Wow! Russia’s richest man, Mikhail Prokhorov, announced a deal with Forest City Ratner and the Nets that will make Prokhorov’s Onexim Group the majority owner of the Nets and an Atlantic Yards development partner. Details from the AP: “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 still needs to be approved by the NBA. AY Report has details on Develop Don’t Destroy’s reaction to the news.
NJ Nets, Russia’s richest man agree to deal [AP via Yahoo]
Russian Tycoon Investing $200M to Bridge Financing Gap [AY Report]
NBA and Treasury Department Must Vet Billionaire [DDDB]
Photo from Impactlab