HoopsHype Bruce Ratner rumors

October 20, 2014 Updates
October 4, 2014 Updates

The source described the meeting — which Nets minority owner Bruce Ratner and chief executive officer Brett Yormark also attended — as “exploratory” in nature. The source said Prokhorov held the meeting to look into ways to expand his sports and entertainment portfolio, which, along with the Nets, includes Barclays Center, Nassau Coliseum and the sales and marketing operations of the Islanders. The source said that any deal that is made with another group would be a “merger and not a sale” and that nothing is imminent. New York Daily News

June 25, 2014 Updates

Brooklyn Nets owner Mikhail Prokhorov, with hopes of winning a $1 billion valuation for his team, has agreed to end his free-spending ways, The Post has learned. The 49-year-old Russian billionaire feared the red ink spilled by the team — in large part because of his history of deficit spending — would discourage some potential bidders from forking over enough cash for Bruce Ratner’s minority stake to gain the 10-figure value, sources said. New York Post

As for cost-cutting, how's that going to work. With only 10 players under contract, the Nets contractual commitments for next season stand at little less than $90 million and that doesn't include whatever free agents Paul Pierce and Shaun Livingston get. The chances of the Nets going into next season with another $100 million payroll seem high ... unless the Nets starting dumping salaries this week. That is unlikely in the extreme. The Nets have a chance, if they compete at a high level, to make further inroads in the Knicks fan base. That would add further value to the franchise. Do the Nets want to cut costs? No doubt, with a $50 million loss on their balance sheet. Will it affect the team? That's a different story. NetsDaily

Of course, there is one group that would benefit from the Post story: minority owner Bruce Ratner's Nets Sports and Entertainment. He has hired an investment banker to take bids on the 20 percent NSE owns in the team and in fact, the Post'sJosh Kosman, bases a lot of his reporting on comments from those who have seen the investment banker's pitch documents. NetsDaily

April 29, 2014 Updates

Developer Bruce Ratner is looking to sell his company's 20% stake in the Brooklyn Nets, and has tapped investment bank Evercore Partners to advise him on the sale, according to multiple people familiar with the team. A decade ago, Mr. Ratner's Forest City Ratner Cos. and a group of smaller investors paid about $300 million to buy the Nets when they were still based in New Jersey, in a bid to lure them to Brooklyn as the main tenant for a new arena. Wall Street Journal

October 22, 2013 Updates

The Wall Street Journal, citing public documents released by Bruce Ratner's parent firm, reports that the profit generated by Barclays Center is a third of what the arena's operators projected before it was built. Eliot Brown of the Journal writes that the arena will produce about $26 million in operating income in its first year, 2/3rds of the $76 million projected ... and less than what the arena has to pay out to its bondholders. NetsDaily

Forest City Enterprises which owns 55 percent of the arena operating company attributes the shortfall to the opening costs, "to make a big splash in the first year, investing heavily in marketing, customer service and securing top acts," writes Brown. Indeed, the arena has been the nation's top grossing venue for concerts and family shows through the first three quarters of year one ... and second in the world. "We can easily reduce our expenses by 15%, if not higher," Brett Yormark, CEO of the Barclays Center, told WSJ, adding the arena's first 12 months have "exceeded my expectations." NetsDaily

October 19, 2013 Updates

The Wall Street Journal, citing public documents released by Bruce Ratner's parent firm, reports that the profit generated by Barclays Center is a third of what the arena's operators projected before it was built. Eliot Brown of the Journal writes that the arena will produce about $26 million in operating income in its first year, 2/3rds of the $76 million projected ... and less than what the arena has to pay out to its bondholders. Forest City Enterprises which owns 55 percent of the arena operating company attributes the shortfall to the opening costs, "to make a big splash in the first year, investing heavily in marketing, customer service and securing top acts," writes Brown. Indeed, the arena has been the nation's top grossing venue for concerts and family shows through the first three quarters of year one ... and second in the world. NetsDaily

October 11, 2013 Updates

Bruce Ratner, who saved his investment in the Nets and Barclays Center by selling out to a Russian investor, is now selling a majority interest in the surrounding Atlantic Yards project to a Chinese-government land company, reports the Wall Street Journal. An investor confirmed the report. The sale won't include Ratner's stake in either the Nets or Barclays Center. Mikhail Prokhorov bought 80 percent of the Nets and 45 percent of the arena for a less than $250 million in 2009. At the time, it was reported that he also had an option to purchase up to 20 percent of Atlantic Yards, an option he has not exercised. Its current status is unknown. NetsDaily

September 1, 2013 Updates

Adam Ratner is also an addition to the basketball operations staff. He will work with Milton Lee, who oversees the Nets D-League affiliate. Ratner is the son of the CEO of Forest City Enterprises, Forest City Ratner's corporate parent, and Bruce Ratner's cousin. NetsDaily

August 5, 2013 Updates

When one of the hosts suggested that the Nets may have been up too much for Paul Pierce and Kevin Garnett, "guys as old as me," Ratner, still a minority partner, had a spiel ready. "We didn't give up very much. A couple first round picks. That's okay. We're likely to be in a winning position. So I'm not sure those picks are worth so much,though," said Ratner whose group still owns 20 percent of the team. "The first thing is we had a very good team this year. We won 49 games. we went into the 7th game. Now you add three players, what you do have? the answer is you are right, they are older. The difference between you and them, they're a really good basketball players. they really are." NetsDaily

October 10, 2010 Updates
July 6, 2010 Updates

Bruce Ratner remains a minority partner in the New Jersey Nets, so he's not at liberty to question the decisions made by the team's new majority owner, Russian billionaire Mikhail Prokhorov. But if there's one consequence of the new regime's attempt to distance itself from last season's nearly historic -- as in historically bad --12-70 record that bothers him, it's how assistant general manager Kiki Vandeweghe was sent packing. Enough so that Ratner's conscience apparently compelled him to speak out about it. Especially now that team president Rod Thorn is stepping aside as well and the team is in search of new leadership altogether. "He didn't go out the way he should have," Ratner said now of Vandeweghe. "The team is in a really good position and he was instrumental in putting it there." ESPN.com

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