« October 16: Pre-Walkathon Party at Freddys Featuring the Spunk Lads | Main | Realistic? In KPMG report, FCR's projections for condo sales prices: $1217/sf in 2015, $1369/sf in 2019 »
October 7, 2009
Stern Not Sliding Prokhorov Through
HOOPSWORLD
by Steve Kyler
While a lot of hurdles remain to be cleared before Russian billionaire Mikhail Prokhorov can take control of the New Jersey Nets, the biggest of those have nothing to do with the NBA and more to do with current Nets owner Bruce Ratner clearing the lawsuits trying to block his development plans in Brooklyn.
Media outlets around the world have mistakenly reported Prokhorov has having "bought" the Nets, when in fact he has issued a letter of intent to buy the team once Ratner gains clearances in Brooklyn which is likely months away. If Ratner cannot get cleared in Brooklyn, Prokhorov isn't buying the team.
The other big misconception is that the NBA is going to go easy on Prokhorov in their background investigation, something NBA commissioner David Stern addressed this week in London. Stern was clear that Prokhorov would get the same "full and intrusive" treatment as every other potential owner, suggesting some interested investors have walked away in the past after learning how in-depth the two month inquiry is saying "it's very strenuous regarding financial ability, character and business dealings."
NoLandGrab: It's a safe bet that Prokhorov will get every benefit of the doubt in the NBA's "full and intrusive" vetting process.
Posted by eric at October 7, 2009 1:40 PM