Barring any last minute surprises, Mikhail Prokhorov is expected to be approved as Nets owner sometime Tuesday afternoon, seven months after he agreed to buy 80% of the team and 45% of Barclays Center from Bruce Ratner. Three-quarters of the league's 30 owners must approve his bid.
Prokhorov remains in Moscow, where he is also finalizing another purchase, that of a large Russian television and internet outlet. He's expected to be on dais at the Draft Lottery next Tuesday night when the Nets hope to secure the overall #1 pick in the draft...and John Wall.
Prokhorov would become the NBA's first foreign owner. The only other sports franchise with majority foreign ownership is the Japanese-owned Seattle Mariners of Major League Baseball.
The 6'8" Russian would also become the second richest owner in professional sports. According to Forbes Magazine, he's worth $13.4 billion, $100 million less than Paul Allen, owner of the Blazers and the NFL's Seattle Seahawks. Prokhorov has reportedly transferred the $200 million purchase price as well as $60 million needed to cover team losses while the team is in New Jersey.
- Prokhorov set to take over as Net owner - Julian Garcia - New York Daily News
David Stern on Sale of Hornets and Nets, NBA Games in London, More - Sam Amick - FanHouse