Russian Businessman Moving Toward NJ Net Purchase

Dec. 21 -- Russian billionaire Mikhail Prokhorov moved a step closer to becoming the NBA’s first non-North American owner. His Onexim Sports and Entertainment Holdings and the company that owns the New Jersey Nets announced that they completed their agreement to create a partnership that would own the NBA team and develop the Atlantic Yards project in New York City.

The agreement provides for the sale of 80 percent of the Nets and 45 percent of a new Nets arena to Prokhorov’s Onexim, subject to approval by the NBA Board of Governors. It also includes an option for Prokhorov to acquire up to 20 percent of Atlantic Yards, which would surround the new Barclays Center arena with apartments and office towers in Brooklyn.

Construction crews have been cleaning up the Brooklyn site and tearing down buildings since the summer. A date has not been set for a groundbreaking on the new arena.

The NBA Board of Governors is expected to rule on the sale and relocation by early next year.

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