Nets one step closer to Brooklyn

June 29, 3:41 PMSports Business ExaminerJosh Lobdell

Previous Next

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Sports Business Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

A look at the South West Corner of land that will one day become the Nets Brooklyn home AP Photo/Kathy Willens

The New Jersey Nets are now one step closer to a move to Brooklyn. In a move that has had more than its fair share of legal and financial problems the Nets owner Bruce Ratner cut a deal that will eventually lead to the construction of a new NBA arena on the site that was once proposed for a domed stadium for the Brooklyn Dodgers.

As reported by the USA Today Ratner was to have paid the Metropolitan Transportation Authority 100 million dollars for a parcel of land 8.3 acres in size that is currently a rail yard. Ratner needs this land to complete his stadium that will be the center of a huge office and apartment complex.

Due to the slow economy and other legal issue this project has faced, The Authority will now let Ratner place 20 million of the 100 million down and pay the balance over the next 20 years.

In other Nets news they moved Vince Carter to Orland to save payroll dollars in a move that could be the precursor to a bid for NBA MVP Lebron James. The Nets will need a big star once they are in Brooklyn and Nets minority owner Jay-Z and Lebron are very good friends.