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The Daily Denial
Another day, another Ratner denial of reports that his money-losing Nets or his
floundering Atlantic Yards project are for sale.
Yesterday the Daily News
reported that Ratner had been trying to unload the Nets on some investors
but keep the team in the proposed Atlantic Yards arena if it's ever built. Later
in the day the NY
Post
reported Ratner's denial of the Daily News story.
Today, after an exclusive Yahoo!
Sports story reported that Ratner had been talking about selling the
Nets or the Atlantic Yards project to Dubai investors or Russian investors, respectively,
we get the second
denial in two days.
You know the "Nets for Sale" chatter is causing serious headaches for
Team Ratner because each time that talk bubbles up PR crisis managment guru Howard
Rubenstein* is trotted out to deny the reports.
Last spring there was much chatter about selling the Nets and moving them to the
Newark Prudential Center Arena. How did Ratner try to quell those stories? Here's
Rubenstein, last April, denying the
Nets to Newark talk:
"The team is absolutely not for sale," Ratner said through
his spokesman, Howard Rubenstein. "We're inches away from completing the
deal in Brooklyn."
And here's Rubenstein today, in
The Star Ledger, coming out to deny the Nets
to foreign investors story:
"Bruce Ratner has had absolutely no discussions with anyone from
Dubai or Russia," said Rubenstein, who also said many U.S. investors have
approached Ratner about the team.
"NBA teams receive overtures all the time from abroad as well as the U.S.
We have a large project and we are happy to talk to those potential investors."
Only the Yahoo! story wasn't about foreign investors, but rather foreign
purchasers. Nice, try.
Here's more of the Star Ledger denial story, where the Ratner denial
then gets denied by an anonymous source with "knowledge of the talks":
New
Jersey Nets owner Ratner denies talks with investors
by George E. Jordan/The Star-Ledger (Note: the original Star
Ledger article published at 6:55 pm can be found here.
The one below was an update which appeared at 11:21 pm.)
Nets owner Bruce Ratner said Wednesday that he welcomes hearing from potential
investors from around the world interested in buying into his NBA franchise
and its planned Brooklyn arena.
Bruce Ratner's seems to be admitting here that his financing is in big trouble,
otherwise why would he be seeking more investors at all, let alone from "around
the world." The Star Ledger article continues:
But Ratner denied a report that he is already entertaining overtures
from investors in Russia and Dubai as potential sources of ready cash for the
team and the Atlantic Yards project that includes the arena.
Yahoo Sports, citing two unnamed NBA sources, reported Wednesday Ratner is talking,
or has spoken with, separate investor groups from Dubai and Russia that want
to buy the team and take control of Atlantic Yards.
The Star-Ledger spoke with another person who said Ratner has been in contact
since last summer with foreign investors. "It's absolutely true," said the
person, who claimed knowledge of the talks but sought anonymity because he
was not authorized to speak for the developer.
But Ratner's spokesman, Howard Rubenstein, released a statement Wednesday
night that denied the Yahoo report. He acknowledged, though, that Ratner would
be "happy" to talk to new investors, foreign or domestic.
"Bruce Ratner has had absolutely no discussions with anyone from Dubai or
Russia," said Rubenstein, who also said many U.S. investors have approached
Ratner about the team.
"NBA teams receive overtures all the time from abroad as well as the U.S.
We have a large project and we are happy to talk to those potential investors."
Ratner has repeatedly delayed the start of construction of the new $1 billion
arena in downtown Brooklyn that would anchor an elaborate housing, office
and retail development.
Ratner has said the project would not begin because of pending lawsuits, but
in recent weeks the global credit crisis has raised questions about securing
a construction loan for the arena, which carries a price tag of at least $900
million.
The Nets released a separate statement Wednesday night that said the "Nets
are not for sale."
"However, like most other sports franchises, we often receive inquiries from
potential investors, which just confirms that the team is a very valuable
asset," the statement said. "We are firmly committed to the Nets and moving
the team to the Barclays Center in Brooklyn.
The person contacted by The Star-Ledger said investors from Asia, Russia and
the Middle East are shopping for deals in New York City. The source said the
foreign investors were more interested in Atlantic Yards than the NBA franchise...
We'll just state this flatly: New York State cannot allow Bruce Ratner to sell
the rights to a project that has proven to be nothing but a failure to date, for
which he doesn't own the land he needs and has not even started construction.
We don't know all the details of Ratner's arcane contracts with New York State,
but we trust selling a mirage is not allowed.
(*Note: Rubenstein was also used one other time by Ratner when his company had
to deal with the internal corporate crisis of former Atlantic Yards head honcho
Jim Stuckey's unexplained "resignation.")
Posted: 10.29.08
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