We have a team, we’re building the arena, we’ve hired professional management, we have the option to buy into another large project, the building of an office center. For me, this is a project with explosive profit potential. The capitalization of the team will be $700 million after we move to Brooklyn. It will earn approximately 30 [million]. And the arena will be worth around $1 billion.
Nets owner Mikhail Prokhorov, on why he chose to buy the New Jersey Nets, a franchise that’s being used by David Stern and the league’s owners to illustrate how the league is losing money.
Supposedly, the Nets’ previous owner, Bruce Ratner, lost millions after unloading the allegedly economically inviable Nets.
Uh, so why’d the Russian buy it then?
Excellent read on Grantland by the New Yorker’s Malcom Gladwell.
I smell a rat here somewhere. But I never bought in to that misconception that the owners are losing money.
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