The Nets are under new ownership.
Russian billionaire Mikhail Prokhorov became the principal owner of the team Tuesday night after the NBA board of governors approved the purchase from Bruce Ratner. The closing of the sale is expected on Wednesday.
Prokhorov paid $200 million plus other contingencies for 80 percent of the Nets and 45 percent of the Brooklyn arena site. The oligarch promises to make the Nets a winner.
“It is my pleasure and honor to be joining the ranks of NBA team owners,” Prokhorov said in a statement. “(This) vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball. For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about.”
Prokhorov — the first majority NBA owner from outside North America — takes over a team that went 12-70. But the Nets have the assets to turn it around quickly with seemingly unlimited resources.
They have three of the first 31 picks in next month’s draft and roughly $26 million for free agency. That appealed to Prokhorov, who will spend much more than the former ownership group to make the Nets competitive.
Prokhorov financed CSKA Moscow during the last decade, and the team won two Euroleague titles in a four-year stretch.
“Mikhail and his team will bring tremendous innovation and excitement to the NBA,” Ratner said. “He has a love for basketball and a commitment to excellence.”
Prokhorov is expected to represent the Nets at Tuesday’s draft lottery, where they have a 25 percent chance of getting the first overall pick. He says he will give team president Rod Thorn a new contract and the finances to rebuild in the off-season.
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