The NBA gets its first foreign owner – Russian billionaire Mikhail Prokhorov.
In a determined push to make his Atlantic Yards project a reality, Nets majority owner Bruce Ratner on Wednesday signed a letter of intent with Russian billionaire Mikhail Prokhorov to acquire needed additional financing for the $4-billion development plan and to sell a majority stake in the Nets’ franchise. According to the agreement, which was announced via a joint release, Prokhorov’s private investment company, Onexim Group, will invest $200 million and also purchase 80 percent of the franchise, which would make Prokhorov, 44, the first non-North American majority owner in NBA history. The agreement also includes a 45-percent purchase of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company. – From Boston Herald