Lewis Katz Rumors
The Nets, said the league source, have never made money in Brooklyn and didn’t make money their last years in New Jersey under Bruce Ratner and before that under the late Lewis Katz and Raymond Chambers. Ratner, in fact, ran up record debts financing the Nets losses. When he sold the team in 2010 to Mikhail Prokhorov, the team had $200 million debt, nearly identical to the team’s value at the time. Lowe notes that the materials he obtained did not discuss the profit-and-loss picture for teams like the Nets who own their own arena.
Lewis Katz, a self-made man who built his fortune in New York parking lots, billboards and cable TV, and went on to buy the NBA’s New Jersey Nets, NHL’s New Jersey Devils and The Philadelphia Inquirer, died in a weekend plane crash. He was 72. Katz died Saturday night in a Massachusetts crash that claimed six other lives. His death was confirmed Sunday by his son, Drew, and his business partner Harold H.F. “Gerry” Lenfest.
Tim Bontemps: The Nets organization has issued a statement about the passing of former owner Lewis Katz. “The Brooklyn Nets organization was shocked and saddened to learn of the tragic death of Lewis Katz, an exceptional man who was the visual face of the ownership group during the most successful period of the Nets NBA franchise. Besides his love of the game, Lewis was deeply committed to the community & leaves an enduring record of philanthropic initiatives. Our sincere condolences, thoughts & prayers go out to his family.”
Tim Bontemps: NBA Commissioner Adam Silver has released a statement about the passing of former Nets owner Lewis Katz: All of us at the NBA were extremely saddened to learn of the tragic, sudden death of former Nets owner Lewis Katz. Lewis was a trusted friend and valued member of the NBA family. He was a visionary businessman who touched the lives of so many with his tireless pursuit of innovation and enterprise, as well as his deep commitment to his family, friends and community. I send my deepest condolences to the Katz family during this very difficult time.