View Full Version : Onexim Seeking to Buy Majority Share of Nets

09-22-2009, 02:32 PM
In a post on his personal blog earlier today, Russian oligarch Mikhail Prokhorov confirmed that he has made a bid to invest in a new Nets arena in Brooklyn in exchange for a stake in team ownership, Reuters is reporting.

According to the blog post, which can be found at md-prokhorov.livejournal.com, Prokhorov submitted his bid to Nets ownership this weekend. The offer would see his Onexim Group provide a loan to ownership to help build a “substantial part” of the Barclays Arena. Onexim would then receive a controlling stake in the franchise, making them the first International owners in the NBA. Last week, it was speculated that Prokhorov could pay upwards of $700 million for the deal.

“For our Onexim group the realization of this very lucrative business project, whose participation was made possible by the world crisis (never in history have foreigners owned an NBA club), is another interesting sports development,” Prokhorov wrote on his blog.


09-22-2009, 02:33 PM
Some wiki info on him...http://en.wikipedia.org/wiki/Mikhail_Prokhorov

On his blog, Mikhail Prokhorov confirms he is in serious negotiations with the Nets to finance Barclays Center and gain control of the team. In return for financing the arena, Prokhorov wants control for “a symbolic price”–probably $1. The Russian billionaire also wants to be able to use the Nets to train Russia’s basketball players and place “Russia’s leading coaches and managers in the NBA.” He added he expects negotiations to “move forward.” Meanwhile scrutiny of the deal continues.


09-22-2009, 02:42 PM
I am fine with this. Better than cheap Ratner. This Russian guy will probably be interesting so say the least.

09-22-2009, 02:46 PM
he already has one basketball team under his control. just wants another. of course it's always business first with him as well.

09-23-2009, 02:24 PM
Bruce Ratner and Mikhail Prokhorov issued a joint statement today announcing they have reached an agreement on a new partnership – though it won’t exactly be a partnership when it comes to basketball matters.

In short, Prokhorov will take over 80 percent of the Nets from Ratner and Forest City Enterprises for the mere price of $200 million, potentially making him the first foreign majority owner in NBA history, and his $9 billion bank balance will undoubtedly allow the Russian billionaire to profoundly change the future of the team and the league at large.