Nets Can Yank Property Out From New Yorkers For Atlantic Yards

Yeah, we know...

You're looking at us like "What in the hell are you doing putting this story up here...???"

Understand... we wouldn't do it if we didn't think you'd need to know about things like this down the line...

New York's Court of Appeals ruled Tuesday that the state can use eminent domain to force homeowners and businesses to sell their properties for a massive development in Brooklyn that includes a new arena for the New Jersey Nets.

In a 6-1 ruling, the Court said the Empire State Development Corp.'s finding that the area was blighted was enough to justify taking the land.

A group of tenants and owners claim the seizure is unconstitutional. They argue that developer Bruce Ratner's proposed $4.9 billion, 22-acre Atlantic Yards project mainly enriches private interests, while the state constitution requires public use for taking land.

Okay... now that you've read the official mumbo-jumbo from a leagl standpoint... what does this all mean...???

Simple... if this legal precedent sticks... it means that any team that wants ((what they think is)) prime real estate to build an arena or stadium- they can take it and give you whatever amount of money they deem "fair."

The lesson here... live in an area that will never be suitable enough to build a new home for your hometown sports team... live far away or in the air somewhere...

Here how our friends at MyFoxNY and Fox5 covered the deal...
Believe us.. this was a "deal..."

The Russian is Coming...to the NBA

Well, it looks like the story we reported last week about Russian Billionaire Mikhail Prokhorov buying the New Jersey Nets...or as they may now be know, the Nyets, had some truth to it. The Nets and Prokhorov announced today that they've agreed on a deal that would allow Prokhorov to become the primary owner and contributor to the arena that the team wants built in Brooklyn.

More from the New York Times HERE.

((Mikhail Prokhorov//Courtesy: Alexander Zemlianichenko/Bloomberg News))

Apparently, according to the terms of the deal, Prokhorov, for $200 million, gets 80 percent of the Nets, 45 percent of the arena and takes over the teams debts. Not bad for the man that the Russian version of Forbes magazine says is the richest man in all of Russia. Bruce Ratner, former primary owner will retain a minority share in the team.

It will be interesting to see how he acclimates to running an NBA basketball team. There had been some thought that the Nyets might make a run at LeBron James after this season, now that there is a new "Sheriff" in town, we will see just what kind of impact he makes.

The New Jersey Nyets?

An interesting story developing (pun intended) in the never ending odyssey of the New Jersey Nets and their quest for a new home...and ownership. It seems as though one of Russia's wealthiest men...Mikhail Prokhorov is interested in investing in the Nets new arena and possibly becoming the majority owner.

The story from the New York Daily News here .

Prokhorov is a humongous Sports fan and probably can take the Nets off of Bruce Ratner's hands. Ratner's businesses are apparently not doing so hot financially and according to a development agreement needs to get the new arena, in Brooklyn, New York started here in the very near future or face some sort of penalty.

If you are interested, the Russian papers have a slightly different version of the story...stating that Prokhorov will buy the team for a "Symbolic $1" and then fund the arena himself. Interesting.

Check out the story from Rianovosti here .

((Mikhail Prokorov Photo//Courtesy: Rianovosti))

Stay tuned here because this one could get really interesting.