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Investment Group That Includes Jay-Z Wins Bid For New Jersey Nets
The owners of the New Jersey Nets have accepted a $300 million from an investment group that includes developer Bruce Ratner and rapper Jay-Z.
The acceptance means that group is one step closer to realizing their goal of moving the team to Jay-Z's hometown of Brooklyn, New York.
The sale of the team could be finalized by the NBA as early as next month, clearing the way for the move from New Jersey.
The sale has sparked criticism from a variety of people.
New York Knicks owner James Dolan is reportedly lobbying hard against bringing the team to New York, while residents in the area expressed their own concerns about the a proposed $600 million dollar sports complex.
"He's got a huge fight on his hands," Patti Hagan, spokeswoman of the Prospect Heights Action Coalition, told the New Jersey Star-Ledger. Hagan is organizing anti-Brooklyn arena protests. "Mr. Ratner and his investors don't seem to understand it's not about money. We're talking about people's homes and neighborhoods and workplaces. It's much deeper than money."
The acceptance of the $300 million dollar bid ends a bidding war between Jay-Z's group and a group led by Charles Kushner and Senator Jon Corzine.
Corzine submitted a last minute all cash offer of $300 million just before 3 p.m. yesterday (January 21). Kushner allegedly started spreading the word that he had won the bidding war.
When he was informed that his opposition's bid had already been accepted, he was reportedly furious.
Source: allhiphop.com
The acceptance means that group is one step closer to realizing their goal of moving the team to Jay-Z's hometown of Brooklyn, New York.
The sale of the team could be finalized by the NBA as early as next month, clearing the way for the move from New Jersey.
The sale has sparked criticism from a variety of people.
New York Knicks owner James Dolan is reportedly lobbying hard against bringing the team to New York, while residents in the area expressed their own concerns about the a proposed $600 million dollar sports complex.
"He's got a huge fight on his hands," Patti Hagan, spokeswoman of the Prospect Heights Action Coalition, told the New Jersey Star-Ledger. Hagan is organizing anti-Brooklyn arena protests. "Mr. Ratner and his investors don't seem to understand it's not about money. We're talking about people's homes and neighborhoods and workplaces. It's much deeper than money."
The acceptance of the $300 million dollar bid ends a bidding war between Jay-Z's group and a group led by Charles Kushner and Senator Jon Corzine.
Corzine submitted a last minute all cash offer of $300 million just before 3 p.m. yesterday (January 21). Kushner allegedly started spreading the word that he had won the bidding war.
When he was informed that his opposition's bid had already been accepted, he was reportedly furious.
Source: allhiphop.com
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