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Report: Third Round Of Bidding Underway To Buy New Jersey Nets

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TWC News: Report: Third Round Of Bidding Underway To Buy New Jersey Nets
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A third round of bids is reportedly underway that could result in the New Jersey Nets moving to Brooklyn.

According to a report in Wednesday’s Newark Star-Ledger, bankers requested the latest round of bids to be returned by next week.

Nets owners want $$300 million for the two-time defending Eastern Conference champions. That's $$25 million less than the amount offered by Brooklyn developer Bruce Ratner, who has managed to outbid his competition so far.

Ratner plans to build the Nets' new 20,000 seat home on the corner of Flatbush and Atlantic avenues over the MTA rail yards.

The project is slated to be ready for the 2006-07 NBA season, and include housing and commercial space. However, some area residents say the arena would cause a traffic nightmare in the neighborhood.

The Nets say a decision is expected next month.
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