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April 1, 2011
Press Release: Prokhorov's Nets to Utilize Obscure BS-5 Green Card Program to Lure New Talent
via Develop Don't Destroy Brooklyn
Nets to Use Federal BS-5 Hope For Hoops Program
Mikhail Prokorov's Nets to Utilize Obscure Federal Immigration Program in Desperate Effort to Find New Hoops Talent, Fund New Concessions, and Pay Off Prokhorov Debts
April 1, 2011
NEWARK, NEW JERSEY - Newark Nets President Brett Yormark announced today that the 23-51 Nets, coming off another devastating season on and off the court, plan to utilize an obscure federal green card program for which NBA commissioner David Stern had long lobbied Congress in the hopes of injecting new, unknown talent and funds into the basketball league.
The program, officially called the BS-5 Hope for Hoops Program but called BS-5 for short, allows NBA teams with at least four losing seasons in a row to offer green cards and a spot on their roster to any foreign investors willing to lend a minimum of $20 million to the team. The team is also required to start the foreign investor in at least five games during the season, and give the player a minimum of 5 minutes per game. If the team improves upon the past four season's records, the investor gets his/her money returned in full with interest (at a rate of .05 percent).
The BS-5 program also allows the franchise to expand its active roster by a maximum of ten players, all of whom must be BS-5 players. All BS-5 investors must be at least 5' 11".
According to the legislation enacting the BS-5 program, the funds from these foreign investors are to be used solely to improve the quality of the basketball team on the floor and the team's win-loss record through player development, the free agency market and trades.
Posted by eric at April 1, 2011 12:22 PM