Friday , Jan , 23 , 2004 C.Y. Ellis

Brooklyn developer closer to buying Nets

New York, NY (Sports Network) – The owners of the New Jersey Nets have
approved Bruce Ratner’s bid to purchase the team.

Yankee/Nets, the owners of the NBA team, voted in a teleconference to sign off
on the deal reached earlier this week. The rest of the NBA owners must approve
the agreement as well.

Ratner, a Brooklyn developer, wants to move the franchise to Brooklyn. He was
joined at a news conference by an assortment of politicians, Brooklyn-born ex-
Knicks and Nets star Bernard King and rapper Jay-Z, a fellow investor.

“It’s a great day for all of us,” Ratner said. “It’s a great day for
Brooklyn.”

Brooklyn has not had a major professional sports team since the Dodgers left
for the West Coast in 1957.

Ratner promised to include local residents when the $2.5 billion project,
which includes a 19,000-seat arena, nears completion.

“It is about the community, and listening to the community, and involving the
community,” Ratner said.

A number of government approvals are still necessary before a move to Brooklyn
becomes a reality.

NJ