Published On: Tue, Oct 21st, 2014

Ratner’s Forest City Selling Barclays Center Stake

 

Real estate developer Bruce Ratner at the construction site

Bruce Ratner’s Forest City Enterprises, which built the Brooklyn Nets basketball and entertainment arena, is offering its 55% stake in the arena, Street & Smith’s Sports Business Journal reported Monday.

The arena and nearby residential development have been the subject of controversy in Prospect Heights, Brooklyn, for many years. But Barclays, which opened in 2012, has turned out to be America’s most popular arena as measured by concert-ticket sales.

Investment banking sources told Street & Smith the arena’s top valuation is $750 million, based on its annual cash flow of more than $30 million.

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