Sale of Nets approved by NBA
New York, NY (Sports Network) – The National Basketball Association’s Board of
Governors Wednesday unanimously approved the sale of the New Jersey Nets to an
ownership group led by Bruce Ratner.
The parties involved are expected to close the transaction next week.
Ratner, a Brooklyn developer, and his group are expected to pay an estimated
$300 million to buy the team from Community Young Organization.
There are plans to build a 19,000-seat arena that will be part of a $2.5
billion office, residential and shopping complex. The arena will hopefully be
completed for the 2007-08 season and the entire project is likely to take 10
years to finish.
In addition, the league’s Board of Governors also unanimously approved the
sale of a minority interest in the Golden State Warriors to a Silicon Valley
investor group led by Michael Marks.
“These transactions demonstrate the attractiveness of NBA teams to
sophisticated investors,” said commissioner David Stern. “We are pleased
to welcome both ownership groups to the NBA.”