The Nets' biggest shareholder has borrowed $20 million from the NBA, the maximum, and used it to lower costs on existing debt. The NBA last month secured $170 million from two lenders to help teams cover operating costs. Forest City, controlled by the Ratner family, used its $20 million share to restructure an earlier $65 million loan. The team is losing tens of millions a year with Forest City funding the losses.
- Forest City Announces Extension of Credit Facility for NBA Nets - Forest City Enterprises
- Forest City borrows $20 million from NBA lenders to counter Nets' losses - Norman Oder - Atlantic Yards Report