Closing Bell: Forest City Enterprises Selling Barclays Center
Forest City Enterprises is selling its 55 percent majority stake in Barclays Center, according to Street & Smith’s Sports Business Journal. Possible candidates include Nets owner Mikhail Prokhorov, who already owns 45 percent of the arena, or the new owners of the Islanders. No price has been named, but investment banking sources quoted by SBJ…
Forest City Enterprises is selling its 55 percent majority stake in Barclays Center, according to Street & Smith’s Sports Business Journal. Possible candidates include Nets owner Mikhail Prokhorov, who already owns 45 percent of the arena, or the new owners of the Islanders. No price has been named, but investment banking sources quoted by SBJ speculated $750,000,000 would be the top valuation, based on an estimated $30,000,000 in annual cash flow.
Atlantic Yards Report called the sale “curious,” considering the center cost more than $845,000,000 to build, according to various estimates. What do you make of it?
Barclays Center for Sale [SBJ]
Breaking: Ratner’s Selling Share of Barclays Center (at a Loss?) [AYR]
I don’t think Steve Miller has played Barclays yet:
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run