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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

(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.

[Images (3)]

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In this 2007 file photo, Mikhail Prokhorov speaks at a news conference in Moscow. (AP Photo/Mikhail Metzel, File)

Billionaire Mikhail Prokhorov speaks to the media in Moscow, on Monday, Sept. 22, 2008. (AP Photo)

New Jersey Nets' Vince Carter (15) in action. (AP Photo/Bill Kostroun,file)

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For our Onexim group the realization of this very lucrative business project, made possible by the world crisis—never in history have foreigners owned an NBA club—is another interesting sports development.
- Mikhail Prokhorov, Onexim Group

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Russian Tycoon Makes Bid for NJ Nets