May 1, 2008
Nets Owner Ratner Rumored to Sell Team to Newark
Unnamed sources are telling the Jersey Star-Ledger that Bruce Ratner, principal owner of the New Jersey Nets, has secretly met with the owners of the New Jersey Devils and Newark mayor Cory Booker to discuss selling the Nets and moving them to Newark. If true, it would signal the end of Ratner’s troubled bid to relocate the Nets to downtown Brooklyn, where he is trying to build a controversial $4 billion stadium, residential, office and retail complex on 22 acres of land.
Ratner’s spokesman says, “The team is absolutely not for sale. We're inches away from completing the deal in Brooklyn.” But his development company, Forest City, recently acknowledged that most of the project, which promised considerable affordable housing, will be postponed because of economic downturn. Nevertheless, Ratner is still determined to start construction on the arena.
Carl Goldberg, chairman of the New Jersey Sports and Exposition Authority, says, “The likelihood of the Nets actually building a new facility in Brooklyn and leaving our facility at the Izod Center is diminishing by the moment.” And George Zoffinger, former chief executive of the New Jersey Sports Authority, tells the Star-Ledger that the proposed Brooklyn arena – which could cost $1 billion to build – is economically unviable: "When you start to spend north of $500 million for an arena, you can't generate the cash flow necessary to generate a decent return on the investment.”
Despite all this, Goldman Sachs, which is leading the financing for the arena, is “confident we will close on the financing for the project by the third quarter.” To try and make sure that doesn’t happen, Develop Don’t Destroy Brooklyn, community activists and some local politicians will be rallying at the Atlantic Yards site this Saturday May 3rd at 2 p.m. Details here.
Photo of Nets billboard near Atlantic Yards footprint by threecee.
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This would be a good thing.
They have a perfectly good area in Newark where there was actual community support for it. Perhaps Ratner was mistaking in thinking that Marty Markowitz was some sort of Sharpe James.
Plus, the team historically belongs in New Jersey, not that we care about basketball.
There's also a DDDB fundraising concert happening at Southpaw on Thursday May 15th featuring Brooklyn-based songwriters John Wesley Harding, Richard Julian, Clare & The Reasons, and other special guests.
Tickets available now on ">http://www.ticketweb.com/t3/sale/SaleEventDetail?dispatch=loadSelectionData&pl=&eventId=256696> ticketweb
It would be a very good thing for them to go to Newark. NY already let the Nets go, why bring them back from Jersey?
It's good business for Newark to have another tenant in the Prude Center in addition to the Devils and any other non sports events scheduled.
BKLYN doesn't NEED the arena, what they need is smart development. If a stadium wasn't right for the location 50 years ago, why is it suddenly right now?
Great. Getting slapped in the face by Ratner is still better than going through with that Atlantic Yards abortion.
The weird thing is that I think the Knicks hit their nadir and the opportunity for the Nets to really capitalize on the Knicks being totally miserable might have passed. If Isiah had stayed on for another season, it would still be there, but I think they missed their shot.
Hey Genius,
Ratner isn't selling the team to the city of Newark. Did you read the first paragraph of the story in the Star Ledger?
"The owner of the Devils hockey team and Newark Mayor Cory Booker are seeking to assemble a group of investors to buy the Nets and move the basketball team to Newark, according to people familiar with the effort."
More exceptional reporting by Gothamist.
CKNY: I did not say Ratner is selling the team to the city Newark. As I wrote - and as the Star-Ledger reports - the mayor of Newark and the owner of the Devils have met with Ratner and his associates to "discuss selling the Nets and moving them to Newark." Try reading more slowly and carefully before you embarrass yourself again.
CKNY gets shockingly pwnd.
John Del Signore: "I did not say Ratner is selling the team to the city Newark."
Gothamist Headline: "Nets Owner Ratner Rumored to Sell Team to Newark"
umm.
Actually JDS & the ironically named "Comic Book Guy" (anyone using "pwnd" would look up to the CBG character)...
As Son of Spam points out, the headline makes it sound like the team is being sold to the city of Newark.
It was pretty obvious to me from reading the first sentence that the city of Newark isn't going to be buying a sports team. Of course, I live in Jersey and know that would never happen.
Oh Brucey, Brucey...play with eminent domain and you get burned.
Little Meathead Markowitz says: "Wah, wah, wah, me wantee Ebbets Field and Egg Creams and trolleys and stick bawl and Jakie Wobinson. Wah, wah, wah!!"