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Ratner: "In Late 2008, I Thought Nets' Arena Was Dead"

Brooklyn Sports & Entertainment
Brooklyn Sports & Entertainment

As the economy melted down in the fall of 2008, Bruce Ratner's plan for an arena in Brooklyn seemed tenuous, at best. After five years of planning and long fought, if ultimately successful, legal battles, there was no financing available for the arena, meaning it was close to dead.

"Goldman Sachs and Barclays Bank were always our underwriters, Ratner recalled to the Daily News. "Greg Carey at Goldman, always a very optimistic guy, told me in October and November there was no financing available at all."

By January 2009, Yankee Stadium got financing using the same bankers and there was hope.  By June, Ratner was talking to Mikhail Prokhorov.  By November, he had a Russian partner and $500 million financing.