Now Reading
Russian billionaire to buy 80 percent of the NBA’s Nets

Russian billionaire to buy 80 percent of the NBA’s Nets

Avatar photo
Pursuitist Luxury Best Luxury Blog

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