Bonds for new Nets arena sell well
A developer's plan to move the New Jersey Nets to Brooklyn has gotten a boost from Wall Street.
Investors quickly bought up $511 million in tax-free bonds that went on sale Tuesday to pay for part of the much-delayed project.
Nets principal owner Bruce Ratner says the strong sales show that investors have confidence in the project.
Ratner has a proposed deal to sell a majority stake in the Nets to Russian entrepreneur Mikhail Prokhorov. The NBA Board of Governors is expected to rule on the sale and relocation by early 2010.
Ratner and his development company hope to finish the arena by 2011. They eventually plan to add apartment towers and office buildings.
Opponents of the project had hoped the bond-sale would fall flat and thus doom the project.