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Nets sold! Sale of New Jersey Nets to Mikhail Prokhorov approved by NBA

 
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| May 11, 2010

NBA approves sale of New Jersey Nets to Mikhail ProkhorovThe NBA Board of Governors today approved Mikhail Prokhorov as the new principal owner of Nets Basketball. Below, please find statements from Mr. Prokhorov and Bruce Ratner. We anticipate that the closing of the transaction regarding the Nets and the Barclays Center will occur tomorrow.

Mikhail Prokhorov, principal owner, Onexim Sports and Entertainment Holding USA, Inc.:

“It is my pleasure and honor to be joining the ranks of NBA team owners. My thanks to David Stern, the NBA, the Nets organization, Bruce Ratner, and the other team owners who have given me their support. Today's vote will give the NBA a greater global reach and bring a multitude of new fans to the game of basketball. For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about.”

Bruce Ratner, Chairman and CEO, Forest City Ratner Companies, the developer of the Barclays Center and Atlantic Yards in Brooklyn.

“Mikhail and his team will bring tremendous innovation and excitement to the NBA. He has a love for basketball and a commitment to excellence. I also thank the Nets organization, for which I have worked very closely with over the last six years. I have never met a more hard working and committed group of professionals, who are dedicated to the team, and, more importantly, to the fans.”

"We are pleased that the NBA’s Board of Governors approved Mikhail Prokhorov’s purchase of majority ownership of the Nets, welcoming into the NBA ownership ranks the league’s first majority investor from outside of North America,” said NBA Commissioner David Stern. “We anticipate that his passion for the game and business acumen will be of considerable value not only to the Nets franchise but to the entire NBA.”


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