The New York Post reports, in Play for Brooklyn Nets sale goes global, that "Chinese conglomerate Fosun and the Qatari government’s investment fund" are interested in buying the team from Russian billionaire Mikhail Prokhorov, who owns 80% of the team.
That's interesting, because presumably those buyers do not want a trophy property--as a billionaire like David Geffen, also reportedly interested--but rather a money-maker, and the team, though its value has risen, has been losing money.
Among the issues, apparently, are whether the National Basketball Association will require Prokhorov to sell the team along with his 45% share of the Barclays Center.
Also, Forest City Enterprises, which is selling its share of the arena and is talking to AEG, is reportedly awaiting the sale of the team. (It owns 20% of the team, as well.)
One logjam may be broken once the Atlanta Hawks are sold; the Post reports that the league "may not want prospective buyers to be split between the teams."
That's interesting, because presumably those buyers do not want a trophy property--as a billionaire like David Geffen, also reportedly interested--but rather a money-maker, and the team, though its value has risen, has been losing money.
Among the issues, apparently, are whether the National Basketball Association will require Prokhorov to sell the team along with his 45% share of the Barclays Center.
Also, Forest City Enterprises, which is selling its share of the arena and is talking to AEG, is reportedly awaiting the sale of the team. (It owns 20% of the team, as well.)
One logjam may be broken once the Atlanta Hawks are sold; the Post reports that the league "may not want prospective buyers to be split between the teams."
The Post report appears to value the Barclays Center at $2.5 billion, which is insane. Its revenue and profit doesn't begin to justify such a valuation.
ReplyDeleteI thought it said $1.2 billion (about 20% more than construction cost).
ReplyDelete