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May 11, 2010
NBA approves sale of Nets to Russian Prokhorov
AP
by Brian Mahoney
The first step in what the New Jersey Nets hope is a quick turnaround is in place. New owner Mikhail Prokhorov is eager to get started on the rest.
"For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about," the Russian billionaire said in a statement.
The Nets are now officially the Nyets.
Prokhorov's purchase of the team was approved Tuesday by NBA's owners, who welcomed the first non-North American into their club.
Russia's richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn from developer Bruce Ratner late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team's Barclays Center in Brooklyn. The Nets expect that transaction to close Wednesday, and the long-delayed 18,000-seat arena is to open in 2012.
NoLandGrab: And thus ends the "Bruce Ratner era," which firmly trounced "the Dark Ages," the "Great Depression" and "the '70s" for worst era ever.
NY Observer, NBA Approves Nets Sale From Ratner to Prokhorov
This ends a more than six-year stretch for Mr. Ratner, the Brooklyn-based developer whose Nets sunk to nearly the worst record in NBA history this season as he struggled to begin the project that attracted him to the Nets in the first place: Atlantic Yards, the planned $4.9 billion Brooklyn mixed-use development that holds a new Nets arena as a centerpiece.
Construction has finally begun on the arena, and last week, the holdout who had led so much of the fervent opposition to the project for years, Daniel Goldstein, moved out after the state claimed his land and he settled with Mr. Ratner for $3 million.
It's indeed a new era for Brooklyn, as the chapter of fighting and opposition has come to a close, clearing the way for a less dynamic narrative of construction.
NLG: Pending, of course, three lawsuits, including Peter Williams's air-rights challenge.
The Wall Street Journal, Russian Billionaire Takes Control of the New Jersey Nets
“We are pleased,” said NBA commissioner David Stern in a written statement. “We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”
...According to people familiar with the matter, NBA officials were satisfied that Prokhorov would play by the NBA rules and would be a suitable owner for the NBA franchise that has struggled financially.
NLG: i.e., he fit the league's ABB blueprint: anybody but Bruce.
The Internets [NYDailyNews.com], Prokhorov approved by NBA's board of governors
The league sent out an e-mail just after 5:30 p.m., putting an end to what had been anticipated since Prokhorov struck a deal to buy a majority share of the team from Bruce Ratner last September. Some final business needs to be taken care of tomorrow and then the Russian billionaire will official take control of the league's worst team and begin his mission of turning it into one of the best.
TrueHoop [ESPN.com], Mikhail Prokhorov, just in time
On the day that Mark Cuban is battling the notion that his Mavericks are barely solvent, Mikhail Prokhorov arrives on the scene to compete for the title of owner NBA fans most dream of becoming.
The Sports Section [NYMag.com], The Prokhorov Has Landed
It's impossible to overstate how much Prokhorov is going to change our area sporting landscape; we really might have our new Steinbrenner. The journey begins today. Don't say you weren't warned.
UPI.com, Prokhorov approved as N.J. Nets owner
"We are pleased that the NBA's board of governors approved Mikhail Prokhorov's purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league's first majority investor from outside of North America," said NBA commissioner David Stern.
The Star-Ledger, NBA Board of Governors approves sale of Nets to Mikhail Prokhorov
The Board of Governors vote, which was done via e-mail, was unanimous among the 29 NBA team representatives.
One adamant nay vote, however, came again Tuesday from Congressman Bill Pascrell, the Essex County representative who in recent weeks has changed that the NBA overlooked Prokhorov’s business ties with Zimbabwe – a country under U.S. sanction – and Russian organized crime.
Calling the sale “short-sighted,” Pascrell reiterated that the league’s vetting process was a “smokescreen.”
“Mr. Stern has refused to confirm or deny to me whether the league’s vetting operation looked at Mr. Prokhorov’s businesses in Zimbabwe and his investment bank’s ties to a massive public corruption scheme,” Pascrell said in a statement. “This is simply unacceptable to me and the millions of basketball fans across the country who hold the NBA to a higher standard.
“I believe there are plenty of fans who consider the NBA’s sacrificing of principles in the name of scoring a quick profit as a flagrant foul.”
Bloomberg Businessweek, Prokhorov’s $200 Million Nets Buy Gains NBA Approval
Prokhorov will be the first owner of an NBA team from outside North America and the second foreign owner of a U.S. franchise. Nintendo of America Inc. is the majority owner of Major League Baseball’s Seattle Mariners.
“Today’s vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball,” Prokhorov said in an e-mailed statement.
Brooklyn Daily Eagle, Prokhorov Approved to Own the Nets
True to form, the Eagle runs the press release.
Bruce Ratner, Chairman and CEO, Forest City Ratner Companies, the developer of the Barclays Center, said, “Mikhail and his team will bring tremendous innovation and excitement to the NBA. He has a love for basketball and a commitment to excellence. I also thank the Nets organization, for which I have worked very closely with over the last six years. I have never met a more hard working and committed group of professionals, who are dedicated to the team, and, more importantly, to the fans.”
NLG: "For which I have worked very closely with?" Bruce's grasp of the language is only rivaled by his grasp of pro basketball.
NY1, NBA Approves Nets Sale To Russian Billionaire
Prokhorov has made it clear he intends on moving the team to Brooklyn.
The sale had been held up over legal delays on Atlantic Yards.
The Wall Street Journal, Meet Prokhorov's Fixer-In-Chief
Posted by eric at May 11, 2010 9:04 PM