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Mikhail Prokhorov To Buy NJ Nets?

September 23, 2009 By: Katchop Category: NBA

Russian billionaire Mikhail Prokhorov has made an offer to purchase controlling share of the New Jersey Nets and finance the building of a new arena in Brooklyn, NY.

UPDATE: Deal is done pending NBA approval. Prokhorov paid 200 million and picks up 80% ownership of the Nyets Nets, but he also agrees to pay the remaining tab on building the new arena, housing and retail locations.

Lawrence Frank reacts to news that Mikhail may purchase the Nets (katchop)
Nets coach Lawrence Frank reacts with a Russian folk dance after learning that Mikhail Prokhorov has purchased the NJ Nets (katchop)

Prokhorov, considered Russia’s richest man, said Tuesday on his blog that he sent team shareholders an offer over the weekend. Under the proposal, Prokhorov’s holding company Onexim would obtain a controlling share in the Nets in return for loaning the money to build a new arena.

No monetary figures were given, but the blog posting says the controlling shares would be obtained for “a symbolic price.”

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