Bruce Ratner Looks to Sell Majority Stake in Barclays Center
By Community | October 21, 2014
Bruce Ratner, a minority owner of NBA franchise Brooklyn Nets, is putting his majority share of Barclays Center on the market, according to reports.
Ratner owns 55 percent of the multi-purpose indoor arena. He has been unable to sell his 20 percent minority share of the Nets for awhile.
“Our goal is to identify a strategic partner as we continue to capitalize on the great performance of Barclays Center and the promise of Nassau Coliseum,” Barclays Center spokesman Barry Baum said in a statement. “The current management team [Ratner and Barclays Center CEO Brett Yormark] will continue in its existing role.”
SportsBusiness Journal, which first reported Ratner was putting his share of Barclays Center on the market, noted that an investment bank will begin selling the share next week.
SportsBusiness Journal also noted that Barclays Center earns more than $30 million annually, and banking sources told the publication that the arena’s value is approximately $750 million. A source had told ESPN.com that the Nets were asking $1.1 billion for Barclays Center, so $350 million more than that valuation.
Ratner sold Mikhail Prokhorov 80 percent of the Nets and 45 percent of Barclays Center four years ago.