The CEO of Forest City Enterprises, Bruce Ratner's parent company, told investors Monday, "All projected debt and equity needed to complete the arena construction has been fully funded, and we expect to open in late spring/early summer of 2012." Forest City is the company ultimately responsible for building Barclays Center.
Charles Ratner, the CEO--and Bruce's cousin, added, "Suffice it to say, we’re very excited about the progress of the project and the team and our new partner, we’re moving forward aggressively."
Ratner spoke early Monday. Later, in Newark, Mikhail Prokhorov, echoed his comments, saying the Nets will be staying in Newark for two years. In other Nets-related news out of the investor conference call, Joanne Minieri, who runs Forest City Ratner, FCE's Brooklyn subsidiary, said Prokhorov will be assuming most of the team's debt in the future.
"During the pre-Brooklyn period, there's a condition within the sale, Mr. Prokhorov will cover the first $60 million, we have a little bit of exposure," she said. "Post Brooklyn, we and partners are 20% owners. I would say that Mr. Prokhorov as the managing member.. .will likely handle most of the losses going forward."
- Forest City Enterprises - Investors Conference Call (Audio) - Forest City Enterprises
Forest City executives call AY "real value proposition" - Norman Oder - Atlantic Yards Report