The New Jersey Nets were officially sold Friday to a Brooklyn developer intent on moving them across the Hudson River -- a move immediately hailed in New York for returning big-time sports to the borough.
"It's taken 47 years, but today we can finally say we've corrected the great mistake of '57," said Brooklyn borough president Marty Markowitz, referring to the baseball Dodgers' defection to California.
New owner Bruce Ratner was joined at a gala news conference by an assortment of politicians, Brooklyn-born ex-Knicks star Bernard King, and rapper Jay-Z, a fellow investor. At King's invitation, all donned "Brooklyn Nets" jerseys.
"It's a great day for all of us," said Ratner in his first public comments since the sale was announced Wednesday. "It's a great day for Brooklyn."
Ratner spoke shortly after the Nets' former owners, YankeeNets, voted in a teleconference to approve the deal. The rest of the NBA owners must approve the deal as well.
While best known as the spurned home of baseball's Dodgers, Brooklyn has produced a fair number of basketball stars: coaches Lenny Wilkens of the New York Knicks and Larry Brown of the Detroit Pistons, current Knicks guard Stephon Marbury, and ex-NBA greats Chris Mullin and Billy Cunningham.
But lurking behind the celebration were threats from neighborhood groups regarding the construction of the proposed arena. Ratner estimates about 150 homes would be affected, although neighbors fear the number will be closer to 1,000.
"Until meaningful discussions with the community are granted, we cannot wholeheartedly support this proposition," said the Reverend Herbert Daughtry, a veteran activist whose church sits two blocks from the proposed site. "We know that all that glitters is not gold."
Ratner promised that he would involve local residents as the US$2.5 billion project, with its 19,000-seat area, moves toward completion.
Mayor Michael Bloomberg said the project would generate an estimated US$400 million in annual economic activity, and create 10,000 new jobs during its construction. The project would also include 4,500 units of residential housing and 190,000m2 of commercial office space.
Work on the arena would begin next year and finish in time for the 2006 NBA season, leaving the lame duck Nets to play the next two seasons in New Jersey.
The presence of Bloomberg and Governor George Pataki signaled city and state support for the Frank Gehry-designed arena.
Ratner needs approval from both for infrastructure changes, tax breaks and condemnations of neighboring homes that could end up costing hundreds of millions of dollars.
But such roadblocks took a backseat to the announcement that the sale had gone through, and the first hurdle to relocating the Nets had been cleared.
"Its a proud day for Brooklyn," said Jay-Z. "I never got a chance to experience the Dodgers. This is the new Dodgers -- the Nets."
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