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Thursday, Jan 22, 2004

net point

"TRENTON, N.J. -- Brooklyn developer Bruce Ratner has reached an agreement to buy the New Jersey Nets, a team official said Wednesday night.

Edwin Stier, president of Community Youth Organization, which owns the Nets, said the contract was finalized Wednesday afternoon. He said the board of YankeeNets, the holding company of the Nets and New York Yankees, must now approve the contract at a meeting Friday morning. The holding company is on the verge of being dissolved.

Ratner's bid was accepted over an offer from a group led by real estate developer Charles Kushner and Sen. Jon S. Corzine of New Jersey."