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| by rocafan on 12/11/2003 01:49:00 PM |
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It's Almost Official
 "I'm a Brooklyn kid who's in love with Brooklyn. [I'm] just happy to bring something back." — Jay-Z
NEW YORK — Last week it was revealed that P. Diddy was looking into
buying his own basketball team, but now Jay-Z has one-upped his
fellow hip-hop mogul — he's actually making the move to do so.
Jay-Z has joined an investment group that has put in a bid for the
NBA's New Jersey Nets. The investors, led by Brooklyn developer Bruce
Ratner, intend to move the team from Newark, New Jersey, to the
borough of Brooklyn, Jay-Z's hometown.
Ratner's group is considered to be the front-runner to buy the Nets
from George Steinbrenner's YankeeNets company, with a bid estimated
at $250 million. An announcement is expected by the All-Star break in
February.
Dressed in a black suit with a white button-up shirt and no tie, Jay
made his announcement at a press conference to unveil Ratner's plans
for a downtown Brooklyn arena designed by famed architect Frank
Gehry. New York Mayor Michael Bloomberg and Brooklyn-born basketball
star Bernard King were also in attendance.
"I'm a Brooklyn kid who's in love with Brooklyn," Jay said. "[I'm]
just happy to bring something back. That's my love."
It had been reported that Jay-Z retained an investment bank to
explore the possibility of putting in a bid for the Nets (see "Jay-Z
Looking To Purchase A Basketball Team"). But in recent weeks Jay has
had a series of meetings with Ratner and his fellow investors, with
both sides strategizing on how Jay's involvement could enhance their
bid. Jay would not reveal how big of an investment he's making in
Ratner's group. "I'm not going to tell you that," he laughed when
asked.
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