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January 6, 2010
Basketball’s billionaires
Forbes.com
By Steven Bertoni
Russian industrialist Mikhail Prokhorov is trying to buy his way into the brotherhood of basketball billionaires. In September his company, Onexim Sports, announced it would pay $200 million for a majority stake in the NBA’s New Jersey Nets.
He might want to think twice before writing the check.
Over the last year, basketball’s 10 billionaire owners saw the value of their teams shed a collective $110 million as the recession and job losses punished ticket sales. Team values for the entire NBA fell 3 percent to an average of $363 million – the first drop in the 11 years that Forbes has calculated team valuations.
Posted by lumi at January 6, 2010 6:09 AM