Nets Will Have New Owner; FCR Will Have New AY Partner
Wow! Russia’s richest man, Mikhail Prokhorov, announced a deal with Forest City Ratner and the Nets that will make Prokhorov’s Onexim Group the majority owner of the Nets and an Atlantic Yards development partner. Details from the AP: “According to the agreement, entities to be formed by Onexim Group will invest $200 million and make…
Wow! Russia’s richest man, Mikhail Prokhorov, announced a deal with Forest City Ratner and the Nets that will make Prokhorov’s Onexim Group the majority owner of the Nets and an Atlantic Yards development partner. Details from the AP: “According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate.” The deal still needs to be approved by the NBA. AY Report has details on Develop Don’t Destroy’s reaction to the news.
NJ Nets, Russia’s richest man agree to deal [AP via Yahoo]
Russian Tycoon Investing $200M to Bridge Financing Gap [AY Report]
NBA and Treasury Department Must Vet Billionaire [DDDB]
Photo from Impactlab
I hope that russkie screws bruce to the wall.
I never said that the Court of Appeals would not over rule the lower court decision. My point was that, to the extent they are predisposed to do so, it would NOT be because of Ratner’s deal with Prokhorov.
BTW the Court of Appeals just over ruled the unanimous decision by the lower court in the Richard Ravitch Lt governor matter so it does happen(4 to 3)
The Russians are coming the Russians are coming opps the Russians are here! the Russians are here. A shout out for the person who came up with the NY Nyets!
So babs, you think the the New York Court of Appeals is gonna strike down at 4-0 unanimous decision in the lower courts SOLELY on the basis that Ratner entered into a non-binding letter of intent with a foreigner (damn those commie foreignors!) to invest in the arena, the team and the larger development? Good luck with THAT theory!
I would like to see how the use of eminent domain can be justified for this arena project. There is blatantly no public purpose here and it is entirely separate from the balance of the plans for the site, both in terms of timing and ownership. So a US court is going to take property away from an American citizen so a Russian oligarch can build a basketball arena for the team he owns? Good luck with that one. This move places the arena project as completely unrelated to the balance of FCR’s plans for the site and as, more than ever, a purely private business venture. In no way can you connect the two, and the new arena design does not include any form of public space whatsoever. Brooklyn Nyets indeed — as in not gonna happen.
And the winner is……”Brooklyn Nyets!”
Love the comments. Very funny thread.
In all seriousness this is great news. The arena is indeed a done deal. But for DDDB’s frivolous lawsuits Brooklyn Nets basketball would have started this Nov. Sad. Three years of senseless delay for what purpose? Now we’re looking at 2012 at the earliest. Blows!
I, too, read the DDDB press release and found it to be the most unhinged, insane rambling to date, no small feat when you’re dealing with Daniel Goldstein. He and his cronies have always been desperate, but this release is in a category all its own. I got a huge belly laugh out of the phrase “major court challenge”.
This deal conclusively eradicates any financial problems for the project and in a few short months, the eminent domain case will also be history. Dan, pack your family and move upstate (where you probably already live).
Well played, THL!