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[News] Russia’s Richest Prokhorov To Buy New Jersey Nets September 25, 2009

Posted by ced S in News.
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mikhail Prokhorov

EAST RUTHERFORD, N.J. (AP) — The NBA has truly gone global.

Russian tycoon Mikhail Prokhorov reached an agreement Wednesday to buy 80 percent of the financially strapped New Jersey Nets and nearly half of a project to build a new arena in Brooklyn.

The only thing that stands in the way is a nyet from the league’s board of governors, and that doesn’t seem likely with NBA commissioner David Stern already giving the deal his initial blessing.

The proposed blockbuster deal would give the Nets’ current principal owner, Bruce Ratner, the needed cash to move forward with the Barclays Center, the centerpiece of his Atlantic Yards development, which includes plans for retail and residential projects.

It would make Prokhorov, a billionaire and former amateur basketball player, the NBA’s first non-North American owner.

This is big news as it lends to Jay-Z’s dream of having the Nets play in his birthplace. Prokhorov has been ranked as Russia’s richest man in the Russian Forbes, and is estimated at $9.5 billion in worth. This estimate after Prokhorov lost some $7 billion in the recent world economic crisis.

“so in a couple years I’m a bring you some Nets” – Jay-Z (Hello Brooklyn 2.0)

[AP via Purdue Exponent]


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