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September 19, 2009
Rumors Continue of Possible Sale of Nets to Mikhail Prokhorov
Developer Bruce Ratner continues to search for a way to end the financial loss of owning the Nets and to find a way to begin building an arena before the end of this year.
The Star-Ledger, Russian billionaire considering deal to help finance NJ Nets' Brooklyn arena project
by Dave D'Alessandro
The Nets may have found a solution to their Barclays Center funding issue, if a spokesman for a Russian billionaire can be believed.
A spokesman for Mikhail Prokhorov -- the oligarch often named as one of the candidates interested in purchasing the team -- told the Moscow Times that "the possibility exists" that Prokhorov will participate in the Brooklyn project.
Another report originating in Sport Express, another Russian publication, said that Prokhorov will purportedly invest $700 million in the new arena, while securing management partnership for a single dollar.
The publicist from Prokhorov's Onexim Group, Igor Ketrov, said, "It is possible. The investment group has received an offer to build a stadium for the New Jersey Nets. It's too early to say what's going to come out of it. Business is business."
It is not too early for Nets owner Bruce Ratner, however. He has admitted to the team's minority investors that he must get his ownership structure in order by late September.
Ratner's company, Forest City Enterprises, has lost $70 million over the last two years, according to SEC filings; and all investors have lost $353 million in the five years Ratner has been principal owner, according to a New York Times analysis of Forest City finances.
Prokhorov's interest in making a deal with the Nets was first reported by The Star-Ledger in July.
Luxist, Russia's Richest Man May Build NBA Stadium
by Deidre Woollard
Back in June I started hearing rumors that Russia's richest man Mikhail Prokhorov was interested in buying a portion of the New Jersey Nets. The six-foot-nine-inch-tall billionaire is a basketball fan and owns a share of a Russian basketball team.
The latest news from Moscow is that he may help to build the team's new arena. He would provide a loan for the Nets and receive a large non-controlling stake in the team in return. Nets owner Bruce Ratner has wanted to build an arena for the team in Brooklyn and move his team there in 2011. The stadium's construction may cost around $800 million. Ratner has been to Moscow for talks but nothing has been officially confirmed yet.
Posted by steve at September 19, 2009 6:45 AM