Did a Sports Illustrated piece spark Prokhorov-Ratner Marriage?
by Net Income on Oct 1, 2009 10:04 PM EDT
4 comments
The day after the Nets traded Vince Carter,SI's Ian Thomsen wrote that the Nets were for sale, naming Vinny Viola and Mikhail Prokhorov as likely bidders. Hours later, Prokhorov flatly denied any interest. Not long after that, however, Ratner approached Prokhorov about the Nets. Now, the two are hinting it was the SI piece that sparked their first meeting three weeks later in Moscow...and their Brooklyn marriage.
- When Bruce Met Mikhail: The Backstory on the Nets-Atlantic Yards Deal - Eliot Brown - New York Observer
- Mikhail Prokhorov Bought the Nets Because He Read That He Bought the Nets - Tatyana Bokova-Foley - Russia!
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I’m still confused about the $200 million debt figure. How do they come to that total?
Does Ratner still owe the previous owners from the $300 million sale in 2004?
Did Ratner have to borrow money to pay players?
Did someone other than ownership have to pick up losses incurred during Ratner’s ownership?
$200 million is an awfully high figure. If he was really that broke, why did the league allow him to become an owner in the first place?
by Trueblood on Oct 2, 2009 12:53 PM EDT reply actions
The Nets owe money for a variety of reasons, including 1) debt to previous owners; 2) debt to fund continuing losses which as you know are huge.
The losses became so large in 2006 that the team had to borrow $60 million from a sports financier. Earlier this year, they had to borrow $20 million from the NBA’s revolving credit facility, the most permitted.
When Ratner purchased the team (and remember as an individual he owns 7%), he had other investors who were wealthy and then after the sale backed out. THAT was the beginning of the problem.
by Net Income on Oct 2, 2009 5:47 PM EDT reply actions
Pretty much, Prokhorov will have to spend a lot just to fix the Nets that Ratner had broken beyond repairs.
by Tal Barzilai on Oct 3, 2009 4:39 PM EDT reply actions
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