Russia’s Richest Man Reaches Deal to Buy New Jersey Nets
The rumors have been floating around for the last few days, but now it is apparently official: The AP is reporting that Russia’s richest man has reached a deal to purchase a controlling stake in the New Jersey Nets and half of a project to build a new basketball arena in Brooklyn.
From the report:
NEW YORK (AP) - Russia’s richest man has a deal to buy a controlling interest in the New Jersey Nets and nearly half of a project to build a new arena in Brooklyn.
Mikhail Prokhorov’s Onexim Group announced the deal Wednesday with Forest City Ratner Companies and Nets Sports and Entertainment. They say they have signed a letter of intent to create a partnership for the development of the Atlantic Yards Project.
According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate.
The deal makes Prokhorov the first non-North American NBA owner. The way the game is going with the lines between the NBA and Europe blurring a little more every day, a move like this shouldn’t really be that big a of a surprise.
It will be interesting to see how involved Prokhorov is with team personnel. He apparently played ball in high school and college, already owns a stake in Russia’s top team and is clearly an aggressive character. Plus, he’s worth an estimated $9.5 billion, so money is no object …
September 23rd, 2009 at 3:24 pm
Aron Phillips says:
I can’t wait until Trajan Langdon ends up on the Nets!
September 23rd, 2009 at 3:26 pm
Kobeef says:
This is exactly the kind of “money is no object” ownership the Brooklyn team needs.
I think he might get along well with Jay-Z and Lebron: “Prokhorov is satirized on Russian TV commercials for his love of travelling the world in a private jet in the company of beautiful women”
Hopefully the locals won’t get their backs up over the Russian ownership….if anyone makes a fuss Mikhail’s boys will show them a dark room and a lot of pain…..
September 23rd, 2009 at 3:33 pm
ab_40 says:
nice good for them can’t wait for mark cuban to insult him for buying an entire team I would pay to see all of that in a reality show.
but good for the nets. the previous owner’s only goal was to get to brooklyn, not a championship but going to brooklyn that’s why Zo never played a game for em because in an interview he said that rod thorn said that the only goal was going to brooklyn.
plus a 75% team of russian cheerleaders would be nice.
September 23rd, 2009 at 3:47 pm
doc says:
Wish he bought the Sixers.As foar as moves Im sure he’ll hire a GM for that.
September 23rd, 2009 at 3:52 pm
IGP says:
This is a great move for the NBA. It will bring in a ton of new faces and ideas.
September 23rd, 2009 at 3:55 pm
George W Kush Sr says:
I agree, Russian Cheerleaders would compliment the NBA nicely.
September 23rd, 2009 at 4:21 pm
Spliff 2 My Lou says:
He’s the 40th richest person in the world. Does this make him the richest owner in the NBA?
September 23rd, 2009 at 4:32 pm
Elodie says:
If you look at the soccer teams in Europe, a lot of wealthy russian people have been buying them lately.
They got the money, and as they really really like soccer they are ready to spend a lot of dollars to bring the best players in their teams.
Look at Chelsea (premier league soccer team).
sorry for the bad english
September 23rd, 2009 at 4:56 pm
BiG ShoT BoB says:
Wow how’d this guy make his money?
September 23rd, 2009 at 5:13 pm
yoda says:
well, when abramovich bought chealse fc, he spent big time money for players ( about 300 million euros) in his first year. if this guy is like him, he will be also agressive and he won’t mind paying luxury tax if that will bring him championship. nets fans, this might be best thing that happened to you
September 23rd, 2009 at 5:23 pm
ShowKase says:
@ 9, that’s a good question, but I’m not sure we would want to know……So now the Nets have a D-league affiliate team in Russia? Will the owner just fly in players that he thinks are better from the Russian team? Maybe Yi will get that chance to play in a big market…..in Russia.
September 23rd, 2009 at 5:39 pm
sweetv0mit says:
i can see him being the foreign equivalent of marc cuban but definitely better looking and more basketball iq
September 23rd, 2009 at 5:39 pm
sweetv0mit says:
he looks like somebody from new kids on the block
September 23rd, 2009 at 6:30 pm
vince says:
@#2 :
“I think he might get along well with Lebron: “Prokhorov is satirized on Russian TV commercials for his love of travelling”
Good point.
September 23rd, 2009 at 6:30 pm
mellmeister says:
RUSSIAN CHEERLEADERS here we go…
September 23rd, 2009 at 6:42 pm
dmitry of jersey says:
hells yea
p.s. Zo didnt play for the nets that year bc he’s a punk ass bitch, no other reason
September 23rd, 2009 at 7:14 pm
jlee9 says:
That dude is like 6′8 btw. I heard he’s not only joining the team but replacing Eduardo Najera on the bench
September 24th, 2009 at 3:22 am
sh!tfaced says:
The New Jersey NYETS. Suka cheerleaders!! Suka means bitch in Russian, I think. LOL.
September 24th, 2009 at 2:51 pm
Chris says:
I hope he takes AK47 from the Jazz.