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Prokhorov to Nets' Fans: "I Intend to Give You Plenty to Cheer About"

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Onexim
Onexim

Mikhail Prokhorov, one of the world's richest men and a former Soviet Army soldier, was approved as the Nets'  owner Tuesday.

The NBA Board of Governors voted 28-0 with one team not voting to put him one step and one day from control of the team.  The vote officially sanctions the transfer of the team from Bruce Ratner's Nets Sports and Entertainment to Prokhorov's Onexim Sports and Entertainment Holdings.  Prokhorov is the first Russian and first European to own a North American professional sports franchise as well as the first foreign owner in the NBA and its 14th billionaire owner.

He is also the most interesting man in the world.  In his statement, Prokhorov told Nets fans, "I intend to give you plenty to cheer about."

Once the deal between Prokhorov and Ratner closes Wednesday, he will control 80% of the Nets, 45% of Barclays Center in Brooklyn and hold an option to buy up to 20% of the overall Atlantic Yards at a discounted price.  In return, Ratner receives $200 million in cash.  Prokhorov also agreed to pay off up to 80% of the team debt--around $175 million, and fund up to $60 million in team losses while it remains in New Jersey.