Ratner Explored Nets Sale

[DynastYWarrioR6]

According to a report published by the New York Daily News, Nets owner Bruce Ratner met with a group of investors within the past year about possibly selling control of the basketball operations.

The deal would not have included the Atlantic Yards project, which will be the Nets' new home base in Brooklyn.

According to the report, one of the investors said that Ratner met with investors because the Nets were "hemorrhaging dollars."

"He was looking for equity," the investor said of the deal that is no longer on the table. "But now is not the time to sell a sports team, as the Cubs found out. Now, people are holding onto their cash."

The Nets have been losing from $20 million to $25 million annually for several seasons, according to a league source, who projects similar losses this season.

Via New York Daily News

http://www.realgm.com/src_wiretap_archives/55113/20081028/ratner_explored_nets_sale/

uh-oh

 

[BrooklynBound]

Good. Great franchises start at the top.

 

[BabaBooey]

It begins.......he still is holding out this Brooklyn arena nonsense which will die next year - if the Newark arena group coms in strong this could happen next year....

 

[danxcr]

good, id rather play in newark at the rock and keep the team in brooklyn, i mean ratner hasnt come out and said hes willin to do anythin to win the championship... hes all bout his business / realstate... he doesnt really care bout basketball... i mean here... keep brett yormack, and give jayz more shares(he can attract Free Agents himself) and sell the team to a guy who cares (like a mark cuban guy - but not so emotional )

 

[Dark Defender]

My worst fear is that if Brooklyn fails, Seattle will be first in line to bid on our franchise.

 

[DynastYWarrioR6]

My worst fear is that if Brooklyn fails, Seattle will be first in line to bid on our franchise.

I still think the Clippers move there before anyone else, but that's just me.

 

[danxcr]

if brooklyn fails i really doubt that a seattle based investor would come here and try to take the team away... and as noted in the article the broolyn thing is owned by a different entity so that still up

 

[rory]

My worst fear is that if Brooklyn fails, Seattle will be first in line to bid on our franchise.

That would be bad, but I hear that Memphis is a more likely candidate to be relocated.

 

[xflavioVC15x]

They should built an arena in Atlantic City. Great place to go watch a game and they get many people visiting there

 

[SportsTicker]

He flatly denies it, says "it's not true".

There is NO doubt he has been trying to sell part of the team since 2005 to raise cash, but in 2006 and 2007, he was BUYING out small stockholders, as reported in The Record.

I love talk about the "Newark ownership group". There is no such entity, period.

 

[BabaBooey]

He flatly denies it, says "it's not true".

There is NO doubt he has been trying to sell part of the team since 2005 to raise cash, but in 2006 and 2007, he was BUYING out small stockholders, as reported in The Record.

I love talk about the "Newark ownership group". There is no such entity, period.

There may not be an entity per se but there are more than enough repots circulating that Newark has had talks with Ratner on the Nets.....you'd be foolish to think a play will not be made from Newark regardless of who initiates. That arena is screaming for an NBA team.