The New Jersey Nets love White Russians

Posted on September 17th, 2009. Written by Emmett Jones.

Er…Caucasian men who are Russian, I mean.  You know the NBA doesn’t promote alcohol like that…unless its a court side advertisement.

The last time I talked about the New Jersey Nets, I mentioned that their current owner, Bruce Ratner, was desperately trying to sell the team amidst horrible gate receipts and low attendance.  I also mentioned that regardless of the owner, Ratner was determined to get the team to move to Brooklyn.

He may have just killed two birds with one stone.

Reuters is reporting that Russia’s richest man, Mikhail Prokhorov is interested in acquiring the team.

Russia’s richest man Mikhail Prokhorov is preparing an offer to help the New Jersey Nets build a new arena and sources close to him say he could own a large stake in the NBA club as part of the $700 million deal.

A spokesman for Prokhorov’s Onexim investment vehicle confirmed on Thursday it had been approached to participate in building the Nets’ long-awaited arena in Brooklyn and was preparing an offer.

“As we have said before, we have received interest from potential investors in the team,” Nets CEO Brett Yormark said in a statement. “That interest is growing as it is clear that we are moving to Brooklyn.”

Officials with the National Basketball Association were not immediately available to comment….

Prokhorov is considering issuing a bond worth $700 million through Onexim to help fund the project, one source close to the deal said.

The source said the bond must be issued before the end of 2009 so it is exempt from government taxes, adding: “This is a pure business story. The value potential of the club and arena are very high.”

Another source familiar with Prokhorov’s plans said the billionaire may end up owning a stake in the club as part of the deal.

Prokhorov, who towers over colleagues at 2.06 metres (6 foot 9 inches), has an estimated fortune of $9.5 billion according to the Russian edition of Forbes magazine.

With a proposed $700 million in backing, it looks like the Nets move to Brooklyn is imminent.  Its also interesting to ponder all of the various amenities and upgrades that Prokhorov’s money could bring to the Nets arena.  Once its all said and done, it could be a palace fit for a king.

Now, if only one was available as a free agent in 2010…

1 Responses »

Additional comments powered by BackType