Are Nets smaller investors happy with the state of things?
No. Insiders say there’s been increasing dissension among smaller investors for the past two years and now that’s coming to a head (and thus their willingness to talk.) They’re not likely to walk away with any additional money. “No one’s going to make money out of this,” said one insider, noting the huge amount of capital—approximately $600 million–already sunk in the team, the debt, etc. “There will have to be a recapitalization.” What’s likely to happen is that whoever wins the auction will get a big chunk of the team (and presumably the arena) with smaller investors having their percentage ownership cut substantially. But with that will come the likelihood of future profits.
