2010 a Smokescreen?
Posted: Fri Dec 19, 2008 10:21 pm
while reading the piece on Nenad on draftexpress, they went into detail about the state of the nets ownership group. it said that the stock price of the group that owns the nets had gone down by 92%. with that lack of value do you think that the group just decided to use the prospect of getting lebron to hide the fact that they can't afford to field an expensive team. that would make alot more since than throwing away two years for the chance of getting one player.
http://www.draftexpress.com/blog/Jonathan-Givony/
It’s important to note that Krstic is currently a restricted free agent, with his NBA rights still held by the New Jersey Nets. With the Nets having 15 guaranteed contracts on their roster, and a deep frontline (with seven players who are either power forwards or centers), it’s expected that they will not match Oklahoma City’s offer sheet. The team is trying to maintain as much cap space as possible for the summer of 2010, and the third year on Krstic’s deal would hinder them in that regard.
The team is in a big financial crunch, as shares of Nets owner Bruce Ratner’s company, Forest City Enterprises, have fallen 92% in a year and a half, from $70 to just under 6$, and the team has laid off employees (even in the front office) as recently as last week. Forest City reported losses of 30 million dollars on the Nets over the first nine months of 2008. A number of articles released recently again put in question the feasibility of the Atlantic Yards project, which would move the Nets to Brooklyn in 2011.
http://www.draftexpress.com/blog/Jonathan-Givony/