Beat writers have been tracking the progress of the Nets sale and although there's nothing definitive on when the NBA Board of Governors will approve Mikhail Prokhorov as owner--or whether that's the final step to put him in charge, it looks like the first planning meetings on the team's future will take place during All-Star Weekend, Feb 12-14. Rod Thorn and Brett Yormark will participate. The two first met Prokhrov in October. Among the issues: whether Thorn will continue as president of basketball operations.
Incoming owner, Russian billionaire Mikhail Prokhorov, will meet with team president Rod Thorn and CEO Brett Yormark at All-Star Weekend in Dallas to discuss the state of the team and future plans. Still, there is no set date for Prokhorov's takeover. He still needs Board of Governors approval and nothing has been determined for a date. It might come All-Star Weekend. A league source said if the vote were planned then, it likely would be common knowledge but that's not the case. Prokhorov also must be granted possession of land for Brooklyn site by New York State.
The Nets organization is operating under the premise that the NBA Board of Governors will officially ratify Mikhail Prokhorov’s purchase of the team during All-Star Weekend in Dallas. Also that weekend, Prokhorov has his first planning meeting scheduled with CEO Brett Yormark and president Rod Thorn, according to an official who is not authorized to speak for the team.
Once Prokhorov is officially approved in a vote of owners that will likely come in March, he's going to want to make a splash, according to an ownership source. Incidentally, Prokhorov will get his first taste of an NBA showcase event when he attends the All-Star Game next month in Dallas.
Although unlikely, the Board of Governors could vote on Mikhail Prokhorov at the All-Star Game, a league source said, but a spokesman for the Russian billionaire said "no specific date" is down for his taking over the team.
Only the oligarch knows for sure, and Thorn won’t meet with him for another few weeks -- whether it’s before or after the Board of Governors vote depends on whom you consult. Right now, the final transfer is being held up by two things -- lawyers and paperwork -- but there is a meeting scheduled with Thorn and Brett Yormark before or during All-Star Weekend.
Mikhail Prokhorov is expected to take over majority ownership of the Nets in the first quarter of 2010, but it probably won’t be until the very end of the first quarter.
Multiple sources said the Russian billionaire may not take control of the team from Bruce Ratner until March. It’s possible it could go into the second quarter, early April, depending on when everyone and everything is cleared from the Atlantic Yards site in Brooklyn - the "vacant possessions" condition that needs to be met for the sale to go through.
Prokhorov also needs to be approved by the NBA’s Board of Governors, which could happen next month.