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Article: Russian tycoon secures Nets deal.

Article from:
Aljazeera.net
Article date:
September 23, 2009
Copyright

9/23/2009 4:01:29 PM

Mikhail Prokhorov, Russia's richest man has secured a deal to buy a controlling interest in the New Jersey Nets and nearly half of a project to build the NBA team's new arena in Brooklyn.

The Russian will be the first non-North American NBA owner.

Prokhorov's Onexim Group announced the deal with Forest City Ratner Companies and Nets Sports and Entertainment.

They say they have signed a letter of intent to create a partnership for the development of the Atlantic Yards Project.

According to the agreement, entities to be formed by Onexim Group will invest $200 million and make certain funding commitments to ...

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