Nets Will Have New Owner; FCR Will Have New AY Partner
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…
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
I bet Corey Booker is crying somewhere…this news puts the nail in the coffin!
Well this will bring a whole new dimension of posh to Brighton Beach. Can’t wait to see his new house.
NY Times Real Estate Section, Sept. 2010:
“Mr. Prokhorov will build his “summer palace” in the section of Brooklyn formerly known as Mill Basin, but now known as Prokhorivshtello. all former residents of the area will be moved to trailers and will need to assist in the constructioin of the estate. They will thereafter be his serfs as part of a deal brokered by Czar Bloomberg I and Prokhorov”
If you are in favor of the AY Arena, this information is more troubling than reassuring. $200 million for 80% of the Nets AND 45% of the arena AND options on another 20% of the project? Bruce Ratner must be desperate for cash since he’s selling all of this at a loss. Also; 2 billionaires who most other finance people wouldn’t touch with a ten-foot pole developing this site? You can be guaranteed that the money-pit (which most analysts say this project will be) will turn into extortion of the state government when they both demand an infusion of cash to finish the project a couple of years into it (if history is our guide). If this project started honestly and openly there would have been VERY little opposition to it, but it started dirty, which was the principle objection, and the waters keep getting cloudier.
He acquired his fortune the same way the Kennedy’s acquired theirs
A long BusinessWeek article on the breakup of Norilsk Nickel, which is how Prokhorov walked away with approx $8bn cash a couple years ago:
“The war of the four oligarchs: Mikhail was selling to Oleg. Now Vladimir wants him to sell to Alisher. Tim Webb untangles the latest tale in the saga of Russia’s metals moguls”
http://bit.ly/31op6
But @crazypants raised a good question: how did he come into his stake in Norilsk in the first place? The Wikipedia entry only says that he “engineered” it as head of a bank at the time (1993, when he would have been 28yrs old).
“my word, biff. You even look a little like him. Wait…..I thought you were Canadian?”
bxgrl, my paternal grandfather was from St. Petersburg. Who knows, Mikhail and I could be cousins! If only I could get written into his will.
Best thread ever.
my word, biff. You even look a little like him. Wait…..I thought you were Canadian?
“Two words: Russian cheerleaders!”
One Word: Hairy