Ownership of The Nets
The controversial Ratner (he is among other things one of the biggest spenders in New York state on lobbying politicians according to the New York Times) first became owner of the Nets when he headed an ownership group that purchased the franchise from YankeeNets for $300 million. Ratner's group beat out an ownership group led by Charles Kushner and former New Jersey governor Jon Corzine. Since 2005, Ratner has been planning to relocate the Nets to New York City, specifically to build an arena in the Prospect Heights neighborhood of Brooklyn even though there was desire to keep them in New Jersey.
The Barclays Center is now the centerpiece of a $3.5 billion sports arena, business and residential complex called Atlantic Yards. This project is being built by Ratner's company, Forest City Ratner Enterprises. The site of the proposed arena is adjacent to the site that Walter O'Malley wanted to use for a new stadium for the Brooklyn Dodgers in the early 1950s. (O'Malley's plan was rejected by the city, resulting in the Dodgers relocating to Los Angeles in 1958.) On September 23, 2009, Russian tycoon Mikhail Prokhorov reached a deal with Ratner to purchase an 80% stake of the Nets for $200 million, subject to Ratner acquiring financing for the arena project and control of the land by the end of the year in addition to the approval of 3/4 of the NBA board of governors. Prokhorov would also provide a $700 million loan to the construction of the arena as well as attracting additional funds in Western banks. According to Ratner, accepting Prokhorov as majority owner "gives us a partner who adds to the financial strength of the venture. Mikhail will have primary responsibility for the basketball part and we will have primary responsibility for the arena and the real estate." On May 11, 2010, the sale of the Nets to Prokhorov was approved by the NBA.
Read more about this topic: Bruce Ratner
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—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)
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