A Russian owner in NBA: Tycoon buying N.J. Nets

EAST RUTHERFORD, N.J. (AP) — Could the New Jersey Nets become the Nyets?

The basketball team once known as the New Jersey Americans is a step closer to being owned by Russia’s richest man, Mikhail Prokhorov, who on Wednesday said he has a deal to buy 80 percent of the NBA team and nearly half of a project to build a new arena in Brooklyn.

The proposed blockbuster deal would give the Nets’ current principal owner, Bruce Ratner, the needed cash to move forward with the centerpiece of his Atlantic Yards development, which includes plans for retail and residential projects.

It would make Prokhorov, a Russian billionaire and former amateur basketball player, the NBA’s first non-North American owner.

It would mean the Nets really do seem headed to Brooklyn, a New York City borough without a major pro sports franchise since baseball’s Dodgers left for Los Angeles in 1957.

And it would be a sign the NBA is serious about building a worldwide identity. Commissioner David Stern immediately praised the deal, saying it will help the NBA expand its reach and would ensure that the Nets, who play in the aging Izod Center in East Rutherford, will have a state-of-the-art arena.

“Interest in basketball and the NBA is growing rapidly on a global basis, and we are especially encouraged by Mr. Prokhorov’s commitment to the Nets and the opportunity it presents to continue the growth of basketball in Russia,” Stern said in a statement.

Prokhorov, who is 6-foot-6 and was an avid basketball player in his school days, is a fixture in glitzy European resorts and once was held in France for four days of questioning — but never charged — in a prostitution investigation. Even in Russia, he raises eyebrows for his penchant for private jets and a gorgeous entourage.

Prokhorov’s love of the high life is rivaled by his devotion to basketball. He owns a share of the Russian team CSKA Moscow, and he said on his blog he wants to buy the Nets partly to get access to NBA training methods and help Russian coaches get internships in the league.

The franchise started with the ABA in 1967 as the Americans and then the Nets, bouncing around to different arenas in New Jersey and New York before settling in East Rutherford in 1981-82.

The NBA will review the proposal, and the deal must be approved by three-fourths of its board of governors. Ratner and Prokhorov said they hope to have the sale completed by the first quarter of 2010.