Russian Tycoon Makes Bid for NJ Nets

NBA team could be first to go under foreign ownership
By Nick McMaster,  Newser Staff
Posted Sep 22, 2009 5:55 PM CDT
In this 2007 file photo, Mikhail Prokhorov speaks at a news conference in Moscow.   (AP Photo/Mikhail Metzel, File)
camera-icon View 2 more images

(Newser) – A Russian tycoon has made a bid for a controlling stake in the New Jersey Nets, in what could become the first instance of foreign ownership of an NBA club, Reuters reports. Mikhail Prokhorov, Russia’s richest man, said on his blog that his Onexmi group had offered to loan the team most of the cost of a planned stadium—an amount sources peg at $700 million. The terms of the loan would see Onexim receive a controlling stake for a “symbolic” price.