Russian oligarch has deal for Nets
Investing in team, proposed arena and Brooklyn’s troubled Atlantic Yards project
A man reputed to be the richest in Russia is this close to owning the N.J. Nets and 45 percent of their proposed new arena in Brooklyn.
Mikhail Prokhorov reached an agreement with embattled real estate developer Bruce Ratner to take 80 percent of the team and 45 percent of the planned Barclay’s arena in Brooklyn for $200 million and undefined future investments.
Ratner, who bought the Nets in 2004 for $300 million, said their “partnership will ensure the successful completion” of the 22-acre Atlantic Yards, which has faced chronic financial and legal obstacles.
A background check and approval of 75 percent of the 30 NBA owners is still required, but Commissioner David Stern is already excited about it.
“Interest in basketball and the NBA is growing rapidly on a global basis, and we are especially encouraged by Mr. Prokhorov’s commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia,” Stern said in a statement.
Prokhorov
The 6-foot-7 basketball fan is worth $9.5 billion in Forbes’ estimation.
▶ WHO: Mikhail Prokhorov, 44
▶ WHAT: Self-made billionaire, industrialist. Single. Once ran Norilsk Nickel, largest producer of nickel in world. Now runs Polyus Gold, largest gold mining operation in Russia. His Onexim Group is buying a controlling stake in the Nets.
▶ REGRETS: Being detained by police in chic French ski resort of Courchevel on suspicion of providing prostitutes to his guests. No charges were filed.
▶ HOBBIES: Kickboxing
▶ NICKNAME: Proko. At least that’s what Nets fans seem to be calling him in blog posts.