Russia’s richest man, Mikhail Prokhorov, has made a takeover bid for the New Jersey Nets, the tycoon confirmed on his blog on Tuesday.
Prokhorov, a former nickel mining baron, boasts that if his move is successful, it would be the first time a National Basketball Association club would come under foreign control.
Prokhorov’s proposals, sent to existing Nets shareholders over the weekend, would see his Onexim group provide a loan to build a substantial part of a new arena, according to a post on his Web site.
Onexim would also receive a controlling stake of the NBA team for a “symbolic” price, the post said. Sources close to the billionaire have previously estimated the overall value of any deal at $700 million.
It’s not immediately clear how much this is going to help the Nets’ move to Brooklyn, which has been delayed by legal disputes, issues with financing and problems with the local community.
Prokhorov is flush with cash because he sold his assets prior to the global financial meltdown. His interest in the Nets is a testimony to just how far the American economy has declined.
