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
LOL
crazypants and moreteasir, you like to ask many questions.
Would you mind stepping into the back room with Boris for a quick “discussion”.
ok so the same Onexim group that supposed to be “focused on the development of nanotechnology, including hydrogen fuel cells, as well as other high-technology projects and non-ferrous and precious metals mining” just bought a majority stake in the Nets….
Who said fishy…I didn’t say fishy. What’s fishy?
So reading btw the lines of the wiki bio – in 1989 when the Soviet era came to an end a 24 year old Russian boy appeared out of nowhere and w/ who knows how many millions/billions of dollars purchased a big chunk of what was the USSR’s mineral rights and operations.
How does a Soviet (they were communists, remember, nobody owned property or held huge assets), much less a 24 year old, just happen to have a fortune at the ready to even bid on, much less buy up all the precious metals in the formoer USSR?
You know, what, never mind – I don’t want to know.
scary..scary shenanigans are behind oligarch fortunes).
Cool, I’m younger than him. I still have a bit of time to amass my empire.
*Wringing hands together*
MWAHAHAHAHAHAHAHAHAHA!!!
Minard Lafever….this is just for you!
Mikhail Prokhorov
Mikhail ProkhorovMikhail Prokhorov (born May 3, 1965) is a Russian self-made billionaire and oligarch. After graduation from Moscow Finance Institute he made his name in the financial sector and went on to become one of Russia’s leading industrialists in the precious metals sector. He is the former chairman of Norilsk Nickel, the world’s largest producer of nickel and palladium, and the current chairman of Polyus Gold, Russia’s largest gold producer.
Prokhorov is currently the richest man in Russia and the 40th richest man in the world according to the 2009 Forbes list with an estimated fortune of $9.5 billion.[1]
In May 2007, Prokohorov launched a $17 billion private investment fund, Onexim Group, focused on the development of nanotechnology, including hydrogen fuel cells, as well as other high-technology projects and non-ferrous and precious metals mining. One of the key areas of development is the production of materials with ultra–tiny structures used in energy generation and medicine.
In Soviet Russia, Brownstones sell you!
so what’s the story with this guy? Did he inherit the money from his gangster father or grandfather? How could this moscow preppy have made billions? He looks like he should be running for city council.
Awesome news! Bring it on!
“New Arena Draws Russian New Money to Fort Greene – Clinton Hill, Brownstones Now Sell for $5mm!” NYT, June 2013