September 23, 2009

Russia invades the NBA

Russian Billionaires as sports team owners add the possibility of foul play. European soccer has had the dynamic and guess what? The NBA will be jumping into the "we have no idea what the hell this guy is going to do" zone. Mob hits on Lebron? Vodka swilling cheerleaders?


NEW YORK -- Russia's richest man has a deal to buy a controlling interest in the New Jersey Nets and nearly half of a project to build a new arena in Brooklyn.

Mikhail Prokhorov's Onexim Group announced the deal Wednesday 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 acquire 80 percent of the NBA team, 45 percent of the arena project and the right to purchase up to 20 percent of the Atlantic Yards Development Company, which will develop the non-arena real estate.

Prokhorov would be the first non-North American NBA owner.

NBA commissioner David Stern praised the move, saying it will help the NBA expand globally and ensures that the Nets, whose current principal owner is Bruce Ratner, will have a new arena.

Some people may say that I'm being a close-minded American, but who cares?!?! It's fun to make fun of the Russians. I'm sure they do the same thing.

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