NBA Approves Mikhail Prokhorov’s Bid To Control New Jersey Nets
The first step in what the New Jersey Nets hope is a quick turnaround is in place.
New owner Mikhail Prokhorov is eager to get started on the rest.
Prokhorov’s purchase of the team was approved Tuesday by NBA’s owners, who welcomed the first non-North American into their club. The financial transaction was closed at 12:30 p.m. ET Wednesday, the team announced in a statement.
Russia’s richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn from developer Bruce Ratner late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team’s Barclays Center in Brooklyn. The long-delayed 18,000-seat arena is to open in 2012.
“This much-anticipated day has finally come and now the real fun begins of building a championship team with a state-of-the-art home in the Barclays Center at Atlantic Yards,” Prokhorov said. “It’s a wonderful opportunity to combine great sports and good business, and I look forward to working with Bruce Ratner and Forest City and with the Nets organization as we move ahead.
