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Forbes: Nets Now Worth Less than When Ratner Bought Them

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Forbes Magazine's annual summary of the state of the NBA's finances is out. While there is some good news--the Nets have cut their operating losses, the value of the franchise is now $295 million, down 13% from 2007 and less than the $300 million Bruce Ratner paid for them in 2004. Forbes also reports that the Nets have the highest debt-to-value ratio of any NBA team, with the team's debt equal to 71% of its value.