As previously reported, Russian tycoon Mikhail Prokhorov is indeed looking to purchase the New Jersey Nets. Prokhorov posted a LiveJournal entry detailing his weekend proposal to extant Nets shareholders. I don't speak Russian, so I'll depend on Reuters's reportage, which states Prokhorov plans to invest $700 million in the construction of the Barclays Center in Brooklyn in exchange for ownership of the team (and assumedly a big chunk of the gym).The arena and the team go hand-in-hand -- without the Nets, the arena promoters have an extra 45 or so dates to fill up. Having an NBA team attached long-term to a building cuts down some of the risk in constructing the building in the first place. Situations we've seen in Oklahoma City and Kansas City -- where a city builds an arena to get a team, instead of having the team in place first -- are rare. So you see why Prokhorov's interest spreads beyond the development side of the Brooklyn equation. (He also happens to be a massive hoops fan.)
Of course, Brooklyn is its own beast. I don't think it's unfair to say current Nets majority owner Bruce Ratner is primarily concerned with Barclays getting built at this point so that he can eventually move forward with the rest of the surrounding Atlantic Yards development. Ratner has been slammed by the economic downturn and tough legal challenges to the Atlantic Yards project. Selling off Barclays Center before ground is broke -- and giving up the top tenant in the process -- isn't ideal, and it's certainly got to be a bit embarrassing for a power broker like Ratner.
But the alternate is apparently millions of dollars of sunken costs, since no one else seems to be offering to rescue the project for the low, low price of Devin Harris and Brook Lopez.
As Reuters reports, Prokhorov would be the first non-North American NBA majority owner. There are no league rules preventing foreign-born team owners, but 22 of the other 29 team owners must vote to approve any change in ownership. It's unclear how many current owners still harbor Cold War mentalities.
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Living in Brooklyn, not far from Atlantic Avenue, and still seeing the huge billboard-esque pictures of Nets players, and former (Vince Carter) in the parking garage of one of the buildings, there is still hope,but not interest. Most Brooklyn-ites do not care at this point if the team comes. Yes, the Atlantic Yard is an empty dump of area, but the area has improved from initial construction of such stores as Target, Pathmark, and others several years ago. At this point-just fix up NJ for the Nets, but don't sell to this Russian billionaire-there will be too many rammifications if his group does.