by Duncan Cooper, at Dec. 17, 2011, 9:52 p.m.
Title: SPORTS BUSINESS; YankeeNets Unravels, And Teams May Move
Event: Ratner's announcement
Source: The New York Times
Author: Charles V. Bagli
Associated media: Download article
Excerpts: "In one of the more startling proposals, according to people involved in the negotiations, Lewis Katz, a wealthy businessman from New Jersey and a principal owner of the Nets, could join with the developer Bruce Ratner in moving the teams to downtown Brooklyn, where a new 20,000-seat arena would be the centerpiece of a real estate development designed by Frank Gehry, the architect responsible for the Guggenheim Museum in Bilbao, Spain, and the Mighty Ducks' training facility in Anaheim, Calif.
"The developer has asked New York City officials to come up with a memorandum of understanding by the end of the month expressing public support for the multibillion-dollar project. Under the terms of the proposed deal, Ratner is putting together a group to buy a $50 million stake in the teams.
"Katz has been having more success in his discussions with Ratner about Brooklyn, where the two men figured that a large-scale real estate project could jolt the downtown neighborhood and improve the financial feasibility of the arena.
Referenced by: NOTE: Bagli continues this thread over the summer with 8/19's “BASKETBALL; Corzine in Bid to Buy Nets And Block Potential Move“ ["Another executive, who has talked with Corzine and Kushner, said Corzine was ''somebody who'll buy the Nets for the sole purpose of keeping them in Jersey… ''Our competition is this guy Ratner, who's willing to put up a ton of money,' the executive said. 'He claims to have New York City officials willing to give him a huge subsidy.'"] and 8/20’s “BASKETBALL; Brooklyn? Newark? Nets Don't Know.”
Location: POINT (-73.9874911175849235 40.7571400231476062)
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