|
playa2
Posts: 34922
Alba Posts: 15
Joined: 5/15/2003
Member: #407
|
Report: Nets could be sold, moved to New York
NEWARK, N.J. (AP) — The owners of the New Jersey Nets are talking to at least four groups about selling the team, and two of the potential buyers would move the team to New York, according to a published report.
The Star-Ledger of Newark reported in Thursday's editions that YankeeNets, the sports conglomerate that also owns the New Jersey Devils hockey team, would break up the organization and sell off the Nets.
"You can't really buy the Nets until they decide what they are going to do," Donald Unger, a former Nets owner who has expressed interest in repurchasing the team, told the newspaper. "I don't think anybody knows exactly what is going to happen."
Partners in YankeeNets are trying to figure out how to break up the company before Sept. 1, when top investors in the company must pay former Devils owner John McMullen $35 million for the final 20% of the Stanley Cup champions, the newspaper reported.
The newspaper identified four potential purchasers. Bruce Ratner, president of the New York development firm Forest City-Ratner, would move the Nets to Brooklyn to a proposed arena above the Long Island Railroad Terminal. Philanthropist Lewis Katz, the chairman of the Nets, has pursued the Ratner deal and likely would become a partner with Ratner in the venture, the newspaper reported.
Charles Wang, owner of the Islanders and the retired chairman of Computer Associates, would move the Nets back to their original home on Long Island, the newspaper reported. Cris Botta, a spokesman for Wang, said: "We're not going to comment on the specifics. However, it's no secret Charles remains very interested in bringing an NBA franchise back to Long Island."
The paper also said Alan Landis and David Gerstein, minority investors in YankeeNets, want to take control of the Nets. They did not return phone calls from the paper seeking comment.
Unger, a New Jersey financier and a former member of the Nets ownership group, has tried to buy the team twice before and favors keeping the Nets in the Meadowlands Sports Complex at a renovated arena, then newspaper reported.
YankeeNets would not discuss the situation.
"At this time, these are mere rumors, and therefore there is no purpose to comment," Dan Klores, a spokesman for the Nets ownership group told the newspaper.
--------------------------------------------------------------------------------
Copyright 2003 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
JAMES DOLAN on Isiah : He's a good friend of mine and of the organization and I will continue to solicit his views. He will always have strong ties to me and the team.
|
8/7/2003 7:06 PM
......Not since the bum days, this is good for the city. I can see another subway series, and a first for bball. 