posted on Jan, 22 2004 @ 01:14 PM
TRENTON, N.J. (AP)
The New Jersey Nets' owners have agreed to sell the team to a New York City real estate developer, a move that could bring
Brooklyn its first major sports franchise since 1957.The contract was finalized Wednesday, said Edwin Stier, president of the Community Youth
Organization, which owns the Nets.
The developer, Bruce Ratner, wants to move the Nets to a new arena that would be at the center of a proposed $2.5 billion office, residential and
shopping complex in Brooklyn. But the deal must first be approved by the board of YankeeNets, the holding company of the Nets and New York Yankees,
which planned to meet Friday.
TRENTON, N.J. AP
[Edited on 1/23/2004 by TRD]