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June 26, 2009

Bruce Ratner dumps Vince Carter

If the Atlantic Yards arena and highrise megaproject is such a great idea, how come developer Bruce Ratner has been slowly gutting the NJ Nets and trimming salaries and staff?

Yesterday, Ratner dumped marquis player Vince Carter in hopes of losing less money or preparing the team for sale:

Pro Basketball News, Draft's big winners didn't draft at all

Ratner's NJ Nets scored the third spot on the "Losers" list in a post-draft analysis of yesterday's trades and acquisitions:

\3. New Jersey. Yeah, they saved $40 million in the Carter deal. You think that might have been a mandate from Bruce Ratner? The starting lineup is Yi Jianlian, Bobby Simmons, Brook Lopez, Devin Harris and Lee.

The Nets will have oodles of cap room next summer -- and a 55-loss team still playing in the New Jersey swamp that no one will want to join -- not even with Jay Z's influence.

Si.com, Weekly countdown: Draft edition

Four groups are positioned to invest in the Nets, a highly-placed source in the league office confided this week.

Two other league sources told me that minority owner Vincent (Vinny) Viola is moving to buy out majority owner Bruce Ratner and take control of the franchise.
The most intriguing group of potential new investors is headed by the Russian oligarch Mikhail Prokhorov, who until this season was the financier of the Euroleague champion CSKA Moscow.
Another potential investment group is headed by hedge-fund managers, while the fourth is drawn from the private equity field.
The Nets have long been rumored to be on the market. If a team is to be sold, then this often is how it's done: Remove as much furniture as possible so the new owner can remodel the place to his liking.

The Nets Insider, Nets say happy trails to Carter on draft day

The Nets have moved a cornerstone player in each of the last two drafts. Each time they seemed to go backwards, yet they were looking ahead.
The Nets will have money, but numerous questions remain, such as A) Will they be allowed to spend it?; B) Will they be Brooklyn-bound, Newark-bound or leaving this time zone?; C) Will Bruce Ratner still own the team; and D) Will players want to play here?

Atlantic Yards Report, Nets trade Carter in "salary dump"; all three stars from time of 2006 approval are gone

The ultimate goal is to save cap space for 2010, when the Nets, like many other teams, will be shopping for big-name free agents.
Well, Kidd's gone.

So is Jefferson.

And now Carter is gone, too. This isn't Dodgerland anymore. It's not about continuity; it's about money.

Posted by lumi at June 26, 2009 5:21 AM