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April 8, 2010
Nets ownership transfer to Mikhail Prokhorov delayed again
The Star-Ledger
by Dave D'Alessandro
The NBA won’t approve Mikhail Prokhorov’s purchase of the Nets after all -- at least not next week, anyway.
The vote by the Board of Governors, originally scheduled for Friday, April 16th, will be postponed until the site-possession issue is resolved, because tenants have yet to vacate the area within the footprint of the Atlantic Yards project that includes the $800 million Barclays Center.
And there is still no clear timetable with which to clear that barrier, however, according to NBA President Joel Litvin.
“The Board will vote on Mr. Prokhorov's purchase of the Nets once a firm date is set for the State of New York to take full possession of the arena site, which the team expects to occur in the near future,” Litvin said.
“Site possession is the only thing impacting the timing of the vote. The documentation of the Nets' purchase and the background investigation of Mr. Prokhorov have been complete for some time."
Once the Nets and Prokhorov achieve what is known as “vacant possession,” the league is expected to hold their ratifying vote via teleconference or e-mail.
Additional coverage...
The Brooklyn Blog [NYPost.com], Atlantic Yards holdouts holding up Nets sale to Russian billionaire
The NBA Board of Governors yesterday announced it was indefinitely postponing its scheduled April 16 vote on developer Bruce Ratner’s sale of majority interest in the struggling franchise to Russia’s second-richest man because a few holdouts have yet to buckle to the state’s use of eminent domain to take their homes and businesses to build the $800 million Brooklyn arena.
AP via NESN.com, Vote on Sale of Nets to Mikhail Prokhorov Will Probably Be Delayed
Russian tycoon Mikhail Prokhorov is probably going to have to wait a little longer before becoming the new owner of the New Jersey Nets.
...Prokhorov agreed last December to buy 80 percent of the Nets and 45 percent of the new arena from Bruce Ratner's Forest City Ratner Cos.
The Nets have endured a dreadful season, posting an 11-67 mark with four games left in the regular season, clinching at least a tie for the worst record in the league this season.
Brooklyn Daily Eagle, Nyet to Nets
Despite a report that soon-to-be Nets owner Vladimir Prokhorov was willing to pay him between $12-15 million per year, Duke coach Mike Krzyzewski refused to express any interest in taking the job.
"Vladimir" Prokhorov?
Krzyzewski said in a statement prior to leading the Blue Devils past Butler in Monday’s NCAA Championship classic that “you would be flattered if someone would offer you a job, but I would not be interested.”
Attention Brooklyn Daily Eagle! See the stories above so you don't repeat the error below (which we've helpfully underlined):
Prokhorov, the Russian billionaire who is expected to officially take over Nets ownership from Downtown developer Bruce Ratner next week, is determined to bring a big-name coach to the franchise prior to its expected arrival in Brooklyn by 2012.
Posted by eric at April 8, 2010 10:46 PM