partner Gary Mandel with associates Noah Beck and Aaron Cohen, tax.
Hogan & Hartson represented Mikhail Prokhorov and the Onexim Group. The Hogan group was led by London partner Todd Schafer, banking, energy, and telecommunications; with New York partners Alexander Johnson and Maureen Hanlon, mergers and acquisitions; Mitchell Lubart, real estate; and Mark Weinstein, media, sports and entertainment.
article [registration required]
Posted by eric at 10:20 AM
NJ Nets land 10 new sponsors, renew 20 others
Associated Press, via USA Today
By Tom Canavan
Atlantic Yards overdeveloper Bruce Ratner really knows how to ruin a good thing. If you're against the project you now gotta think twice before eating Pirate Booty? A-a-a-a-argh!!
The New Jersey Nets have renewed deals with 20 corporate sponsors and signed agreements with 10 new partners in moves that will generate $4.5 million annually.
Nets chief executive officer Brett Yormark announced the signings on Wednesday, a day after the NBA team opened its training camp.
The renewals, which include deals with major sponsors McDonald's, Wrigley's, Vonage, LG, and Canon, are worth more than $3 million annually, Yormark said.
The 10 new sponsorship agreements with Mars, Zappos.com, LTJ Arthur, MetroPCS, CURE Auto Insurance, Electronics Expo, the Fontainebleau Miami Beach, Hotelplanner.com, Lucky Strike Lanes and Pirate's Booty snack food are worth $1.5 million per year.
Yormark expects to announce deals with five or more new sponsors in the next two weeks.
Posted by lumi at 7:30 AM
September 30, 2009
Nets ticket revenues down nearly one-third last season
Bergen Record
by John Brennan
The New Jersey Nets made a big splash last week with the announcement of Russian billionaire Mikhail Prokhorov’s intention to buy controlling interest in the franchise.
But in a Securities and Exchange Commission filing released late Friday afternoon, the news was much grimmer: Revenue from Nets ticket sales declined by nearly one-third last season.
The filing — detailing the bottom line of Nets Sports and Entertainment LLC — demonstrated that while announced Nets attendance figures were similar in 2007-08 and 2008-09, the ticket sale revenue nosedived to $25.9 million from $37.4 million.
“That’s a huge drop, and it wouldn’t be all because of the economy by any means,” said Jim Grinstead, editor of the Revenues from Sports Ventures newsletter.
Grinstead said it was more typical for NBA teams to see ticket sale revenues to decline about 10 to 12 percent in 2008-09, because of a need to discount tickets to entice cash-strapped customers to games.
The Nets balanced most of the ticket revenue decline with cuts in player salaries, marketing and other expenses — but still finished with an operating loss of $68.6 million in 2008-09.
NoLandGrab: The bloom appears to be off the Yormarketing Genius.
Related coverage...
SportsBusiness Daily, Nets Ticket Sales Revenue Drops By Almost One-Third In '08-09 [subscription required]
Posted by eric at 10:48 AM
The Nets Offseason: In Their Own Words
Nets are Scorching [ESPN]
By Mark Ginocchio
While the Nets have only made a handful of roster moves since the end of the 2008-09 NBA season, their summer has certainly been an eventful one. With training camp kicking off this week, NAS is looking back at the events of the past three months, using the Nets own words to tell the tale.
Excerpts related to the Atlantic Yards saga:
July 23 – Anonymous team official on the possibility of Bruce Ratner selling the team (Star-Ledger): “Bruce has looked into several options. He’s had offers, he’s made counteroffers, and at some point in time - probably by the time the season gets under way - something will transpire.
...
September 9 – Bruce Ratner on the new Barclays Arena renderings (release): “The Barclays Center will quickly become an iconic part of the Brooklyn landscape. The design is elegant and intimate and also a bold architectural statement that will nicely complement the surrounding buildings and neighborhoods.”September 9 – Develop Don’t Destroy Brooklyn on the renderings (release): “It’s all lipstick on a corrupt pig, window-dressing on a boondoggle.”
...
September 22 – Russia’s richest man, Mikhail Prokhorov on his interest in buying the Nets (blog post): “For our Onexim group the realization of this very lucrative business project, whose participation was made possible by the world crisis (never in history have foreigners owned an NBA club), is another interesting sports development.”September 23 – David Stern on the announcement that Prokhorov was buying the Nets (press release): “We are looking forward to the Nets’ move to a state-of-the-art facility in Brooklyn, with its rich sports heritage. Interest in basketball and the NBA is growing rapidly on a global basis and we are especially encouraged by Mr. Prokhorov’s commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia.”
Posted by lumi at 5:53 AM
With distractions afoot, Nets want to stay focused on court
NY Daily News
By Julian Garcia
The Nets can't afford to get distracted.
But if they are willing to let their minds wander, there are plenty of options. There is the Russian billionaire who could be the new owner of the team, the possibility of being one of the major spenders in next summer's free agent market or the chance that Lawrence Frank and team executives Rod Thorn and Kiki Vandeweghe are all in their final seasons.
...
Point guard Devin Harris knows that one of his biggest challenges could be keeping his teammates focused while outsiders continue to bring up current owner Bruce Ratner's deal with $9 billion man Mikhail Prokhorov, the franchise's pending move to Brooklyn or 2010 free agency, all of which will be hot topics.Harris didn't dismiss those issues.
"The funny thing is we help ourselves more by doing better," said Harris. "We attract free agents if we do better as a team right now. So if we keep ourselves more in the present it will help us in the future."
Posted by lumi at 5:46 AM
September 29, 2009
Prudential Center Hosts Nets and Devils Open Season
The Star-Ledger
By "Inside Jersey Staff"
Though Nets owner Bruce Ratner would rather the team be playing in Brooklyn, this month the gravity of the Prudential Center in Newark has temporarily pulled the team into its orbit:
Newark's Prudential Center will be a true Mecca for sports fans this month. The new home for the New Jersey Devils hockey team will host two preseason New Jersey Nets basketball games: The Nets will tip off against the 2008 NBA champ Boston Celtics on Oct. 13 at 7 p.m. and take on their rival neighbors, the New York Knicks, on Oct. 15 at 7 p.m. Tickets cost $10 to $500, and are available through ticketmaster.com.
Typically, the Nets play their home games at East Rutherford's Izod Center, but their owner, real estate developer Bruce Ratner, has been planning amid much controversy to relocate them to the Barclays Center, part of the trouble-plagued Atlantic Yards project in Brooklyn. Given that the Izod Center's future has been in question since the Devils' exit in 2007, the Nets' two preseason games in Newark will no doubt allow the NBA team to test the water at the Prudential Center as a possible temporary home before the completion of the Barclays Center.
Posted by lumi at 5:30 AM
September 27, 2009
Questions still remain about prospective NJ Nets owner Mikhail Prokhorov
The Star-Ledger
By Dave D'Alessandro
This rather in-depth look at Mikhail Prokhorov's background gives reasons why those who are overjoyed at the oligarch's offer for the Nets should not yet see transfer of Nets ownership as a done deal.
But there are incidents and business practices in Prokhorov’s past that need to be examined, because while the 6-7 Russian tycoon may be astute when it comes to basketball, nobody knows how he is at hurdling, or sprinting, against the clock.
The hurdles here, after all, aren’t like the ones he has vaulted so easily back home, where a favorable relationship with a repressive government can bury your competitors and make you a billionaire before you’re 32.
“The question arises, at least from here in Moscow: Does the NBA commissioner think it’s his duty to do what it considered due diligence?” asked John Helmer, a former Carter Administration official who has run an acclaimed business news service in Russia since 1989. “And in the United States — particularly in New York State — you have to believe that an oligarch is open to investigation.”
The investigation will be conducted by NBA commissioner David Stern’s own legal team, but given the league’s desperate need for investors with deep pockets who can also expand their fan base into new markets, cynics would suggest that Prokhorov will get the feather-duster treatment.
The government, meanwhile, will likely conduct an elaborate search through the byzantine maze of Prokhorov’s wealth and power for something that might create doubt about his suitability to own a professional sports team.
Can he hold up under the scrutiny of whatever agency has oversight responsibility? Will the overseers determine that it’s not the size of his bank balance, but where the money comes from, that bears closer inspection? Would an examination from the Treasury Department — and its Committee On Foreign Investment In The United States — turn up how much is actually in Prokhorov’s portfolio, and if he is borrowing for the Nets deal, what the Russian is offering for security?
And can Prokhorov overcome these hurdles and generate additional funding for Barclays Center by Dec. 31, which is the day Bruce Ratner’s Brooklyn dream turns into a pumpkin if the two partners cannot secure the financing for the $800 million arena?
Posted by steve at 11:12 AM
Tricky times ahead for New York Nyets
Newsday
By Neil Best
From the viewpoint of only what is best for the Nets franchise, this article only expresses concern that the proposed Atlantic Yards project might not happen and scuttle any deal with Mikhail Prokhorov.
Could all this just be an elaborate hoax designed to make us care about the Nets and their glacial move to Brooklyn?
Because face it, Mikhail Prokhorov seems too good to be true for a team that has toiled in the shadows of New York-area sports since it dumped another 6-7 guy with flare: Julius Erving.
The tall tales emerging this week of the Russian deca-billionaire and international man of mystery offer elements of everything from "Entourage'' to "The Sopranos,'' all wrapped in a nation known for centuries as one of Earth's great enigmas.
For the sake of argument, let us assume he is for real, the richest man in Russia spending a pittance of his estimated wealth - $200 million - to buy 80 percent of the Nets and partner with current owner Bruce Ratner in his planned new arena (and real estate development) in Brooklyn.
If such a man were on the verge of purchasing the Yankees or Giants or even Knicks, there would be much hand-wringing over what an overseas oligarch might mean for a beloved, traditional franchise.
But the Nets are such an afterthought that this can only be viewed as a good thing for the NBA, whose owners still must approve the deal but seem unlikely to discourage foreign dough.
...
Even Prokhorov must answer to political realities and complexities in Russia, a factor that might have been reflected in what at first seemed to be a peculiar post on his blog upon agreeing to the Nets deal.
In it he strangely linked buying the Nets to improving Russian basketball by tapping into U.S. training methods. The strategy became clearer when Russian legislators hammered him for spending money overseas.
"I can't consider this action as anything other than unpatriotic,'' Aslambed Aslakhanov, a member of the upper parliament chamber's sports committee, said via the state news agency RIA Novosti.
"We also have talented children here, but sports isn't being developed. They're not trying in order for us to return to our former sports ranking of the best in the world.''
That was a hint that there are potential hurdles to come, from lingering political opposition to the new arena in Brooklyn to who knows what sort of pressure back home, where Russia remains proud and protective of its athletic fortunes.
Will the story turn out to be too good to be true after all? Please, nyet.
Posted by steve at 10:55 AM
Politi: For NJ Nets, Russian oligarch Mikhail Prokhorov only latest in string of wacky owners
The Star-Ledger
By Steve Politi
This article sees Bruce Ratner's attempt to sell the Nets as yet another episode in ownership that hasn't worked out well for the franchise. This item concludes with the most recent history of the Nets as unfondly remembered, and the future seen as dim.
There were two trips to the NBA Finals but, finally, no new home in Newark. Ratner is an easy target now, but it was Katz who ultimately sold the team to a developer who made his intentions clear from the beginning.
Now, it is Ratner struggling to complete his goal for the team, to turn the Brooklyn Nets into the linchpin for Atlantic Yards. Like nearly everyone else who has owned this team, he has lost hundreds of millions in the process.
Prokhorov is his bailout plan, and he’ll only come aboard if the move to Brooklyn is complete. He has a history of spending whatever it takes to build a winner with his basketball team in Russia, but can a man from eight time zones away really be the answer for this team?
“Your guess is as good as my mine,” said David Gerstein, one of the Secaucus Seven who is still a small investor in the team. “I wish them luck. It could be a great thing for the team and the NBA.”
It could be. Or it could be an unprecedented disaster that involves two continents, millions of rubles and whispers of involvement from the Kremlin. When it comes to Nets owners, the trend is usually down.
Posted by steve at 9:44 AM
Brooklyn, Meet Your Oligarch
New York Times
By Clifford J. Levy
What to make of this item about Mikhail Prokhorov's possibly buying the New Jersey Nets from Bruce Ratner? It's apparently meant to be humorous.
This part might be a howler if the proposed Atlantic Yards project ever went through any community review, but it's intentionally been designated a state project so that city review and zoning don't apply. Therefore, the irony is definitely missing.
Still, Mr. Prokhorov, who is to control the Nets and a large minority stake in the arena, may have culture shock when he grasps what it takes to complete a project in New York City. Environmental impact statements? Community board input? Appellate court review? Can’t we get the thumb’s up from the local chieftain and get it done?
In Russia, where governance has an authoritarian cast and civil society is less than robust, it is unusual for a project to be significantly delayed or killed because of community opposition. (On the other hand, work is often hamstrung by financial malfeasance or bureaucratic incompetence.)
“Things are still done in a very simple way in Moscow,” said Alec Brook-Krasny, a Moscow native who emigrated at age 30 in 1989 and now represents Brighton Beach in the New York State Assembly. “Whoever is the main person in the neighborhood, the main official in the city, that person makes the decisions. In 99 percent of the cases, it’s the final decision, and the community has no say.”
And no thanks to trying to stereotype the opposition to the proposed Atlantic Yards project:
Not to overly generalize, but those residents tend to be a liberal, touchy-feely bunch. (During the 2000 presidential election, I recall, there was a public forum in Park Slope to debate the merits of the candidates. It was titled, “Gore or Nader?,” as if the idea of even considering voting for George W. Bush was preposterous.)
The people like organic food and bicycles. They compost. They fuss over their children. They don’t miss living in Manhattan. You get the idea.
You can safely read this while eating your morning cereal without any risk of getting milk nose.
NoLandGrab: This AY thing is, like, making me so tense. I'm gonna take a bong hit. Then I'll go out to the park and throw a frisbee with my dog, Sky.
Posted by steve at 9:20 AM
September 26, 2009
Ten questions: Prokhorov-Nets deal
ESPN.com
By Chris Sheridan
Click through to read the whole thing, but here are the most relevant Atlantic Yard-related questions of ten posed in this speculative article.
2. Will the sale go through?That's a big, big question, because the Nets sale is contingent on Ratner's obtaining financing and control of the land for his mammoth Atlantic Yards project in Brooklyn by the end of the year.
Part of the answer will come in the next few weeks, as Ratner and the Nets have a date in the New York State Court of Appeals on Oct. 14; a group opposing the Brooklyn project is seeking a reversal of its previous court loss in which it challenged eminent domain procedures used to acquire land for the project. The Nets are confident of victory, saying they are 25-0 in court cases related to the Brooklyn project, and they note that the U.S. Supreme Court has already declined to hear the appeal from the group fighting Ratner.
In the Nets' eyes, they're entering the bottom of the ninth with a sizeable lead.
3. So if the Nets win in court on Oct. 14, that's the last hurdle?Not exactly. The group opposing the Brooklyn project, "Develop Don't Destroy," has indicated it will seek other avenues to delay the start of construction through the end of the year, because if Ratner and the Nets don't sink a shovel into the ground in Brooklyn by Dec. 31, they will lose access to tax-exempt bonds that Ratner is planning to use to finance a portion of the 22-acre, $4.9 billion development. The law that created those bonds has been rewritten, but the Nets project was grandfathered in with the caveat that their special exemption expires Dec. 31.
After initially predicting a 2007 opening, the Nets are now projecting their $800 million Brooklyn arena will be ready for the 2011-12 season.
4. Why would Prokhorov target the Nets from among the available franchises in the league?Unlike the Charlotte Bobcats and Memphis Grizzlies, both of whom are locked into long-term leases tied to the construction of their recently built arenas, the Nets are desirable because of the size of the market they play in, because the team is on a year-to-year lease at the Meadowlands (and therefore is potentially portable) and because the upside of relocating to Brooklyn -- becoming a major threat to the Knicks' hold on the New York metropolitan area's fan base -- is so huge.
Also, Ratner was so eager to make a deal to secure additional financing for the Atlantic Yards project, because of the tightening of the credit markets, that he yielded to many of Prokhorov's terms in order to speed up the deal. Remember, Ratner paid $300 million when he bought his share of the Nets. This sale places the franchise's overall value at $250 million, which means Ratner is taking a substantial haircut.
7. How will the other owners react to having a free-spending Russian billionaire in their midst?Will his checks bounce? Forget all the other stuff about background checks, personal skeletons and/or questionable connections. Is his wealth verifiable? And how much of it is in cold, hard cash? The legitimacy of the money behind this deal is the No. 1 question the 29 other owners will have, and NBA bylaws require that only three-quarters of the owners approve the sale.
And let's be real here: The more frugal of the league's owners will be especially welcoming to any prospective owner who would try to spend his way to the top and pay the luxury tax, since that money is divided among the non-taxpaying owners. With Mark Cuban and James Dolan both a lot less free-spending than they once were, the owners would like nothing more than to bring aboard a guy with extremely deep pockets and little conscience when it comes to opening up his wallet. (When CSKA Moscow's basketball team, partly owned by Prokhorov, won the Euroleague title in 2008, the players in the victorious locker room sprayed each other with Magnum bottles of Cristal champagne that cost $650 apiece.)
9. What happens to the Prokhorov deal if Ratner is unable to break ground in Brooklyn by Dec. 31?The deal would be off; the team would still be Ratner's, it would go back on the market, and there would immediately be a franchise as a candidate to relocate to Seattle (if a new arena deal is approved), Anaheim, Kansas City, St. Louis or some other city with designs on getting an NBA team.
The Nets have never had a strong fan base in New Jersey and routinely play before thousands of empty seats. Ratner, tired of absorbing millions in operating losses annually on the Nets, would presumably find another buyer. And as noted above, the Nets are singularly attractive among franchises with the "For Sale" sign posted because they are not locked into a long-term lease.
10. So, does the Prokhorov deal go down, or not?When a deal this big is contingent on getting something built in New York, it's inherently tenuous. There are tons of wonderful architecture and infrastructure around New York, nearly all of it built decades and decades ago. Just ask the people who have been waiting 50 years for the Second Avenue subway to be built. You'll find them by the thousands packed like sardines on the Lexington Avenue subway line, the only one serving Manhattan's densely populated Upper East Side.
Unless your name is Donald Trump or you own a baseball team, it takes forever to get stuff built in New York, and all it takes is one or two temporary restraining orders from one or two judges sympathetic to Ratner's opponents to grind the process to a halt and possibly keep that first shovel from going into the ground by Dec. 31.
With that in mind, we should call this one a 50-50 proposition. But Ratner has overcome a ton of hurdles already on the Atlantic Yards project, so we'll tilt the odds in his favor: 60-40 that the big Russian has his hands on the Nets by the time the 2009-10 season ends.
NoLandGrab: Comparing a City project like the Second Avenue Subway with the State's proposed Atlantic Yards project doesn't exactly lend credibility to this article's predictions, but it does suggest that, as usual, Ratner's done deal is anything but. Also, the Nets won't be in court. The ESDC, tool of developer Bruce Ratner, will be in court. October 14th will be the date arguments are presented and it's up to the Court as to when a decision will be made.
Posted by steve at 5:49 PM
Nets principal owner believes sale of club means new home for NBA club
The Canadian Press
By Tom Canavan
Mikhail Prokhorov's guest for dinner in Moscow on that July evening was Bruce Ratner, an American real estate developer - and owner of an NBA team.
Ratner, the principal owner of the New Jersey Nets, needed money to build his US$4.9 billion vision dubbed Atlantic Yards, which would include a new $800 million Brooklyn home for the team. Prokhorov, a lover of the game who owns a share of a successful Russian pro team, also had a dream: To own a team in the NBA, home of the world's best basketball.
It would take some of his $9.5 billion fortune to get it done.
...
There are three obstacles that stand in the way: Completing the tax-exempt bond deal, dealing with the challenge to the use of eminent domain, and getting the sale of the team approved by three-quarters of the NBA's 30 teams, something that seems likely with commissioner David Stern on board.
Ratner is confident about getting the bonds.
"We feel quite good about that because the markets have returned," he said, adding that he is meeting with rate agencies and expects to have everything done within three weeks.
New York's Court of Appeals is to hear an eminent domain challenge to the project next month. Ratner said the project is on solid legal ground.
"You have to have a situation where the court of appeals would have to reverse the eminent domain laws that have been around a very long time and that have been upheld by the U.S. Supreme Court. It's not very likely," he said.
But Daniel Goldstein, spokesman for the opposition group Develop Don't Destroy Brooklyn, said that even if Ratner won the suit that he will not be able to break ground in 2009 because the properties he needs to demolish won't come into his possession until next year.
Goldstein also disputed that the court is being asked to reverse eminent domain laws, noting that the appeals court is being asked to rule upon the meaning of public use as it exists in the New York State Constitution.
Posted by steve at 7:40 AM
Let’s Make a Deal Ratner Regains Momentum with Blockbuster Sale
Brooklyn Daily Eagle
by John Torenli
This article is generally enthusiastic over the sale of the Nets to Russian oligarch, Mikhail Prokhorov, and doesn't take a close look at the particulars to see that developer Bruce Ratner is unloading the Nets for cheap.
Russian billionaire industrialist Mikhail Prokhorov is — all the way to Downtown Brooklyn, where Bruce Ratner’s vision of the Atlantic Yards Development Project is suddenly coming into focus again.
News of the international mogul’s intent to purchase a controlling interest in Ratner’s New Jersey Nets has once again piqued local interest in the potential arrival of our borough’s first major pro sports franchise since the Dodgers left for Los Angeles following the 1957 season.
For better of worse, depending on which side of the Atlantic Yards argument you happen to be on, the influx of cash and media attention is exactly what Ratner needed to remind everyone that he is still determined to make the Brooklyn Nets a reality.
...
So is this just the latest burst of excitement surrounding the project? Or is it the final push Ratner needs to make the Brooklyn Nets a reality?
Only time will ultimately tell, but it seems now more than ever that all the delays, court battles and logistical issues surrounding the potential move are being pushed aside once and for all – for better or worse.
Included is an unquestioned quote from Ratner who makes the usual claims of job creation and economic development, even though a Nets arena alone will be a loss for the city and a cost benefit analysis of the entire proposed Atlantic Yards project has never been done by the ESDC, tool of the developer.
“We are one step closer to achieving our goals of creating much-needed jobs and economic development for Brooklyn and the city,” Ratner said.
Posted by steve at 7:21 AM
Russian’s Stake Gives Ratner a Safety Net
New York Timess
By Ken Belson and Richard Sandomir
Since buying the Nets in 2004 and immediately planning to move them from New Jersey to a new arena in Brooklyn, Bruce C. Ratner has entertained a tantalizing, if risky, vision of marrying basketball to real estate.
But after absorbing enormous financial losses and enduring lengthy regulatory and legal delays, Ratner, a real estate developer, needed a safety net to preserve part of that dream. He has found it in the Russian billionaire Mikhail D. Prokhorov, who earlier this week announced his agreement to buy 80 percent of the team and 45 percent of Barclays Center, the Nets’ proposed home in Brooklyn.
Although Prokhorov’s cash investment was announced at $200 million, he will also finance future Nets losses, up to $60 million, that are expected to accumulate before the move to Brooklyn, according to an executive involved in the transaction. The team has reported nearly $400 million in pretax net losses for its dozens of investors, including $129 million by Forest City Enterprises, Ratner’s Cleveland-based parent company.
Prokhorov will also be responsible for 80 percent of the $207 million in debt the team holds if the sale goes forward. The transaction requires the approval of 23 of the 30 National Basketball Association owners, and is contingent on Ratner’s obtaining financing for the arena and control of all the land required for it by Dec. 31.
Prokhorov’s arrival helps Ratner do what he ultimately wants most: build the delayed arena, the centerpiece of the $4.9 billion Atlantic Yards commercial and residential complex near downtown Brooklyn.
He appears to be getting a good deal. Ratner and his investors paid $300 million for the team in 2004 and assumed salary obligations of another $60 million. Prokhorov’s purchase of an 80 percent stake in the team values its equity at about $150 million; add the $207 million in debt, and the franchise’s value has barely budged.
This article goes on to give further details on the implications of the deal between Prokhrov and Ratner. Also covered is the implications for possible foreign ownership of other sports franchises.
This article appeared in print and was updated later on line. Commentary was forthcoming for both versions of the article from the Atlantic Yards Report:
First, issues raised by the first version::
A little more than two days later, the major media are waking up to the notion that the agreement between Bruce Ratner and Mikhail Prokhorov might be a bargain for the oligarch, despite Ratner calling it "a great deal."
In an article headlined Russian’s Stake in Nets Seems to Be a Bargain, the New York Times reports:
Mikhail D. Prokhorov’s $200 million investment for 80 percent of the Nets and 45 percent of the team’s proposed Barclays Center is just one-third of what his share of the team and arena should be worth, according to Michael K. Ozanian, the national editor of Forbes, which compiles an annual list of professional team valuations.Ozanian, in response to my query, explained that he valued the Nets at $295 million and the arena, as reported, at $800 million. Prokhorov's share of the team would be worth $236 million and his share of the arena at $360 million.
...
"What we don’t know of course is the amount Prokhorov has promised to invest in the team as part of the deal," Ozanian explained. Assuming the investment was zero, he said, Prokhorov made the purchase at one-third fair value.
...
True, the team has floundered, its best players are gone and it plays to thin crowds in New Jersey. Ratner and his investors in the Nets have also lost nearly $400 million since buying the club. But few teams in recent years have been sold at such a steep discount.
The later version of the Times article brought answers:
The New York Times has updated its article suggesting that Mikhail Prokhorov got his Nets and Atlantic Yards investment at a two-thirds discount, now calling the investment a "safety net" for Bruce Ratner.
I and others had pointed out that financing for losses and debt would have to be factored in.
The Times reports:
Although Prokhorov’s cash investment was announced at $200 million, he will also finance future Nets losses, up to $60 million, that are expected to accumulate before the move to Brooklyn, according to an executive involved in the transaction. The team has reported nearly $400 million in pretax net losses for its dozens of investors, including $129 million by Forest City Enterprises, Ratner’s Cleveland-based parent company.Prokhorov will also be responsible for 80 percent of the $207 million in debt the team holds if the sale goes forward. The transaction requires the approval of 23 of the 30 National Basketball Association owners, and is contingent on Ratner’s obtaining financing for the arena and control of all the land required for it by Dec. 31.
...He appears to be getting a good deal. Ratner and his investors paid $300 million for the team in 2004 and assumed salary obligations of another $60 million. Prokhorov’s purchase of an 80 percent stake in the team values its equity at about $150 million; add the $207 million in debt, and the franchise’s value has barely budged.
...
Prokhorov will be responsible for paying off 45% of the arena, which in total might be worth $800 million.
Does that mean he gets the package at two-thirds off? The Times is no longer quoting Forbes editor Michael Ozanian to that effect.
Rather, the Times quotes a consultant:
“The Russian is taking on a lot more risk for the potential of greater reward,” said Marc Ganis, president of Sportscorp, a Chicago-based sports consultant. “He’s getting a good deal on the team, but he’s taking on a great deal of risk with the arena and with debt.”Well, so is Ratner. In fact, Ratner is putting equity into the arena, about $200 million, and will have a 55% stake. Prokhorov is not putting equity into the arena, and will have a 45% stake. So that looks like a significant bargain for him.
Posted by steve at 6:32 AM
September 25, 2009
Russian Tycoon's Bid For NBA's Nets Examined
All Things Considered (NPR)
Russian tycoon Mikhail Prokhorov has agreed to buy a controlling interest in the New Jersey Nets basketball team. Sportswriter Stefan Fatsis says the NBA has to vet Prokhorov's bid, but his 2007 arrest at a French ski resort in connection with ferrying in prostitutes is likely to be the main red flag. Prokhorov was not charged for that incident.
NoLandGrab: Stefan Fatsis mentions the "ton of anger" the Atlantic Yards project has engendered — a far cry from the "tiny opposition" claimed (falsely, of course) by the Daily News's editorial board.
Posted by eric at 8:38 PM
Moscow Editorial on Prokhorov's Attempt to Purchase the NJ Nets
Vedomosti via Develop Don't Destroy Brooklyn
A rough, human translation from the Russian of an editorial in Vedomosti, a leading Moscow business newspaper, part-owned by Financial Times and Dow Jones)
The topic of the week: Game over
Purchase of the American basketball club New Jersey Nets by Mikhail Prokhorov is a vivid example of «business the Russian way» in the sense that it is easier to do it abroad.
Moreover – this is a consequence of one of the most disgusting traits of our character: I will give you everything that you wish, but to your neighbour I will give twice more. — Dear God, take one of my eyes.
...And we can be only glad for Mikhail Prokhorov: he did not stay without basketball — he has purchased a stake in New Jersey Nets and an arena under construction for $200 million. The problem is that people won’t like to support New Jersey and Chelsea. People want to support Russian teams that win.
"Under construction" is a big stretch considering Ratner doesn't own the land he needs to even break ground on the arena. But such a mistake can be forgiven for press newly introduced to Atlantic Yards—after six years of the Atlantic Yards proposal there is as steep learning curve.
Posted by eric at 10:55 AM
N.B.A.’s Global Outreach Returns to U.S. Shores
The New York Times
by Harvey Araton
In a long and illustrious European coaching career, Ettore Messina has worked for a fair amount of professional basketball owners. None of them, he said, were quite like Mikhail D. Prokhorov, a Russian tycoon who seemed destined to play moneyball in America.
“The guy has a way about him, a vision,” said Messina, who coached for Prokhorov for four years at CSKA Moscow, a top Russian club.
From across the Atlantic and then some, can the Russian billionaire see a prosperous professional basketball future in Brooklyn, before a shovel has gone into the ground for the long-delayed arena and centerpiece of a 22-acre downtown development project known as the Atlantic Yards?
Legal challenges and N.B.A. vetting hurdles remain before 80 percent ownership of the Nets shifts from Bruce C. Ratner to Prokhorov. Then it would take at least two years for them to move from New Jersey and become the Brooklyn Nets. If and when, the Nets will matter in a way they have only dreamed of since they were born in 1967 as the New Jersey Americans of the American Basketball Association, cash-poor and attention-starved.
Posted by eric at 9:00 AM
September 24, 2009
Should a Russian oligarch be allowed to buy the Nets?
Crain's NY Business
Crain's has a silly poll which drastically oversimplifies the issue. It's not a question of whether or not Mikhail Prokhorov should be allowed to buy the Nets. The larger question is whether the arena at the center of the Atlantic Yards project should be propped up with with more than $700 million in public subsidies, tax breaks and give-aways — regardless of who owns the team that would play there. Throw in the question of the use of eminent domain for the primary benefit of a Russian billionaire, and the question gets even more complicated.
Should the NBA approve Mr. Prokhorov's deal to buy the Nets?
⊗ Da. This will bring new ideas to the NBA, attract more foreign investors to the league, and help ensure the Atlantic Yards project gets built.
⊗ Nyet. Mr. Prokhorov made his billions amid the shady dealings in the early days of post-Communist Russia, and he's most likely more concerned with burnishing his image than helping Brooklyn win the urban redevelopment game.
Click thru to vote. View the results here.
Posted by eric at 6:36 PM
A Nets longshot from Russia with love
NorthJersey.com
by Ian O'Connor
Bergen Record columnist O'Connor provides a must-read reality-check on this weeks developments.
Mikhail Prokhorov has formally introduced himself as Bruce Ratner’s human bailout package, and he sounds like a man who just jumped out of a helicopter in a James Bond script.
A tall, dashing Russian billionaire said to appreciate fast jets and faster women, Prokhorov has come rushing to the Nets’ rescue, pledging to throw hundreds of millions of dollars at Ratner for the right to ferry the team to Brooklyn on his personal yacht.
But before anyone counts this as a slam-dunk proposition, consider the Nets’ recent and past history on notions and events that appeared too good to be true.
...The Nets have long led the league in empty promises and broken hearts. Rick Pitino. Jim Valvano. Rollie Massimino. They were all done deals to save the Nets until, of course, those deals were undone.
...Truth is, Stern knows next to nothing about Prokhorov. He’s yet to see a single printout on the man’s background, and the league’s vetting process is expected to take months.
That vetting process won’t be any tougher on Prokhorov than it would be on an American tycoon, but it will be tough. The Russian needs approval from the league’s board of governors to become the first man outside of North America to lord over an NBA team.
...Ratner is racing the clock, too, as he needs to sell a reported $650 million in bonds and break ground on his scaled-down, Gehry-free arena by Dec. 31. One minority Nets partner said that Ratner stands to lose another $100 million in his final seasons in New Jersey, and that the team would’ve cost Ratner $800 million (including the $300 million purchase price) by the time he gets to Brooklyn.
If he gets to Brooklyn.
“Until Ratner breaks ground on that arena,” one ownership source said Wednesday, “nobody’s going to believe he’ll actually pull this off.”
...By peddling the Nets to Prokhorov, Ratner confirmed all suspicions that his ownership was never about love or basketball. It was about real estate. A damn good piece of it, too.
In the end, maybe Ratner’s human bailout package, Prokhorov, will prove to be the most dynamic force of front office energy to hit the NBA since Mark Cuban.
Or maybe this tall, dashing playboy from Russia will prove to be no more believable than a James Bond script.
The history of the Nets tells you to put your money on the latter, and to expect pro basketball in Newark in a few years’ time.
Posted by eric at 1:52 PM
Russian to Judgment: More reaction to Ratner-Prokhorov deal
More reaction to the news that Bruce Ratner plans to sell control of the New Jersey Nets — and a large share of the not-as-yet-and-may-never-be-built Barclays Center arena — to Russian billionaire Mikhail Prokhorov.
Only the Blog Knows Brooklyn, Leon Freilich, Verse Responder: Rusky Invasion
A Russian magnate's putting up dough
To buy the Yards and the Nets--
But wait until he runs into
The furious Brooklyn Nyets!
Old First, Pascrell on The Atlantic Yards: "Almost Biblical"
Pastor Daniel Meeter turns to the Bible for an analogy.
I just heard it on Brian Lehrer on WNYC, wonderfully affirmed by Congressman Bill Pascrell, of my home town of Paterson, NJ. He said that the problems of the latest Ratner proposal for the Atlantic Yards are "almost Biblical in proportions."
I have thought so from the beginning. The Tower of Babel comes to mind, as in Breughel's famous painting.
This latest rescue plan, by the Russian oligarch What's-His-Name, is so ludicrous as to defy belief. How can our mayor and our borough president support this? Our public subsidies, paid for by our tax money, will be used for the benefit of a financial gamble on the part of a crony of Putin, who gained his wealth and influence in circumstances fearful to contemplate. The corruption is so huge as to almost disappear from sight. But massive in our sights will be the unfinished hulks of this development.
...Can this really be happening? Let's see how the ESDC and every other authority respond to this, or will they continue to expose their knavery? Will they finally say, Enough?
It's not going to happen, that's clear, the whole thing is too absurd. It always was absurd, but it's reached a level of absurdity that is, well, Biblical, but the tragedy is, as it always was, how much damage will they do before it finally expires?
AP via WFAN.com, Russian's bid for US team raises hackles at home
Russian tycoon Mikhail Prokhorov's bid for the New Jersey Nets may be a boon to the troubled basketball team, but some Russian legislators and analysts call it a blow to the nation's sports.
"I can't consider this action as anything other than unpatriotic," Aslambek Aslakhanov, a member of the upper parliament chamber's sports committee, said Thursday, according to the state news agency RIA Novosti. "We also have talented children here, but sports isn't being developed. They're not trying in order for us to return to our former sports ranking of best in the world."
...Viktor Ozerov, another upper-chamber legislator, said Prokhorov is sending his money in the wrong direction.
"I don't deny that Mikhail Prokhorov has put money into developing sports in Russia, but I would have liked all the means he considered possible to have gone to specifically supporting sports in the fatherland," Ozerov was quoted as saying.
The Kremlin hasn't commented on Prokhorov's move, but members of the upper parliament chamber, the Federation Council, commonly reflect the views of the Russian leadership.
NYTimes.com, Rubles for Clunkers? Russian Buys the Nets.
In the N.B.A., there’s a new sheriff in town, a dashing Russian oligarch who arrived at the buzzer to save the Nets’ Brooklyn dreams. Does it matter that he got ridiculously rich in the shady post-Soviet economy, is known as the Nickel King and could, for roughly a hundred reasons, knock Mark Cuban down N.B.A. Commissioner David Stern’s nightmare list? For $200 million, apparently, nyet.
NBA.com, Russian billionaire should help fortune shine upon Nets
In the space of a day, the fortunes of the New Jersey Nets changed dramatically.
With an agreement for Russian oligarch Mikhail Prokhorov to purchase controlling interest of the team, the Nets have gone from the franchise with the biggest debt in the league to the franchise with the richest owner (or second richest, depending on how Paul Allen's investments are doing these days).
...Nets fans have never liked current owner Bruce Ratner. From Day 1, many have believed that Ratner's reasons for buying the team in 2004 had little to do with basketball. His main reason for owning a team, according to his detractors, was so he had a reason to develop 22 acres in Brooklyn with an arena as the centerpiece.
NoLandGrab: And these most recent developments make it pretty clear that the "detractors" were 100% right.
NY Post, Sale should lift Nets’ restraints
“It’s no secret we’re having financial difficulties,” guard Keyon Dooling, a union VP and the Nets’ player rep entering the last year of his contract, said yesterday. “So I’m very enthused by this. I’m in a position where I might be re-signed or not the following year. It might be a situation where money decides. Nobody wants the decision to be based solely on money.”
The Brooklyn Paper, Who is this shadowy Russian oligarch?
But just how rich is he?
“If you know how rich you are, you are not a billionaire,” he once told the Times Online, our sister publication across the pond.
YourNabe.com, Russian Billionaire buys Nets
But reaction from Brooklyn’s large former Soviet Union and Russian community mainly living in southern Brooklyn was positive.
“This is great news and for the [Russian-American] community it will be huge,” said community activist John Lisyanskiy, who also works in City Council Speaker Christine Quinn’s office.
Lisyanskiy said there are about 350,000 Russian-Americans living in Brooklyn and he has been trying for years to get them more involved in local affairs and the sale of the team to Prokhorov will bring out a lot of pride, which will ultimately get these new Americans more involved in local community life.
Lisyanskiy said while Prokhorov has been controversial in some of his dealings, he is also well known for Russian philanthropy.
Assemblymember Alec Brook-Krasny, who represents Brighton Beach and Coney Island, and is a Russian-American immigrant, said the sale will probably trigger a big explosion in the local Russian media resulting in more Russian-Americans going to Nets games.
NLG: Just like the "big explosion" in Chinese-American Nets fans after the team signed Yi Jianlian?
Posted by eric at 1:17 PM
LeBron coming to the Nets?
Yahoo! Sports
by Mark Miller
Prokhorov's rubles could change everything, especially how the Nets approach the big-name free agents of next summer: LeBron James, Chris Bosh, Dwyane Wade, and Amar'e Stoudemire.
There's even a rumor that the basketball-loving Russian could bring back the wacky and cool design that famed architect Frank Gehry had for the proposed new arena (that might never get built) rather than the eventual ultra-blah airplane-hangar-like building that Ratner ended up with due to lack of dough to throw around. That is no longer a problem for the Nets.
NoLandGrab: Where do we start? First, in the best case, the Nets are stuck in New Jersey until at least midway through the 2011-2012 season, and that's pushing it. Next, yes, Prokhorov appears to have deeper pockets than Ratner does, but as long as the Nets remain in New Jersey, they will continue to bleed money, and even if the oligarch is willing to spend, the NBA has a salary cap. The smart money is still on LBJ re-signing with the Cavs.
As for the Gehry design coming back, that would appear to be pure fantasy. Prokhorov loves basketball, but no one's accused him of loving architecture.
Posted by eric at 11:26 AM
Jay-Z OUT as Part Owner of NJ Nets As Russian Tycoon Scoops Franchise?
Highbrid Nation
Whither Hova?
However the one party for whom the deal leaves uncertainty is Jigga. Since the deal has yet to be ratified its unclear how Jay-Z interest will be affected. Since he was roughly a 2% minority shareholder on the Ratner team, my inexperience logic would assume along with the sale his percentage too would be liquidated. And although the deal would most certainly mean the Nets would be headed to Brooklyn and increase the chance of the team landing Lebron James it could spell an end to Jay-Z’s dream of “owning” a piece of the first NBA franchise to play its games in his hometown. As I said the details are sketchy and as the press releases and statements come out, I’ll be sure to update the story.
NoLandGrab: Sketchy, indeed. Whether you call him Jigga, Hova, Sean Carter or whatever, there's no reason to think that Jay-Z will be finished as a minority owner. It is likely that his ownership stake, actually less than one percent, will be further diluted, but that stake has always been more about the public relations than the dollars.
Posted by eric at 10:33 AM
NetsDaily: Scanning the headlines
Here are some links to the action on NetsDaily covering the Prokhorov rumors and subsequent announcement of a deal with Ratner to take over the team:
Prokhorov Confirms Negotiations with Nets, Wants Control
On his blog, Mikhail Prokhorov confirms he is in serious negotiations with the Nets to finance Barclays Center and gain control of the team.
Ratner Says Critics Can Sue but Can’t Win
Bruce Ratner told a Brooklyn newspaper chain that while critics threaten more suits to stop Barclays Center, “It’s easy to sue, but for them, winning has been elusive.”
Nets Thinking Horizontal, Not Vertical
Rod Thorn and Kiki Vandeweghe said they are “not in the loop” on ownership talks, but do plan on being a player in next year’s free agency, as long as the team is attractive.
WSJ: So Far, NBA Has “No Problems” with Prokhorov Bid
The Wall Street Journal reports that while the NBA hasn’t begun a background check on Mikhail Prokhorov, “so far the league has no problems” with his plan to buy the Nets.
This pretty much sums up the reaction to a majority of the commenters on the NetsDaily blog:
THE RUSSIAN IS COMING! THE RUSSIAN IS COMING! I believe that G-D is sending this guy to save our team! This guy has everything we need. — Paul Erstein
Ratner, Prokhorov Set Deal — Russian Gets 80% of Nets, 45% of Arena
Bruce Ratner and Mikhail Prokhorov have announced a wide ranging deal that will result in the Russian billionaire controlling 80% of the Nets and 45% of Barclays Center.
Rod Thorn is in the last year of his contract, which reportedly pays him $5 million. Lawrence Frank is in the last year of his contract, which reportedly pays him $4 million. With Mikhail Prokhorov hinting he’d like to bring in Russian (or maybe European) help, are they “toast” as Tom Ziller of Fan House suggests? Nets insiders say a management shakeup might have happened under ANY new ownership.
What’s going to be the effect of having the NBA’s richest (or second richest) owner calling the shots…and spending the cash? Tom Ziller of FanHouse thinks a good young core, a ton of cap space and a very rich owner could turn the Nets into a contender fast: “Eastern powers ought to be watching behind them, because it shouldn’t be take long for the New Nets to be breathing down their backs.” And beyond wins and losses, the “New Nets” are likely to become a bigger global…and local brand.
Posted by lumi at 6:37 AM
September 23, 2009
Cuban-Nickel crisis could be nightmare for Stern
CBSSports.com
by Ray Ratto
Coming in just under the wire, we have a winner in the contest for the day's best headline.
If Mark Cuban believes in the concept of pride of ownership, his competitive hackles have just been roused by the news out of Moscow, and so his game must be raised commensurately.
He is about to face The Nickel King, and nobody is giving odds either way yet. We just know that if Cuban rises to the task, David Stern may pull off his own head just to make the pain stop.
...Now Prokhorov only has a deal, so it hasn't come before the 30 not-so-wise men. Ratner of course will vote for it because, to get out of the mess he's made, he'd sell the Nets to Jim Balsillie and tell him he can move the team to the Yukon.
Posted by eric at 10:10 PM
Thought experiment: what if Prokohorov had been the owner of the Nets in 2003?
Atlantic Yards Report
What if Russian billionaire Mikhail Prokhorov, who, in a deal announced today would own 80% of the Nets, 45% of the arena, and have an option on 20% of the rest of the Atlantic Yards project, had been majority owner of the Nets in December 2003 when AY was announced?
What if Prokhorov and Ratner had been partners?
Brooklyn sport?
Could Ratner have said, "This started with basketball, a Brooklyn sport," as he said at the time? Could have continued to say, as he did upon the acquisition of Yi Jianlian, that “It’s 100 percent about basketball."
State support
Would the state's effort to pursue eminent domain for a "civic project" and "land use improvement project" including a (nominally) publicly owned state-of-the-art arena have run into roadblocks?
Posted by eric at 9:58 PM
September 22, 2009
Prokhorov Issues Absurd Statement on the Nets and Atlantic Yards, No Matter How Well Translated
Develop Don't Destroy Brooklyn
By way of DDDB, what it calls a "professional translation" of a statement posted by Russian billionaire (and rumored Bruce Ratner savior) Mikhail Prokhorov on his blog. We're not sure we completely agree with DDDB, however, about the absurdity of the statement.
Greetings to all!
I realized all of a sudden that, well, it’s been quite a while since I’ve written, and there’s a reason for that—the last few months we’ve been swamped at work with routine tasks, and there was nothing really interesting to report. But now there is something—not long ago our group received a proposal to participate in a business project concerning the building of a new arena in Brooklyn (New York) and to become a shareholder of the basketball team “New Jersey Nets,” which in two years should move to Brooklyn and be called “Brooklyn Nets.”
Most interestingly, I learned of this project from the papers, about how I would play an active role in it! And what a surprise, then, that within a few days after the stories came out in the press, shareholders of the team reached out to us with a real proposal to discuss possible collaboration! The discussion concluded with us receiving a firm offer from the American shareholders to be involved in the project. For our group, participation in such a complex project undoubtedly is interesting only in the event that NBA technology can be used for the systematic development of basketball in Russia. Our existing professional league, as everyone knows, is not able to independently keep itself afloat, and because of that, the financial well-being and existence of clubs are entirely dependent either on the support of governors or businessmen-fans of the sport, and any changes to their financial position leads to instability in the development of a club.
Click thru for the rest of the statement, which, in truth, does wander a bit.
NoLandGrab: We've got news for Mr. Prokhorov — some teams in our existing professional league (like the one he's rumored to be bailing out) are unable to independently keep themselves afloat, either, which is why they turn to Russian billionaires (like himself), and must also depend on the support of governors (and mayors and borough presidents and economic development corporations and public authorities) for their existence.
Posted by eric at 8:50 PM
September 21, 2009
WATCH MICKY DRIBBLE THE BALL – PROKHOROV’S AMERICAN MOVE IS A BUZZER BEATER BEFORE KREMLIN DISQUALIFIER
Dances with Bears
by John Helmer
Thanks to DDDB for alerting us to this story by "the longest continuously serving foreign correspondent in Russia."
Does Russia's Deputy Prime Minister hold the keys to Bruce Ratner's ultimate bailout?
In the original game of basketball, invented by Dr James Naismith in 1892, there were 13 rules. Rule 5 was the disqualifier. In the playbook of Russia’s Deputy Prime Minister Igor Sechin, there is just one rule – and that’s the disqualifier. Mikhail Prokhorov’s decision to buy into the American National Basketball Association is his signal he’s out of the Russian game.
Prokhorov has been acutely sensitive to the coverage he has been getting in the American media for some time, and according to a source in his circle, that is because he does not want to be seen by the Kremlin as getting too close to the US Government. Taking ski vacations in Aspen, Colorado, is one thing; shaking hands with the President of the United States is another (in a crowded room).
But investing up to a billion dollars or more in the US – well, Prokhorov’s men accept that, before doing that, it is prudent for the oligarch to clear the transaction in advance with Prime Minister Vladimir Putin and Igor Sechin, the deputy prime minister who hands out (and takes away) Russia’s mining and metals concessions. Outside Russia, this process is misunderstood. Inside Russia, it is quite straightforward – oligarchs holding concessions for the exploitation of Russian resources do so at the pleasure of the state. The dividends they draw out of these concessions may be squirreled away in offshore havens, even spent on sex objects. But the spending of the capital of the concession, cannot be decided according to the same whims, especially not at a time like this.
NoLandGrab: Damned if we can figure all this out, since as DDDB writes, "none of you, nor Bruce Ratner nor we ever thought one would have to become a Kremlinologist to read the tea leaves for Bruce and Brett's Excellent Adventure."
All we can say is, this whole Atlantic Yards saga just gets weirder and weirder.
Posted by eric at 11:03 PM
Potential Nets owner lost billions in last year?
Yahoo! Sports
By Mark Miller
Brooklyn may be gaining an ultra-rich, hard-partying, 43-year-old owner to the NBA team that wants to move there. Bruce Ratner is apparently getting very close to selling a majority stake in the New Jersey Nets to basketball-loving Russian kajillionaire Mikhail Prokhorov, who was arrested only a few years ago on suspicion that he was providing prostitutes to extremely high-end clients, according to the New York Daily News.
Prokhorov, the 40th wealthiest man in the world, according to Forbes, is worth about $9.5 billion even though he supposedly lost 51% of his treasure within the last 12 months. Ouch. Still, the guy apparently wants in on this team and is ready to throw in $700 million to help Ratner steamroll all the local opposition to the arena project and take majority ownership of the team.
NoLandGrab: Prokorov didn't get rich by being stupid, so it's hard to believe that he'll bail Ratner out for the privilege of co-owning a money-losing team.
True Hoop, First Cup: Monday
Posted by lumi at 7:07 PM
Nets backer has dubious background?
The Russian billionaire who is believed to be close to funding the Nets' move to Brooklyn has a checkered past.
ESPNStar.com
It's amazing how a story based on a poorly reported rumor still has legs four days later.
Mikhail Prokhorov, who was recently named the 40th wealthiest man in the world by Forbes, was arrested in 2007 on suspicion he was involved in an upscale prostitution ring.
Prokhorov is reportedly close to issuing a $700 million bond through his investment firm, Onexim, that would help owner Bruce Ratner build the long-awaited Barclays Center in downtown Brooklyn.
Posted by lumi at 5:39 AM
September 19, 2009
Rumors Continue of Possible Sale of Nets to Mikhail Prokhorov
Developer Bruce Ratner continues to search for a way to end the financial loss of owning the Nets and to find a way to begin building an arena before the end of this year.
The Star-Ledger, Russian billionaire considering deal to help finance NJ Nets' Brooklyn arena project
by Dave D'Alessandro
The Nets may have found a solution to their Barclays Center funding issue, if a spokesman for a Russian billionaire can be believed.
A spokesman for Mikhail Prokhorov -- the oligarch often named as one of the candidates interested in purchasing the team -- told the Moscow Times that "the possibility exists" that Prokhorov will participate in the Brooklyn project.
Another report originating in Sport Express, another Russian publication, said that Prokhorov will purportedly invest $700 million in the new arena, while securing management partnership for a single dollar.
The publicist from Prokhorov's Onexim Group, Igor Ketrov, said, "It is possible. The investment group has received an offer to build a stadium for the New Jersey Nets. It's too early to say what's going to come out of it. Business is business."
It is not too early for Nets owner Bruce Ratner, however. He has admitted to the team's minority investors that he must get his ownership structure in order by late September.
Ratner's company, Forest City Enterprises, has lost $70 million over the last two years, according to SEC filings; and all investors have lost $353 million in the five years Ratner has been principal owner, according to a New York Times analysis of Forest City finances.
Prokhorov's interest in making a deal with the Nets was first reported by The Star-Ledger in July.
Luxist, Russia's Richest Man May Build NBA Stadium
by Deidre Woollard
Back in June I started hearing rumors that Russia's richest man Mikhail Prokhorov was interested in buying a portion of the New Jersey Nets. The six-foot-nine-inch-tall billionaire is a basketball fan and owns a share of a Russian basketball team.
The latest news from Moscow is that he may help to build the team's new arena. He would provide a loan for the Nets and receive a large non-controlling stake in the team in return. Nets owner Bruce Ratner has wanted to build an arena for the team in Brooklyn and move his team there in 2011. The stadium's construction may cost around $800 million. Ratner has been to Moscow for talks but nothing has been officially confirmed yet.
Posted by steve at 6:45 AM
September 18, 2009
Ratner Said to Be Closer to Selling Majority Stake in Nets
The New York Times
by Charles V. Bagli
The developer Bruce C. Ratner, who received final state approval Thursday to build an $800 million arena in Brooklyn for the Nets, is inching closer to selling a majority stake in the team to a Russian billionaire, according to two executives briefed on the negotiations.
Ratner, who bought the team for $300 million in 2004 with plans to move it to a new home in Brooklyn, has acknowledged in recent weeks that he is talking to potential investors. The arena, which would be known as Barclays Center, is the centerpiece of a planned 22-acre residential and commercial development project.
The executives said that Mikhail Prokhorov, one of the richest men in Russia and an avid sports fan, is the leading contender to buy a majority stake in the team and in the planned arena at the intersection of Atlantic and Flatbush Avenues.
The Nets, who play at the Izod Center in East Rutherford, N.J., declined to discuss potential investors.
...Ratner has been eager to bring in new blood. His company, Forest City Enterprises, owns 23 percent of the team, which has endured about $380 million in pretax net losses over the past five years.
More grist for the rumor mill...
Russia Today, Russia’s richest man to acquire stake in New Jersey Nets for $1
One of Russia’s richest men, businessman Mikhail Prokhorov, is set to acquire a majority share in the New Jersey Nets basketball club for just one US dollar, reports Sport Express.
The Russian newspaper reports that the deal – giving Prokhorov a stake in the team – is almost complete.
In turn, Prokhorov, who is a former mining executive, will invest at least $700 in building a new arena for the Nets, Reuters reports.
NoLandGrab: Is it possible Prokhorov might be overpaying?
Field of Schemes, Russian rescue for Ratner's Nets arena?
New Jersey Nets owner Bruce Ratner's $200 million financing gap might be resolved soon, if Reuters is to be believed:
Russia's richest man Mikhail Prokhorov is preparing an offer to help the New Jersey Nets build a new arena and sources close to him say he could own a large stake in the NBA club as part of the $700 million deal.
This would, needless to say, solve Ratner's biggest problem, which is how to raise enough money to get his $900 million arena built, when he's only eligible for $700 million in tax-exempt bonds (or maybe not even that). The big question is: What would Prokhorov be getting in exchange for his $700 million? The entire Nets franchise is worth less than $300 million, so even a "large stake" wouldn't get him his investment back. (While a move to Brooklyn would increase the team value somewhat, even the Knicks aren't worth $700 million.) If the $700 million is mostly a loan, Prokhorov would get annual payments as well — but then we're back to asking where Ratner would get the money to pay off the annual cost, regardless of where he borrowed it.
...Of course, it's also entirely possible that the entire story has been concocted to make the Nets project seem more viable, as ESPN.com notes has been the case in other instances where teams have dropped Prokhorov's name. Though Prokhorov and Ratner would seem to have one bond between them: They're both losing money hand over fist.
NBA Fanhouse, Majority Stake in Nets Being Sold to Russian Tycoon?
A report from Reuters Thursday afternoon asserted that Russian billionaire Mikhail Prokhorov was preparing an offer in the neighborhood of $700 million to purchase a stake in the Nets franchise and help build current team owner Bruce Ratner's Atlantic Yards project, which would include a new Nets arena in Brooklyn. A Prokhorov representative vaguely confirmed that the tycoon (Russia's richest man, at assets around $9.5 billion) could possibly participate in building a sports arena in the United States.
mcbrooklyn, Ratner, the Nets, and the Russian Billionaire
It also came out yesterday in Reuters that Mikhail Prokhorov, Russia's richest man, is putting together a deal to issue $700 million in bonds to help the team (and developer Bruce Ratner) build the arena. NBC New York says the Reuters story is "suspicious."
NBC New York, Russia's Richest Man to Pave Nets Path to Brooklyn?
The timing is curious, simply because everyone knows that the Nets have been losing money hand over fist for the last few years and that they'll almost certainly need outside investment in order to actually get the arena project off the ground. Prokhorov's name has come up before without any action, and it wouldn't be the first time that the name of one big financier was used to get other ones interested in beating him to what could wind up being a lucrative real estate deal with a basketball team thrown in for good measure. All Prokhorov's company spokesman would say is that he's considering an investment, which is probably true and isn't indicative of all that much.
The biggest reason to believe he might not be interested in a deal is that the NBA does a significant amount of vetting for investors in teams. Prokhorov, like all of Russia's oligarchs, has connections to government interests that he might not want to disclose to the likes of David Stern. Of course, Stern has seemed as desperate as Nets owner Bruce Ratner to get the team to Brooklyn so he might opt for a circumvented process if it helps get the arena built after long last.
HOOPSWORLD, Selling The Nets
It is believed Ratner's personal holdings in the Nets are what is being shopped to a potential buyer, and that could give control over the team to another group.
Minority investors in the Nets have told reporters for months that Ratner is aggressively shopping for cash, and that an outright sale of the team is possible, but it was more likely that Ratner would look to cash out his stake in the club to insure his Atlantic Yards project gets funded.
SLAM Online, Russian Billionaire Wants to Buy the Nets
From Russia, with boatloads of money....
AP via ESPN.com, Tycoon considers giving loan for Nets
Russian billionaire Mikhail Prokhorov is considering a deal with the New Jersey Nets to help fund the construction of their new arena.
Igor Petrov, spokesman for the tycoon's investment vehicle Onexim, told The Associated Press on Friday that "there is a possibility" that Prokhorov would participate in the construction of the new arena for the NBA team. Petrov declined further comment.
Russia's leading business daily Kommersant reported Friday that as part of a deal Prokhorov would provide a loan for the Nets and receive a large stake in the team in return.
Deadspin, Russian Billionaires Are NBA's Last Hope
All New Jersey Nets owner Bruce Ratner wants to do is get the Nets out of New Jersey and plant them in the heart of Brooklyn, but he's missing one key ingredient. What's it called? Oh right...money. He has none.
Ratner is still scrambling to build his terrible horrible no good very bad basketball arena right in the middle of the busiest intersection in Brooklyn. Nobody really wants it there and no one wants to pay for it—he had to fire architecture god Frank Gehry because his original design was too expensive—and the eminent domain-ed land owners will fight it tooth and nail. Yet Ratner persists. And with a "break ground or else" deadline looming he's turned to the only person who can help him—a disgustingly rich Russian oligarch.
Brownstoner, Russian Billionaire To Bail Out Ratner?
Posted by eric at 8:54 AM
September 17, 2009
NBA-Russia's richest man eyes Nets deal
Reuters
by Polina Devitt and Anastasia Onegina
Reuters' Moscow bureau is the source for a story on what would be the ultimate Bruce Ratner bailout.
Russia's richest man Mikhail Prokhorov is preparing an offer to help the New Jersey Nets build a new arena and sources close to him say he could own a large stake in the NBA club as part of the $700 million deal.
...A spokesman for Prokhorov's Onexim investment vehicle confirmed on Thursday it had been approached to participate in building the Nets' long-awaited arena in Brooklyn and was preparing an offer.
"As we have said before, we have received interest from potential investors in the team," Nets CEO Brett Yormark said in a statement. "That interest is growing as it is clear that we are moving to Brooklyn."
Officials with the National Basketball Association were not immediately available to comment.
...Prokhorov is considering issuing a bond worth $700 million through Onexim to help fund the project, one source close to the deal said.
The source said the bond must be issued before the end of 2009 so it is exempt from government taxes, adding: "This is a pure business story. The value potential of the club and arena are very high."
Another source familiar with Prokhorov's plans said the billionaire may end up owning a stake in the club as part of the deal.
NoLandGrab: There have been rumors about Prokhorov being interested, and not being interested, for several months now, and Bruce Ratner reportedly flew to Moscow early this summer to prostrate himself, no doubt, before the mighty Russian oligarch.
One thing is pretty certain, though — Prokhorov didn't become Russia's richest man by investing with boobs like Ratner. On the other hand, he could be eyeing the ESDC's "NY Loves Business" Atlantic Yards largesse like a kid in a candy store.
One more thing — the bit about Prokhorov issuing a bond seems a bit odd. Then again, the whole thing seems a bit odd.
Additional coverage...
ESPN True Hoop, Russia's Richest Man, A Cash-Strapped NBA Team
ESPN blogger Henry Abbott serves up a little cold water for the "done deal" crowd.
Reuters has been reporting on the possibility that billionaire Mikhail Prokhorov might infuse the Nets with the capital they need to become a presence in Brooklyn.
...Is it real? Is the NBA really about to welcome an "oligarch" into the ownership club?
Who knows? But it is interesting to note that the Wikipedia entry on Prokhorov says that teams like to drop his name, apparently as a way of stirring other investors.
There's a global tendency to report that Mikhail Prokhorov is becoming a strategic investor of some companies or sport clubs with deep financial problems in order to attract an interest to their activities. New Jersey Nets and FC Roma are also in the list.
His name has been connected to the Nets for some time, along with speculation that he might not want to let the NBA dig into his finances as part of the ownership vetting.
The Moscow Times, Prokhorov May Fund NBA Stadium
Mikhail Prokhorov may help fund the construction of an arena for the New Jersey Nets, a spokesman for the billionaire’s holding company said Thursday.
Prokhorov, Russia’s wealthiest man and an avid basketball fan, is considering funding the stadium after being approached by someone involved in building Barclays Center, which is planned to go up in Brooklyn, Onexim spokesman Igor Petrov told The Moscow Times.
“The possibility exists” that Prokhorov will participate in the project, Petrov said, declining to say how much he would contribute.
...Another source told Reuters that Prokhorov was getting a stake in the team as payment for a debt.
NLG: A stake in the team as payment for a debt? Wait, isn't this the Simpson's episode all over again?
Posted by eric at 8:33 PM
September 11, 2009
Yormark Denies Team is for Sale
Nets Daily
Brett Yormark was on the FOX Business Network on Tuesday to talk about logos on practice jerseys, and when asked about a potential sale of the Nets, he denied that Bruce Ratner is actively seeking to sell the team. “We’re not open for business and for sale,” Yorkmark said after searching for the right words. He instead chose to phrase a potential purchase as investors looking to buy in. “We get a lot of inquires, especially now that we’re moving to Brooklyn. They see the asset value of the Nets.”
NoLandGrab: Be sure to read the comments, which show that Yormark is as beloved by diehard Nets' fans as he is by Atlantic Yards opponents.
And if you haven't had a chance to watch that Fox interview yet, it's worth it just for Yormark's master class in marketing-speak gobbledygook.
Posted by eric at 1:53 PM
September 9, 2009
Nets Leading the Way?
Hoopsworld
By Alex Raskin
According to the Sports Business Journal, PNY Technologies—a New Jersey-based flash drive manufacturer—has struck a deal with the Nets to put their logo on the team's practice jerseys. In doing so, the Nets became the first NBA team to sell ads on any of its uniforms.
...
The financial issues of moving a franchise in this economic climate may have pushed the Nets to sell ads on their practice jerseys, but that doesn't mean they're not starting a trend. And if the league permits, don't be surprised to see logos on game uniforms as well.Could Devin Harris end up looking like Ricky Bobby?
Who knows? [Nets CEO Brett] Yormark spent six years at NASCAR before Ratner hired him in New Jersey.
Posted by lumi at 5:02 AM
September 7, 2009
Soon You're Talking Real Money...
Gumby Fresh
The pseudonymous bond-market insider Gari N. Corp parses last week's Nets Daily analysis of Bruce Ranter's precarious financial situation.
I finally got round to picking through this extremely interesting, timely, lucid, and well-reported Q&A at Nets Daily post about a potential sale of the New Jersey Nets basketball team. It's awesome. Go read it. Go read it again. Go pick through it yourself like an episode of The Wire. There at the bottom is a comment from me. I'm going to elucidate here on what I wrote there.
The blog's pseudonymous author has worked out that there are a lot of rather angry investors in the Nets ready to vent at the nearest knowledgeable Nets fan, and the author has done a very good job of tracking them down. They also have appeared to have gleaned a pretty convincing idea of the Nets team finances.
But buried down in the information is something pretty momentous - Ratner needs to scare up another $200 million from somewhere to finish his new stadium in Brooklyn.
...Now go back to the Nets Daily article and take a gander at the logistics of this. Ratner wants to sell the team, and use the proceeds to fund the stadium. But buyers - with the NBA's support, apparently - do not want to be locked into an above-market lease for a Brooklyn arena. They want to own the arena, but probably don't have the resources to convince the agencies to follow through.
The Nets losses then, are only part of the reason Ratner needs to sell. But Ratner might not be able to sell the team until the financing is in place, but needs to sell the team to conclude the financing. Can he bundle both into a single instantaneous transaction? Watch this space.
NoLandGrab: As usual, Mr. Corp (whose unstated motto would appear to be "quality, not quantity" of blog posts) has penned a piece well worth clicking thru to.
Posted by eric at 10:39 AM
September 6, 2009
NetsDaily, quoting many "insiders," says sale of team, bond issuance face tight deadline; can financing and sale be bundled?
Atlantic Yards Report
Norman Oder digests claims from the NetsDaily blog on possible futures for the New Jersey Nets. The full analysis is well worth the read. Below are some highlights.
The pseudonymous NetIncome (aka Bobbo), the ill-tempered and amply-but-anonymously-sourced Nets superfan behind much of the NetsDaily blog, has posted The Nets’ Future-An FAQ, which is worth a close look.
It's very interesting stuff, though the lack of clear sourcing should be taken with a grain of salt. I've provided some excerpts, plus some commentary of my own and, notably, from blogger Gari N. Corp, who questions the bundling of both the team sale and arena financing, observing on his Gumby Fresh blog:
This is a tremendously over-leveraged developer trying to pitch a tremendously over-leveraged project to the market.
Ratner trying to line up a buyer for the Nets who would subsequently pay pay rent to Ratner for the proposed arena.
NetIncome sees Newark as impossible, but Oder isn't so sure:
NetIncome writes:
Ray Chambers, one of the former owners, is still pitching Newark. A second insider hinted that Mayor Cory Booker had spoken to some of the owners a while back at Chambers’ request. “If you talk to Ray Chambers and Cory Booker, they’ll tell you how good Newark would be”, said the insider, but he reiterated that Brooklyn is the better deal because of the arena.Later, he comments more dyspeptically, saying that the Newark investors are illusory--well, the sources are anonymous, as are so many of his--adding:
Again, for about the 1,000th time, there is NO WAY for the Nets to make money in Newark. NONE. Vanderbeek can’t make money on the Devils, for God sake, or the arena, even with all those open dates.I think it's more complicated. For the Prudential Center, at least, the scenario would change if the Izod Center closes and no longer competes for lucrative concerts.
While it would obviously be more difficult for the Nets to make money in Newark, attendance--the lack thereof which has caused financial woes--almost surely would increase. Here is some insight under the heading of "Timing issues and bonds".
Insiders tell NI that ownership would have to be settled by November, a schedule complicated by a state Court of Appeals decision not expected until mid- to late-November (and, I'd add, potential other court cases). Bond rating agencies must approve the deal.
To build the $772 million Barclays Center (the FAQ says $774M), with $650 million in tax-exempt bonds, according to NI, the team owner must put up $200 million in cash and prove the availability of revenue streams, such as the lease and naming rights.
And here's an indication that Ratner must find a way to end his losses from owning the Nets:
While the Nets have lost $70+ million over the past two years, parent Forest City Enterprises, which has increasingly absorbed team losses "reportedly has told Ratner after this year 'we’re done,'” according to NI.
Oder brings in comment from the blog Gumby Fresh that indicates that some tricky maneuvering would be necessary to line up financing for an arena:
Ratner wants to sell the team, and use the pro