Sunday, September 20, 2009

Russian Billionaire to Bail Out Nets?

Could Russian billionaire Mikhail Prokhorov be riding to the rescue of the New Jersey Nets? Word is that Prokhorov is willing to foot the bill for the Nets proposed new $700 million arena in the heart of Brooklyn in return for a majority ownership stake in the team.

If you live around NYC, then you know that the Nets move to Brooklyn has been years in coming and is starting to look like it may never happen. Ambitious plans for a huge complex designed by famed architect Frank Gehry, that would have included a signature skyscraper dubbed "Miss Brooklyn" have been scaled back several times, and Gehry himself was finally replaced as project architect in a cost-cutting move. But still, no progress has been made, though shovels have to hit the ground by December or else the Nets owners will lose millions in tax-free bonds put up by the city for construction of the arena. So Prokhorov's offer could be the last chance for the project to be built.

Prokhorov is now regarded as Russia's richest man, with a fortune of just under $10 billion (though it is said he's lost about 40% of his wealth in the recent economic downturn). He made much of his fortune from Norilsk Nickel, Russia's largest mining firm and owns a share of Moscow CSKA in Russia's basketball SuperLeague.
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1 comment:

replicajewelry said...

Mikhail Prokhorov is such a crafty businessman, maybe this is not all he want.
watch for his next move
While all the nets fans are exciting about this, because the movement may lead nets to be the richest club in the league.