NBA OKs sale of Nets to Russian

Associated Press

NEW YORK

The first step in what the New Jersey Nets hope is a quick turnaround is in place.

New owner Mikhail Prokhorov is eager to get started on the rest.

“For those who are already fans of the Nets and the NBA, I intend to give you plenty to cheer about,” the Russian billionaire said in a statement.

The Nets are now officially the Nyets.

Prokhorov’s purchase of the team was approved Tuesday by NBA’s owners, who welcomed the first non-North American into their club.

Russia’s richest man agreed to buy 80 percent of the Nets and 45 percent of an arena project in Brooklyn from developer Bruce Ratner late last year. Final approval of the sale was delayed until the state of New York had taken over all the land seized under eminent domain at the site of the team’s Barclays Center in Brooklyn. The Nets expect that transaction to close today, and the long-delayed 18,000-seat arena is to open in 2012.

The Nets hope Prokhorov’s wealth — estimated at $9.5 billion through his banking and metals businesses — will be used to help them bounce back from a 12-70 finish that included an NBA-worst, 18-game losing streak to open the season.