Russian buys controlling stake in New Jersey Nets
Published: 23 September, 2009, 23:52
Edited: 24 September, 2009, 06:31
TAGS: Sport, Investment, Russia, Basketball
Russia's richest businessman has reached a deal to buy a controlling stake in the New Jersey Nets basketball team and nearly half of a project to build a new arena in Brooklyn.
Mikhail Prokhorov's Onexim Group announced the deal with Forest Ratner Companies and Nets Sports and Entertainment on Wednesday.
The project, named Atlantic Yards, involves construction of residential and commercial property in Brooklyn and also Barclays Center, future home arena for the New Jersey Nets.
Onexim Group will invest US$200 million in exchange for 45 percent of the Barclays Center project and an 80 percent stake in the basketball team capital.
NBA Commissioner David Stern has praised the move. He said it's a chance for the NBA to expand globally and ensures that the Nets will have a new arena.
The deal still has to be approved by the NBA's board of governors.
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