Report: Nets minority owner puts his majority share of Barclays Center up for sale
The talks that might have sold a piece of the Brooklyn Nets and a lot of their home the Barclays Center to the owners of the Los Angeles Dodgers fell apart fairly quickly.
But that doesn’t mean the Nets’ owners stopped looking. Bruce Ratner — the former Nets majority owner who still has a piece of the team — is still trying to unload is 55 percent share of the arena, reports the Sports Business Journal.
The venue ranks as the most popular arena in the country, based on ticket sales for concerts in the first six months of the year, according to Pollstar. And beginning next year, in addition to the Brooklyn Nets, it will be home to the NHL’s New York Islanders….
The arena has more than $30 million in annual cash flow, investment banking sources said, adding that such an amount would translate to a top valuation of $750 million for the arena.
It is possible Nets owner Mikhail Prokhorov, who already owns 45 percent of the arena, could buy up the rest. However, as he was looking to shed part of the team and arena in a potential sale, it doesn’t seem he wants to take it on.
This also will all be tied into the Pacific Park development (formerly known as Atlantic Yards), a commercial and residential development project of which the Barclays Center is an anchor (bringing a lot of activity and people). Ratner and Prokhorov both are part of the investors in that development as well.