บท 491: Chapter 491: The Nets
"The Nets are only worth around $300 million right now, but building the new Brooklyn arena is estimated to cost no less than $400 million. That's a hefty investment," Ivanka Trump said to Charles while they were in the car returning to Manhattan from Brooklyn.
Charles leaned back in his seat and smiled. "Bruce Ratner has almost prepared everything. It seems he's also solved the land acquisition issue."
"Now all he needs is funding. An ex-Russian oligarch entered the NBA, and the audit process is slow. I want to start construction early and then relocate the Nets over here!"
Charles remembered how Mikhail Prokhorov spent 200 million dollars in 2010 to acquire 80% of the Nets and 45% of the Barclays Center. Later, he spent additional (175 + 454) 629 millions in 2015 to acquire the remaining shares. Altogether, Prokhorov spent 829 million dollars in cash. Including the team's debts, his investment exceeded $1 billion.
When the Nets and Barclays Center were sold to Joe Tsai years later, they were valued at $3.3 billion, including debts!
Now, Charles was ahead of the game by a few years. Spending $700 million to buy the Nets and the arena would allow him to manage the team for a few years without regretting the investment.
"Bruce Ratner will agree for sure. You're solving a significant problem by financing the new arena construction!" Ivanka said.
Ivanka, being in the real estate business, understood Bruce Ratner's thoughts quite well.
Charles placed his hand on Ivanka's thigh and said, "I can still sell the naming rights. Don't forget the Miami Dolphins' stadium, the American Airlines Arena, is currently being renovated. I have a lot of experience selling stadium naming rights!"
"How long do you think Bruce Ratner needs to consider before agreeing to your terms?" Ivanka asked.
"Shouldn't take long," Charles said confidently.
"Brooklyn's development in recent years has been pretty good, with a population of over 2.5 million. It's a much better area compared to the larger Queens," Ivanka said as she also leaned back into her seat.
"Capet's The Proposal wasn't bad. Its box office performance should be excellent, right?"
"You care about that, huh?" Charles chuckled. "It grossed over $100 million in North America in just over twenty days! Sandra Bullock has regained her box office appeal, but next week Capet's R-rated comedy The Hangover will be released. I have great confidence in this movie."
"Charles, let's head straight to the Conrad Hotel. I'd like to dine there," Ivanka suggested.
Charles nodded, picked up the car phone, and informed the driver. "Alright, boss!"
"I also like the Conrad Hotel. Their rooftop restaurant offers a 180deg view of the Hudson River," Charles said, familiar with the hotel from his dates with Blake Lively at the park by the Hudson River.
...
In less than three days, Charles received a response from Bruce Ratner agreeing to his terms for the sale of the New Jersey Nets and the Brooklyn Arena construction project.
However, Ratner had one condition: construction on the new Brooklyn arena had to start this year. He was worried Charles wouldn't invest the funds promptly.
This played right into Charles' hands. As long as Ratner got the construction permits, Charles guaranteed he would inject over $200 million to start the project the very next day!
...
With Charles Capet's company, CSE, acquiring the New Jersey Nets in the blink of an eye, NBA Commissioner David Stern and the other team owners welcomed Charles aboard.
At 645 Fifth Avenue, the Olympic Tower in Manhattan, the NBA headquarters, under the witness of Commissioner David Stern, Charles and Bruce Ratner signed the agreement for the Nets acquisition. The Nets would relocate to Brooklyn once the new arena construction was complete!
"Charles, the Nets are yours now. The team is prepared for a rebuild, so you have time to reorganize the squad in New Jersey," Bruce Ratner said, caring more about his Atlantic Yards project than the Nets.
Charles nodded. "In July, once you win your lawsuit, I'll announce the groundbreaking of the new Brooklyn arena immediately!"
Bruce Ratner smiled. "Then we'll have a pleasant cooperation. As for the naming rights for the new arena, we've been in contact with a few banks. Barclays Bank of the UK shows the most sincerity. You can continue the negotiations. I'm sure with your name, Charles Capet, you'll get a good deal!"
"Rest assured, I will. Although moving the Nets to New York won't replace the Knicks, we'll definitely outperform them," Charles said, hugging Bruce Ratner.
After Ratner left, NBA Commissioner David Stern stayed behind with Charles.
"Charles, you know when I heard you were interested, I was hoping you'd acquire the Nets directly. Otherwise, Russian businessman Mikhail Prokhorov would have taken over!" Stern didn't want extra complications for the NBA.
Charles smiled. "The NBA's growth will only get better in the future. It's just the economy is down right now."
The NBA welcomed Charles without a doubt. Having a top Hollywood mogul join in could only enhance the NBA's influence!
"Relocating the Nets to Brooklyn will greatly enhance their status. But remember, the New York Knicks have the Mecca of Basketball, Madison Square Garden. Competing for the title of New York's king won't be easy," David Stern joked.
"Hahaha, then I'll just beat the Knicks! I love defeating rivals the most!"
After chatting with David Stern for a bit, Charles prepared to leave the NBA headquarters. He was escorted out by Stern's special assistant, Adam Silver.
"Thank you, Adam!" Charles made sure to take a good look at the bald man as he left.
*****
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