NY Nets roadblock??

Discussion in 'Brooklyn Nets' started by Vyper, Feb 15, 2004.

  1. Vyper

    Vyper -Vintage '73-

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    <div class="quote_poster">Quote:</div><div class="quote_post">Developer Bruce Ratner is up against a formidable foe in his bid to bring the NBA title contenders to Atlantic Avenue, said sources close to the deal:

    His own bankers.

    Ratner is preparing a full-court press to get JPMorgan Chase to loan him the hundreds of millions in investment capital he needs for the 10-building megaplex, which includes an arena for the team, offices, shops and apartments.

    His game plan for the $450 million arena features a report now being worked up by two notable critics of sports facilities, experts Andrew Zimbalist and Richard Lipsky, whom Ratner hired to show that New York City would come out ahead if the Nets crossed the Hudson.

    So far, Chase has committed just $150 million toward the $300 million purchase price of the Nets. Goldman Sachs crunched numbers on the sale but hasn't become a lender.

    A bigger issue is getting bank bucks for the rest of the site.</div>

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