Russian billionaire to buy New Jersey Nets

Russian Billionaire, Mikhail Prokhorov, has reached an agreement to purchase a controlling interest in the New Jersey Nets and owner Bruce Ratner. Prokhorov is the richest person in Russia and will become the first Non-American to own a NBA franchise. While this move will have to be approved by the NBA Board of Governors, but does have the full support of NBA Commissioner David Stern.

Under the terms of the deal Prokhorov will own a majority stake of the Nets, and 50% of the project to build them a new stadium in Brooklyn, New York. That project is a massive development of the old Atlantic Rail yards in Brooklyn. For 200 million dollars Prokhorov’s company, the Onexim Group, will pay 200 million dollars for 80% of the Nets, and will provide additional funding to complete the new Brooklyn stadium.

The Onexim group will also own 45% of the new stadium venture and has the right to buy up 20% of Atlantic yard Development company, which is the company developing the non arena part of the real estate. Stern praised the deal announcing that it would help stabile the Nets, and insures the Nets a new arena. Stern is also happy to have this help in expanding his league globally.