Prokhorov Won't Become Owner Until Spring

Mikhail Prokhorov may get NBA Board of Governors approval soon, but he can't take ownership until conditions are met on the ground in Brooklyn. That means no change until after the trade deadline and maybe until after the season. The Record reports that under terms of his agreement, the deal closes when everything is cleared from the Atlantic Yards site in Brooklyn and that could be April.
- Prokhorov must wait for majority ownership - Al Iannazzone - The Record
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Dammit! This is precisely what I was worried about.
by Rusty on Jan 28, 2010 7:44 AM EST reply actions
This may be exactly what the Nets need… No need to attempt competitiveness!
Just stay the course… Lose, lose and lose some more and position for John Wall!
by NBA is a Joke on Jan 28, 2010 7:56 AM EST reply actions
Whatever. As long as he owns the team come lottery time.
by TWilliAM on Jan 28, 2010 8:07 AM EST reply actions
Does it really matter…he already had influence in the humphries trrade…
by Andy on Jan 28, 2010 8:08 AM EST reply actions
The combined Alston/Quinn/Najera/Humphries/Williams deal was a wash financially so he really didn’t need to be involved. The question is whether the Nets would be able to make a big move at the deadline without him as owner.
Marc J. Spears also made a good point yesterday on Yahoo, that with him not getting on board for a while, free agents considering the Nets won’t know enough about him to make their decision.
by Net Income on Jan 28, 2010 8:32 AM EST reply actions
We need him in place for free agency otherwise, our cap space is just a figure. Nothing ever goes smoothly for this team.
by Mr. Big on Jan 28, 2010 8:35 AM EST reply actions
I could swear “somebody” said the humphries deal meant that Proky was making financial decisions, albeit behind the scenes. Let’s hope he’s whispering in Thorn’s ear til he’s really named owner.
by JB on Jan 28, 2010 8:45 AM EST reply actions
I don’t think this will be a problem.,. From a logical perspective I bet thorn and kiki want to keep their jobs..,
by Andy on Jan 28, 2010 8:50 AM EST reply actions
I suspected that “Delay, Don’t Develop Brooklyn” (DDDB) would have consequences – the first being to prevent completion of Barclays for playoffs of 2012 if there are more delays.
Seems like trades can still go through since Proky has agreement to take on Debt in place, as in the buyouts of SWills.
The story indicates that it is Proky’s choice not to have deal be finalized until certain conditions on ground are met. That is a wise business decision of his – That would put more pressure on Ratner to get the business of clearing DG’s property ASAP. Maybe Ratner will command the Wrecking Ball himself?
However, it shouldn’t be wise to put off getting NBA approval as something could go wrong. With NBA approval, Proky could be given a title as Nets “Consultant” and still be legally present for day to day operations.
That would allow him to be present at ceremonial “groundbreaking” and to interview potential coaches.
Its getting a new coach after the trade deadline that is most important. I can’t imagine that happening without a personal interview.
by jerry25 on Jan 28, 2010 8:51 AM EST reply actions
Can we have a better explanation of what approval from Board of Governors entails?
Who has to be physically present in one room? or is it done via a teleconference.
Do the 30 owners vote via a secret ballot?
Proky should push to get this done ASAP just in case anything crops up about his business dealings. Once approved it is hard to remove someone as in the case of Cuban being charged by the FEDs (still not dismissed, but Cuban remains as owner for the whole ordeal)
by jerry25 on Jan 28, 2010 8:59 AM EST reply actions
Then, Marc J Spears must believe in “sugar plums, gum drops and all things good”
Is he so Polly Anna that he believes that Proky has no involvement and that his intentions for the team wouldn’t be communicated via an intermediary?
Come back to earth Mary Poppins
by NBA is a Joke on Jan 28, 2010 9:00 AM EST reply actions
I’m counting on Prokhy for some over the top recruitment of the big time free agents. He better be in place by free agent season.
by Chris2 on Jan 28, 2010 9:04 AM EST reply actions
Prokhorov is informed of transactions, but he cannot sign off OR SPEND MONEY.
by Net Income on Jan 28, 2010 9:30 AM EST reply actions
this might be a blessing in disguise. The nets can’t get fooled into trading important assets to say the suns for Amare when they could get him for nothing. The real action will take place after the season, ie draft and free agency.
After last nights game i’m convinced the rookies will continue to improve and develop.
by nets1 on Jan 28, 2010 9:31 AM EST reply actions
you are right. but the organization as least has to show us something. they should hold the season ticket holders meeting again…
by redemption026 on Jan 28, 2010 9:32 AM EST reply actions
@JB
Yes, I remember it written that there was a deal in place for Proky to assume Nets debt, therefore his NBA approval wasn’t needed. Who cares if “Proky” formally approved of deals or was “informed” of deals. They went through.
I think there were about 4 deals made recently – 1. Alson, 2. Humphries, 3. buy out SWAT and 4. buy out SWill. It was #4 that I believed assumed about 2 million in debt and it was written that it added to this year’s salary cap. To sum up all of these deals, after the fact, and claim they cancel out, doesn’t make sense.
Thorn has been “working the phones” lately and commenting about Nets activities. This was not the case before Christmas, when his “hands were tied”.
Besides, I don’t think the pre-trade deadline deals would involve taking on any more Debt than the SWill buyout.
Sure if Proky wasn’t in place by July 1 it might be Stupid to make a deal now, but that is a very small risk that Ratner/Proky can make.
Lets just get the NBA approval over with ASAP. The Full Ownership isn’t important now.
by jerry25 on Jan 28, 2010 9:52 AM EST reply actions
I would bet there is a “go between” man, operating in the shadows. Proky and Ratner/Thorn communicate thru this stealth management system.
There is no way that the Nets are going to make a big deal without Proky’s consent.
Proky will hear the proposed deal and then give the O.K. or veto.
In other words, we are open for business.
by Mike on Jan 28, 2010 10:21 AM EST reply actions
NI’s comments make sense. It is more likely he is just informed of moves, not really getting involved. These transactions were probably just “noise” to him. He has more important things on his mind, like making a billion in an IPO.
by Ispartan on Jan 28, 2010 10:27 AM EST reply actions
@Ispartan and NI;
Do you really think that Nets management would be talking seriously about Amare, Boozer, Bosh etc. without Proky’s knowledge and/or approval?
I rather doubt it, rules or no rules…
This is big business, not the Boy Scouts of America…
by Mike on Jan 28, 2010 10:40 AM EST reply actions
Again I ask all of you big Prokorov supporters: How do you know what he has or has not been involved in thus far?
We have absolutely NO IDEA whether he knows ANYTHING about the NBA or its players? There has been no evidence to prove whether he does or doesn’t. we know next to nothing about his background or knowledge of this sport.
by Isaac on Jan 28, 2010 10:47 AM EST reply actions
Mike, Keep dreaming, I don’t want to take that from you. Meanwhile, I am not holding my breath expecting one of those deals to happen.
by Ispartan on Jan 28, 2010 10:57 AM EST reply actions
@Ispartan;
Yeah, I was dreaming last year when I predicted that Proky was going to buy the Nets, when even NI didn’t think so.
Remember, I was the “connect the dots” guy.
You might know a lot about B-Ball but I know a lot about business and the “real” world.
I may be a dreamer, but life is the ultimate dream…
Don’t wake me up, let me dream my life away… LOL
by Mike on Jan 28, 2010 11:06 AM EST reply actions
It was previously written that there were “consultants” representing Proky at the Izod.
We know of conversations between Kirilenko and Prokhorov.
We know lots of things about his basketball background.
We know there are signed agreements in place with Prokhorov’s name on it. We know that Proky has committed or is in the process of committing to over $500 million dollars.
We know that at some time after everything went through around Christmas, that Thorn was talking to other GMs and we just got confirmation that Kiki wouldn’t deny trade talks concerning one of the biggest names in Amare.
We know that Ratner is super cheap and in huge debt and that there was no activity until these past few weeks after all these conditional business deals went through.
If the Nets don’t get Amare before the trade deadline it is either because Thorn doesn’t want him badly enough (has other ideas that may include someone named Lee) or Phoenix doesn’t like what Nets may have offered (namely Yi+CLee+certain draft picks).
But apparently it is NOT because Proky hasn’t taken full ownership control.
If I was Proky, I too would leave myself some “wiggle room” to get out of the deal until all the “trouble makers” delaying the final leveling of ground zero, were dealt with.
by jerry25 on Jan 28, 2010 12:51 PM EST reply actions
Prokhorov has committed (and delivered) funding…on more than one occasion. Condemnation proceedings begin tomorrow.
by Net Income on Jan 28, 2010 12:56 PM EST reply actions
“Prokhorov has committed (and delivered) funding…on more than one occasion”.
That’s another way of saying that he is footing the bill.
Signing anybody for big, long term dollars or small (Humphries) will require Prokys O.K.
So what are people so worried about.
If the deal makes sense to Proky, he will say O.K. and pay the tab… And that deal can happen today, tomorrow or in a few months.
by Mike on Jan 28, 2010 1:05 PM EST reply actions
So far no one has any answers to the questions I posed above, that is not surprising. A couple of people on this site tell you Prokorov is the lord and savior and you believe it – hook, line and sinker. Where is the evidence that he is some sort of NBA wizard that will solve all of the team’s IMMENSE problems.
by Isaac on Jan 28, 2010 2:02 PM EST reply actions
Prokhorov IS Lord and Savior.
The immense problems can be solved with money.
The minor problem of clearing ground zero, will be dealt with beginning tomorrow.
NI knows more than he is at liberty to reveal.
Can someone please re-post the image of our Lord and Savior that provides indisputable evidence!
by jerry25 on Jan 28, 2010 2:21 PM EST reply actions
by jerry25 on Jan 28, 2010 2:24 PM EST reply actions
Issac is trying his best to hope this all falls apart.. cant you guys listen to him !!!! lol
by blazin pp face on Jan 28, 2010 3:10 PM EST reply actions
What is it with the Nets and dragging things out. As NI pointed out yesterday the next 6 months are critical for the franchise and someone in ownership has to help in righting the ship.
From my point of view. I feel that the Nets are in limbo. Ranter and company seem to be more focused Brooklyn(no surprises there) and Prokhorov is in Russia(This year owning American sports teams will be the “it” thing among European Billionaires). As it stands right now neither seems to care about the state of the Nets.
I like Prokhorov on paper(except for the whole moving to Brooklyn thing), but I have a lot of reservations(outside of the Brooklyn move) which I’ve stated in the past.
As a fan, I’m tired of being jerked around about “the possibilities”. The nets have a young core “this” and 20 million + under the cap “that”. I’m tired of hearing about Lebron or D-Wade. I’m tired of hearing about “the possibility” of Prokhorov’s billions,Jay-Z Brooklyn, Newark, etc. Not even John Wall is a given if the balls don’t fall our way.
by RD on Jan 28, 2010 4:56 PM EST reply actions
at RD:
“As it stands right now neither seems to care about the state of the Nets.”
BINGO!!! You’ve hit the nail on the head that everyone seems to be missing out on! No one cares about the Nets. Not Stern, not ratner, not Prokorov. Greedy millionaires and billionaires trying to scam some more money at the fans and taxpayer’s expense.
Wow – Economics 101 is finally in session.
by Isaac on Jan 28, 2010 6:52 PM EST reply actions
@ Issac
I almost agree with you. Ranter is definitively in it for AY. Stern has always leaned toward the owners, but it doesn’t make him greedy. For me Prokhorov is the wild card. When the news broke last year about the Nets being up for sale, we knew about Viola, the other guy whose name escape me at the moment and Prokhorov. But how did Prokhorov come into the picture in the first place?(one of my reservations). Conspiracy theories aside, the bottom line is neither Ratner or Prokhorov seem to running the team at this time, nor do either seem to rushing to take the wheel.
by RD on Jan 28, 2010 11:59 PM EST reply actions

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