Friday, September 18, 2009

Ratner, the Nets, and the Russian Billionaire

Yesterday the Empire State Development Corp. rubber stamped the revised plans for the Net's Atlantic Yards arena (and here).

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."

Field of Schemes asks, "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."

No Land Grab says this investment would be "the ultimate Ratner bailout."

- Funny Crowd at Ratner's 'Brooklyn Day' Rally
- Q: What Do Anheuser-Bush, Izod, Foxwoods and Cushman & Wakefield Have to Do With Forest City Ratner?
- Brooklyn Museum Ratner Protest: Dress Formal
- Walkathon Against Atlantic Yards Oct. 14
- Atlantic Yards: Uh, Is It Too Late to Stop the Check?
- Another Erie Atlantic Yards Occurrence: 'Ratner Curse?'
- Ward Bakery Rains Down On Cars Below

Photo by Eric I. E., Creative Commons license

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1 comment:

replicajewelry said...

Mikhail Prokhorov is such a crafty businessman, maybe this is not all he want.
watch for his next move
While all the nets fans are exciting about this, because the movement may lead nets to be the richest club in the league.