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
Awesome, let’s bring scary billionaire Russian oligarchs into the mix. Yay!
David Stern “praised” the move….but it still needs to be approved by the NBA board of governors…
all the pieces are in place; MTA, Bloomberg, cheap money, David Stern…..now a Billionaire that can wait out any further opposition (if any).
Arena is done, count on it.
I heard the Chinese are going to buy the Giants.
Why would the NBA be against this? They have been all about globalization since Yao Ming, Dirk and other foreign players have come into the league.
This is win-win for all sides.
David Stern has an inferiority complex.
Not 100% sure, but I think no other North American Big 4 teams are foreign-owned.
NBA will definitely approve. Stern has already hailed the agreement. The marketing potential of a) a sports team in Brooklyn and b) the NBA in Russia, will be too hard to pass up.
throw $ at the nba… it will get approved
will NBA approve this?
This is huge! This news will steamroll the project and talks of Lebron are around the corner! Particularly how Lebron wants to be a billionaire, and the potential of being the global face of basketball must have him salivating.