Russian Sports Magnate Set To Acquire NETS

Russian Sports Magnate Set To Acquire NETS

By: NBASCOUT / Special to netsinteractive.com

In a highly anticipated move, Billionaire Russian Sports Magnate Mikhail Prokhorov has finally reached agreement with Net\’s principal owner Bruce Ratner to effectively acquire the team and support its move to Brooklyn.

Prokhorov has agreed to inject nearly $200 million in initial capital to make the deal happen and has committed to significant additional outlays that may earn him as much as an 80% stake in the Nets while allowing him to participate in the ownership, financing and development of the new arena in Brooklyn and its associated real estate.

Should the deal be approved by the NBA, it will mark the first expansion into the ranks of ownership by a non-American. In today\’s economic climate, foreign investment can only auger well for the NBA.*

Prokhorov would also like to benefit Russian basketball in the process, but I think he\’d be wise to retain current management intact (Rod & Kiki) and let them run the team for the foreseeable future with lots of support before contemplating any changes.

NBASCOUT is an independent freelance sportswriter that covers the NBA and the New Jersey Nets. He is not affiliated with the National Basketball Association. Copyright 2009 by NBASCOUT, all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without the express written consent of the author. The opinions expressed herein are those of the author and not necessarily this website. You may e-mail NBASCOUT in care-of his wife, who writes for children, at kathyforkids@cs.com

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