Nets Have Lost $228.2 Million in Past Three Years
The long delay in starting to build the Nets’ proposed arena near downtown Brooklyn is helping to cause huge financial losses.
For the fiscal year that ended Jan. 31, Nets Sports and Entertainment, which owns the team and real estate in Brooklyn, had a pre-tax loss of $77.8 million. That brings the three-year total of losses to $228.2 million, according to a 10-K filing by Forest City Enterprises, the parent company of Forest City Ratner.
Forest City Ratner is developing the $4 billion Atlantic Yards project, the site of the arena.
Forest City Enterprises owns 23 percent of the Nets, who play in the Izod Center at the Meadowlands. Because of the way losses are allocated among the partners, and the increased capital that has been advanced to the team by Forest City, its share of the team’s pre-tax losses for the last three years is $76.5 million.