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April 19, 2010
Prokhorov takeover of Nets imminent
NY Post
by Fred Kerber
Neither rain nor snow nor congressmen from New Jersey nor vacant possession rulings shall keep Russian billionaire Mikhail Prokhorov from his appointment as the owner of the Nets.
That was NBA Commissioner David Stern's stance yesterday at his press conference following the Board of Governors meeting in Midtown, where he insisted Prokhorov passed the league's thorough background checks and now stands to gain ownership of the Nets by mid-May or June at the latest.
"Mr. Prokhorov has made it very clear to us that this is a transaction he wants very much to close. And we have no expectation other than it will close hopefully in May.
"No expectation other than it will close hopefully in May?" Not exactly strong language from the famously potty-mouthed Commish.
[If not], then it'll be June, but it's going to happen," Stern said, noting the league has delayed approval of the sale until the "vacant possession," the clearing of all residents and businesses from the Brooklyn site of the team's new arena, is settled.
Congressman William Pascrell (D-N.J.) this week called for an investigation because one of Prokhorov's firms does business in Zimbabwe. The NBA claimed Pascrell misinterpreted the law, which "doesn't apply to Mr. Prokhorov, but if it did, he would be in complete compliance."
Now the NBA is the National Bar Association, correcting federal lawmakers about federal law.
With so much awaiting the Nets -- the draft, free agency, the naming of a coach -- Stern said Prokhorov could seek "an acceleration" of the closing should vacant possession snarl.
Additional coverage...
Bergen Record, NBA may speed up approval of Mikhail Prokhorov
Stern said if the hold-up lingers because of protests regarding the Brooklyn arena site, the NBA could expedite the approval.
The Nets have to hire a coach and have all that money for free agency and need their owner to sign off on transactions.
"I think that if it got to be draft time, I think there might be an acceleration of the closing in any event, even without the vacant possession," Stern said.
"I think if I were Mr. Prokhorov, I think I would wait for vacant possession, unless it got a little bit late."
Bergen Record, Nets think big, but there are many ifs
The two biggest words in the Nets’ off-season are if and could.
If the Nets win the NBA draft lottery and get John Wall, it could improve their chances of getting LeBron James or Dwyane Wade in free agency. If James leads the Cavaliers to the title, he could leave Cleveland and his relationship with Nets part-owner Jay-Z could help the Nets land him.
Then again, if the Nets would have been in Brooklyn already, the odds of luring James would be much better.
Regardless, with new Russian billionaire owner Mikhail Prokhorov expected to be onboard by July 1 and his probable dislike of the words no or ‘nyet,’ and Jay-Z expected to be involved in the recruiting of free agents and the eventual promise of Brooklyn, the Nets will make strong pitches for James and Wade.
Posted by eric at April 19, 2010 10:14 AM