Bonds for new Nets arena sell well
(AP) - A developer's plan to move the New Jersey Netsto Brooklyn has gotten a boost from Wall Street.
Investors quickly bought up $511 million in tax-free bonds thatwent on sale Tuesday to pay for part of the much-delayed project.
Nets principal owner Bruce Ratner says the strong sales showthat investors have confidence in the project.
Ratner has a proposed deal to sell a majority stake in the Netsto Russian entrepreneur Mikhail Prokhorov. The NBA Board ofGovernors is expected to rule on the sale and relocation by early2010.
Ratner and his development company hope to finish the arena by2011. They eventually plan to add apartment towers and officebuildings.
Opponents of the project had hoped the bond-sale would fall flatand thus doom the project.