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Atlantic Yards/Pacific Park infographics: what's built/coming/missing, who's responsible, + project overview/FAQ/timeline (pinned post)

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Revising the Koch-Tsai deal: new reports say $5.8B total, including $5.3B for Brooklyn Nets + arena company; $688M from the Kochs, mainly to retire debt

OK, the initial numbers reported ( link ) were a bit inflated, but two days ago Sportica  asserted  that the Koch family is paying $688 million, not the presumed $900 million, for a 15% stake in BSE Global, which includes the Brooklyn Nets, Barclays Center operating company, and the New York Liberty, among other assets. Though $688 million is nearly 15% of $4.6 billion, the valuation is still said to be worth $6 billion according to Sportico, or $5.8 billion according to the New York Post. Sportico said that $492 million will be used to pay down debt, and $196 million for working capital.  It's not clear exactly how the math works, since we don't know the terms of the debt, but the removal of about one third of net debt--is the remainder the annual arena bond payments?--diminishes future obligations and makes the properties more valuable. Breaking down the deal The Post said the Nets are valued at $3.8 billion and the arena at $1.5 billion, a $5.3 billion total which dwarfs th

Why the Brooklyn Fanatics team store at the Barclays Center reaps profits: it's part of a monopoly.

Less than three years ago, in August 2021, I noted ( link ) how the Barclays Center team store--most recently Brooklyn Style, after stints as the Nets Shop by Adidas and the Swag Shop--had become the larger  Brooklyn Fanatics , part of Fanatics, a sports merchandising and marketing company that had become the official e-commerce partner of both the NBA and WNBA. It was part of what the press release called "an exclusive, multi-year omnichannel retail partnership with BSE Global," which owns the teams, and--as I wrote--is surely about the Benjamins. After all, you can pay seventy bucks for a t-shirt these days. Photo: Norman Oder Well, yesterday the American Prospect published  Big Business Has Come for Your Baseball Cards , explaining how "Fanatics, the self-described Amazon of sports, has used long-term exclusive deals to monopolize apparel and memorabilia markets, and make its products unavoidable." The article is part of a Prospect series,  Rollups , which looks

No surprise: in latest required six-month look-ahead, developer Greenland USA predicts no construction on the stalled project.

It's no surprise. The six-month look-ahead required of the Atlantic Yards/Pacific Park developer again indicated that no construction is planned for the second half of 2024. After all, the project's stalled, and the six development sites over the MTA's Vanderbilt Yard face a foreclosure auction, which has been postponed four times, likely awaiting a larger renegotiation of project terms. According to the document (below), Greenland USA's Jen Kuang told Empire State Development (ESD), the state authority that oversees Atlantic Yards/Pacific Park, that no construction activities are scheduled for Block 1120, which was supposed to be the first block of a two-block platform. Each block would support three towers. (I acquired the letter thanks to a Freedom of Information Law request.) Past pattern As I wrote last December, Greenland was once more optimistic. In the May 6, 2020  memo covering the second half of 2020, the developer pronounced, unwisely in retrospect, that &

With BSE Global (Brooklyn Nets, ArenaCo, Liberty & more) valued at $6B, Joe & Clara Tsai set to reap $900 million in 15% sale to #sportswashing Koch clan

It's stunning: the Brooklyn Nets, Barclays Center operating company, and other assets in BSE Global are apparently valued at $6 billion--far more than previously estimated and nearly double the 2019 purchase price--upon the investment of a 15% non-controlling stake by the family of Julia Koch, widow of the late David Koch, a key right-wing political funder . The apparent $900 million payday for owners Joe and Clara Tsai represents a huge profit after losing money on the team and arena company, and an astounding leap in valuation for a franchise once worth a fraction of this new investment.  It also positions the Koch family, notably basketball fan David Koch, Jr., as future owners of BSE Global and the Nets, given the right of first refusal should the Tsais decide to sell. In February, when news of the potential Koch investment surfaced, the BSE Global valuation was  reported  at potentially $4.8 billion, and the Koch slice 10-15%. The assets include the New York Liberty, the HSS T

In 2024 Forbes Global 2000, Greenland Holdings, parent of Greenland USA, continues drop, to #891 from #831. It was once #307. Annual loss: $1.6B.

Shanghai-based Greenland Holdings, parent of Atlantic Yards/Pacific Park developer (for now) Greenland USA, has continued its slide in the annual Forbes Global 2000 lists, this year ranked at #891, after once peaking at #307. Last year, it was at #891 (or #892). It was the first annual loss for the company, at least since Forbes started compiling records in 2017. Forbes ranks the world's largest companies in the world using four metrics: sales, profits, assets and market value. The better known Fortune Global 500 ranking, which should be released in August, relies solely on revenue in the past fiscal year. The bottom line is this is a company not with deep pockets, as it was billed coming into the project in 2014, but rather suffering financially. No wonder its U.S. subsidiary, after seeing progress with its Brooklyn project stall, faces a foreclosure auction of the rights to six railyard development sites. Losing money From Forbes The Greenland ranking  indicates that, in the mo