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IRS Approves Tax-Free Bonds for Barclays Center

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In a big win for Bruce Ratner, the Internal Revenue Service on Tuesday ruled favorably on New York sports teams' use of tax free bonds to build stadiums and arenas, including the Barclays Center. The ruling could cut more than $100 million from the cost of the $1 billion arena, part of Ratner's Atlantic Yards. It could also facilitate private funding for the arena. Critics claim it may not apply to the Nets.