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Jay-Z Owning a Basketball Team Almost Reality
Real estate developer, Bruce Ratner and a group of his investors including Jay-Z, are close to closing a deal to purchase NBA basketball team the New Jersey Nets.
Today in a report from ESPN.com, the current owners of the NBA franchise, Lewis Katz and Ray Chambers, have finally come to an agreement to end their YankeesNets partnership giving them the go ahead to sell the team.
Katz and Chambers have told Ratner that they intend to sell the team to him and his investors (including Jay-Z) for around $300 million according to Bloomberg News.
Jay-Z and Ratner plan to move the team from the Meadowlands sports complex to Brooklyn, where a new arena would be built. The arena "will be almost exclusively privately financed," said Ratner.
There have not been any official word about the sale of the team or when everything will be finalized.
"There are a million details that have to be worked out with the NBA," a source told Newsday on Wednesday. "We're close, but it isn't going to be done tomorrow [Thursday], unless there's a small miracle."
Source: ballerstatus.net
Today in a report from ESPN.com, the current owners of the NBA franchise, Lewis Katz and Ray Chambers, have finally come to an agreement to end their YankeesNets partnership giving them the go ahead to sell the team.
Katz and Chambers have told Ratner that they intend to sell the team to him and his investors (including Jay-Z) for around $300 million according to Bloomberg News.
Jay-Z and Ratner plan to move the team from the Meadowlands sports complex to Brooklyn, where a new arena would be built. The arena "will be almost exclusively privately financed," said Ratner.
There have not been any official word about the sale of the team or when everything will be finalized.
"There are a million details that have to be worked out with the NBA," a source told Newsday on Wednesday. "We're close, but it isn't going to be done tomorrow [Thursday], unless there's a small miracle."
Source: ballerstatus.net
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