January 23, 2004
Nets sale price juiced by city subsidies
If New York goes ahead with plans to funnel over $1 billion in money to Bruce Ratner's Nets, taxpayers can rest assured that their cash is going to an important cause: enriching the team's former owners. Newsday reports today that Ratner's investment group was "willing to pay a premium because of the anticipated real estate profits if the entire project is completed in 10 years," moving forward with his final $300 million bid only once he'd received assurances that the city would pay the cost of his $435 million Brooklyn arena.
—Neil deMause
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